Estonia is looking to launch a virtual currency nicknamed “Estcoin,” despite sharp criticism from European Central Bank chief Mario Draghi, Sputnik reported.
Kaspar Korjus, managing director of Estonia's e-Residency program, announced in a blog post that the country was proceeding with estcoin not despite the criticism, but "thanks to" it.
The idea for Estcoin was first mooted in August, as a crypto token that would use decentralized blockchain technology.
The small Baltic nation is now considering three different models for the digital currency, all of which are said to be "viable" and can be introduced "without alarming the European Central Bank."
Estcoin is not intended to provide "an alternative to the Euro" — in fact, one of the triumvirate of possible options would see the digital currency pegged to the Euro.
The other two options for Estcoin were the "Community Estcoin" and "Identity Estcoin" — the former would be a way to reward the volunteers that improve Estonia's e-residency programme, while the second tie estcoins to an individual's digital identity.