Definitely, this is the new way to rise funds for individuals, enterprises or states. There is no difference for the world of cryptocurrencies, everyone can participate. Estonia is ready to launch its own ICO named TokenEST. The government’s intention is to rise funds so as to integrate cryptocurrencies into the economic system.

EstCoin – Is it Possible for Estonia?

There were several rumours about this possibility. Kaspar Korjus, Managing Director at e-Residency commented in a blog post that Estonia was trying to issue its own cryptocurrency via an ICO.

“Estonia has a clear advantage in this area due to its advanced digital infrastructure and its e-Residency programme. No other country has come close to developing both the technology and the legal framework that would enable them to introduce a securely manage tradable crypto asset globally,” said Mr Korjus.

This is the first country in the world that would launch an ICO. That is related with Estonia’s technological infrastructure. This country offers e-residency to every single person in the world and is known for being one of the most innovative countries in the planet.

This is the reason why Estonia is not partnering with an Ethereum company named Chronobank in order to offer the new ICO. The idea of this ICO is to promote Estonia in the international stage, give assistance with different start-ups that want to operate on the TokenEST platform, provide technical solutions and provide liquidity to different crypto assets among others.

Chronobank has two key roles in the Estonian government’s token offering. First the commercial entity TokenEST OU will run the country’s crypto-initiatives. Sergey Sergienko, CEO of Chronobank, has also been appointed as a director in the board of TokenEST OU.

About the project, Chronobank CEO Sergey Sergienko said:

“Our mission is to empower the labourers to take control of their earning and to be able to sell their work hours in the most efficient manner. We are thrilled that the government of Estonia shares the shame philosophy when it comes to monetizing labour relations by using blockchain.”

What Does the European Central Bank Think About It?

The European Central Bank (ECB) was one of the first to comment on the matter when Estonia announced the intention to launch an ICO on August the 22nd. Mario Draghi, ECB president, said that no country in the Eurozone is able to promote another currency more than the Euro.

These are new challenges that European authorities will have to face.