Estcoin

Estcoin was a 2017 proposal for a national cryptocurrency tied to Estonia's e-residency program. ^{[1] [2] [3] [4] [5]} The plan was criticized by the European Central Bank President Mario Draghi, who said "no member state can introduce its own currency". ^[6] In 2018, the Estonian government clarified it was not planning to launch a national cryptocurrency and that it never planned to do so, but would plan to "explore various possibilities" for blockchain technology. ^[7]

History

Discussions about Estcoin emerged in 2017 amid the rapid growth of cryptocurrencies and initial coin offerings (ICOs). The concept was raised in connection with Estonia's e-Residency programme, which had attracted a growing international user base and prompted debate about the use of blockchain-based tokens in public digital services. ^{[8] [9]}

Early commentary described Estcoin as a proposed blockchain-based token linked to digital identity or participation in the e-Residency ecosystem, rather than as a sovereign currency. ^[10] The proposal received international media attention during broader debates over government experimentation with blockchain technology in the late 2010s. ^{[11] [12] [13]}

Proposed uses

In 2017, commentary on Estcoin outlined several hypothetical use cases linked to Estonia's digital governance infrastructure and e-Residency programme. ^{[14] [15]} These proposals focused on non-monetary applications, including incentives for participation in the e-Residency ecosystem, access to digital public services, and regulated fundraising mechanisms inspired by initial coin offerings (ICOs). ^{[16] [17]}

See also

• e-Residency of Estonia

References

1. Korjus, Kaspar (3 January 2018). "Three ways how estcoin could benefit Estonians and its e-residents". Estonian World . Retrieved 3 November 2021.
2. Chris O'Brien (19 December 2017). "Estonia planning its own cryptocurrency, called 'estcoin', in bid to become global ICO hub". VentureBeat . Retrieved 19 February 2018.
3. Francesco Canepa (19 December 2017). "Estonia's tech guru outlines ideas for digital 'estcoin'". Reuters . Retrieved 19 February 2018.
4. Ворона, Тимур (25 January 2018). "Что такое Estcoin и как его можно применять | MC.today". mc.today (in Russian). Retrieved 3 November 2021.
5. Darrah, Kim (23 April 2018). "Estonia pushes ahead in race to issue first state-backed cryptocurrency". World Finance. Retrieved 7 October 2018.
6. Ummelas, Ott (1 June 2018). "Estonia Scales Down Plan to Create National Cryptocurrency". Bloomberg. Retrieved 7 October 2018.
7. Browne, Ryan (4 June 2018). "Estonia says it won't issue a national cryptocurrency and never planned to". CNBC . Retrieved 3 November 2021.
8. Patricolo, Claudia (27 August 2017). "Estcoin: Estonia's Own Digital Currency?". Beyond Emerging Europe. Retrieved 30 December 2025.
9. Korjus, Kaspar (22 August 2017). "Estonia could offer 'estcoins' to e-residents". Medium . Retrieved 30 December 2025.
10. "Estland is Planning to Launch Estcoin — and that's only the Start". Fintech Baltic. 19 December 2017. Retrieved 30 December 2025.
11. Maack, Már Másson (23 August 2017). "Estonia is looking into starting its own national cryptocurrency". The Next Web . Archived from the original on 25 July 2024. Retrieved 30 December 2025.
12. Polyakova, Yuliya (2018). "Estonian State's Approach to Cryptocurrency: The Case Study of Estcoin Project". Tallinn University of Technology Digikogu. Archived from the original (PDF) on 6 December 2024. Retrieved 30 December 2025.
13. "Estonia makes 'token' effort to take euro crypto". France 24 . 28 January 2018. Archived from the original on 9 November 2020. Retrieved 30 December 2025.
14. Galeon, Dominic John (19 December 2017). "Estonia just revealed 3 uses for its proposed national cryptocurrency". Futurism . Archived from the original on 12 October 2025. Retrieved 30 December 2025.
15. Sundararajan, Sujha (19 December 2017). "Estonia Inches Closer to National 'Crypto Token' Launch". CoinDesk . Archived from the original on 12 August 2024. Retrieved 30 December 2025.
16. "Estonian e-Residency: A Case Study for Business Formation and Practical Blockchain Solutions" (PDF). ICF MRI. Rapid Access International, Inc. April 2018. Archived from the original (PDF) on 15 November 2025. Retrieved 30 December 2025.
17. "Estonia planning to launch crypto-tokens to drive growth of the country's e-resident community". OpenGov Asia. 22 December 2017. Retrieved 30 December 2025.