In Brief

Estcoin: Estonia’s Own Digital Currency?

1 euro coin money (EUR) currency of European Union Estonia over blue background

Estonia might be the first country in the world to offer its own token through an Initial Coin Offering (ICO). ‘Estcoins’ would be managed by the Republic of Estonia, but accessed by anyone in the world through its e-Residency programme. They would be launched through an Initial Coin Offering (ICO), which would enable companies to crowdfund their finance and incentivise a wide range of people to help grow their businesses.

Recently, the country also started a partnership with Paymentwall Passport in order to make worldwide payments easier. 

“The main advantage of this partnership is that now with Paymentwall Passport , the process of digitally setting up a global EU company and connecting it to the payment processing solutions becomes even easier,” Estonia e-Residency managing director, Kaspar Korjus, tells Emerging Europe.

“The payment services offered by Paymentwall Passport are especially useful for entrepreneurs in countries such as Ukraine, Turkey and India etc., mostly because international payment solutions are not as readily available there. In addition, with Passport, entrepreneurs will have access to a global network of companies that offer a range of support services to help them build a truly international company,” he adds.

The E-residency programme was launched in 2014, to offer everyone in the world the same rights and services that were previously available for residents only. Today the latest statistics issued by the Estonian Government show more than 22,000 people have registered from 138 countries, for government-issued digital identity. Paymentwall Passport has already helped to create a global network of over 100 companies and institutions, and has helped them to find working spaces and access business banking.

“We are delighted that with this cooperation. We have made yet another step to empower entrepreneurs worldwide and relieve the financial barriers that are still holding people back from their entrepreneurial potential, often only because of their location. E-Residency aims to democratise entrepreneurship, globally, by offering location independent company management, and Paymentwall Passport will help contribute to our shared goal of digital and financial inclusion worldwide,” Mr Korjus adds.

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