A few months back, Belarus legalized the digital token industry. The country’s president signed a decree legalizing the trade and use of digital tokens. The move was widely hailed in the crypto community as a start of a new era, as this was one of the first time that digital tokens were accepted on a national level.
In a more recent development, Estonia has also announced that it will be starting a e-residency program. This program will be backed by a blockchain-based digital token, called estcoin. Since the introduction of the concept, many miners have showed their support for an initial coin offering for estcoin.
Estcoin will have three main functions:
- It will be used as a community token, encouraging investors and platforms to accept it.
- It will be used as an identity token, allowing people to digitally sign documents. Estcoin tokens will not be open to be traded and will be linked to their owners.
- It will be pegged to the euro and provide a form of trading.
The world is changing, whether we act or not.
Kaspar Kojas, the managing director of the e-residency program of Estonia, stated the following:
“Crypto tokenization will alter the nature of our world whether we act or not, so we must ensure we are taking a lead and that is already happening in Estonia.”
Using the e-residency program, anyone can become a citizen of Estonia. This will make it easier for investors to open business in Estonia.
Ethereum’s co-founder, Vitalik Buterin, also showed support for estcoin. He explained that if estcoin is based on a blockchain, then it will be easier to use it for multiple functions at the same time.
The e-residency program has been readily accepted by the digital token community. Since its announcement, more than 4,000 companies have registered for the program. The Estonian government has received around 27,000 applications from over 140 countries.
The figures stated above explain the success of the program. Such a versatile program has become a necessity in the modern world. People want to do business in different parts of the world without facing hurdles. The e-residency program of Estonia will allow them to do so.