Catalonia to launch digital currency and e-residency program

E-residency, or virtual residency, is a program launched by Estonia on December 1, 2014. Using the e-residency program, non-Estonians can utilize national services, such as forming a company and other banking services. The e-residents are issued a digital identity card that makes the operation of a location-independent online business possible. More than 20,000 entrepreneurs from 143 countries have joined the program.

Now, the autonomous community of Spain, Catalonia, is also considering following Estonia’s footsteps by launching its e-residency program.

According to Spain’s leading newspaper El Pais, Catalonia is using Estonia’s e-residency as a model for its own launch. Catalonia has the largest number of entrepreneurs working with digital currencies. The e-residency program is useful to Catalonia as the program has no borders.

Representatives from the Catalonian Government, the Generalitat de Catalunya, have been visiting Estonia to gain a deeper understanding of its e-residency program. Dani Marco, the director of the Catalan agency SmartCatalonia, appears to be at the head of this plan. In order to learn more about the program and determine the most suitable method to create their own program in Catalonia, the team has been meeting with technology experts in Estonia.

El Pais also reported that Catalonia is possibly planning on launching its own Blockchain-based digital token. It has been seeking independence from Spain for a while, despite the Spanish authorities being completely against its independence. The region’s claim for independence will be strengthened if it is successful in separating its economy from that of Spain.

Ethereum’s founder, Vitalik Buterin, has already been asked for advice by Catalonian Blockchain experts. According to El Pais, Vitalik’s advice was to build an Initial Coin Offering (ICO) - a fundraising tool for startups that sells off cryptocoins in return for cash. A new cryptocurrency will be developed, if this ICO is proceeded with, and will not only help in funding the e-residency program but also help the community in gaining economic independence.

Estonia also made the announcement of launching its cryptocurrency, Estcoin, back in August through and ICO. Kaspar Korjus, managing director for Estonia’s e-residency program, stated that the coins would be accessible to anyone through the e-residency program and would be managed by the Republic of Estonia.

However, Estonia was recently criticized by the European Central Bank for this proposal, as reported by International Business Times. The bank said that being a member state, Estonia does not have the right to launch its own currency since the euro is the Eurozone’s sole currency.