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Estonian National Cryptocurrency Plans Openly Criticize European Central Bank

Estonian Nations posed to launch their own cryptocurrency

As Estonian government has a plan to launch a national cryptocurrency. The plan is widely criticize by the President of the European central bank. As to make sure the supremacy of Euro, it is firmly condemned that European Union states cannot have their own cryptocurrency issued. As it is a fear that its comparison with Euro will haunt the investors and panic the market. Euro is the major currency and any currency parallel to it, will make distrust among investors.

To criticize the state backed national currency Mario Draghi stated as “no member state can introduce its own currency”. The Eurozone has only one currency i.e. Euro. Mario Draghi the president of European Central Bank rejects the plan of Estonians for a nationalized cryptocurrency.

Estonia plans for Estcoin

Estonia revealed last month to introduce a new cryptocurrency termed as Estcoin. This currency is state-backed, states’ own cryptocurrency to decrease the Euro dominance.

This currency will be launched as an ICO (Initial coin offering) administered by Republic of Estonia. There are plans regarding to this cryptocurrency by Estonia to make it available worldwide. To attract increase investment and increase trade is the true motive behind it. E-residency program in under suggestion by Estonia to appraised the  trade of Estcoin, but it is also condemned over the same terms.  As far the news we can say Estcoin is appraised by Vitalik Buterin who is the founder of Ethereum.

It seems that to protect the interest of Euro, Peter Ehrlich come up and stated “within the legal framework of the European Union, in all member states that, like Estonia, have introduced the single currency, only the euro is the legal tender and the monetary policy lies exclusively with the European Central Bank”

Even though with strict Eurozone guidelines, some commentators like Arnaud Castaignet proponents for the Estcoin ICOs. He revealed his idea to promote Cryptocurrency through private public partnership.

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Estonian National Cryptocurrency Plans Openly Criticize European Central Bank
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