Estonia Can’t Make Its Own Digital Currency

The news that Estonia was considering its own digital currency has reached the ears of Mario Draghi, the president of the ECB. Draghi was quick to point out that a state currency does not work within the Euro zone. He said:

“No member state can introduce its own currency; the currency of the euro zone is the euro.”

Estcoin shot down

The idea originated with the president of the Estonian e-residency program, Kaspar Korjus, who had suggested that the ‘Estcoin’ could be used as a digital currency for the country. It would also provide a way for Estonian citizens to notarize digital documents from anywhere in the world.

Adoption of the Estcoin would have represented a landmark moment for cryptocurrencies, indicating widespread adoption. However, it appears that, in spite of the potential benefits of the national digital currency, the Eurozone will not be allowing the Estcoin to proceed. After China’s recent ICO ban, the global sentiment toward ICOs remains mixed. Regardless, though, the idea of a government issuing its own digital currency has been shelved for now.