Skip to Content
Blockchain

Estonia on its planned crypto-token: Don’t call it a currency

Estonian government officials would like to make something clear: if the country develops a crypto-token, it will not be a national cryptocurrency.

The news: Bloomberg reports that Estonia will not peg its planned crypto-token, called Estcoin, to the euro or distribute it to all Estonian citizens. “We are not building a new currency,” Siim Sikkut, an official in charge of Estonia’s IT strategy, said in a local interview.

The backstory: Last year, Kaspar Korjus, managing director of Estonia’s “e-residency” program, floated the idea of issuing crypto-tokens via an initial coin offering. Noting that other countries are experimenting with their own digital currencies, Korjus said Estonia’s “advanced digital infrastructure” gives it a clear advantage. But the idea drew a sharp rebuke from European Central Bank president Mario Draghi, who said European Union member states cannot have their own currencies.

It’ll do what, now? The nation will keep developing Estcoin, but Sikkut says it will only be a “means for transactions inside the e-resident community.” Korjus tells Bloomberg that the details for “community Estcoin” have yet to be determined.

Keep Reading

Most Popular

This startup wants to copy you into an embryo for organ harvesting

With plans to create realistic synthetic embryos, grown in jars, Renewal Bio is on a journey to the horizon of science and ethics.

VR is as good as psychedelics at helping people reach transcendence

On key metrics, a VR experience elicited a response indistinguishable from subjects who took medium doses of LSD or magic mushrooms.

This nanoparticle could be the key to a universal covid vaccine

Ending the covid pandemic might well require a vaccine that protects against any new strains. Researchers may have found a strategy that will work.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.