The news that Estonia was considering its own digital currency reached the ears of Mario Draghi, the president of the ECB, who pointed out that the national currency does not operate within the eurozone
Draghi said that:
None of the Member States can enter their own currency, the currency of the euro area is the euro.
The originator was President of the Estonian e-Residence program, Kaspar Korjus, who suggested that “Estcoin” could be used as a national digital currency. This would provide Estonian citizens with notarial digital documents and access to them from anywhere in the world.
Adopting Estcoin would be a breakthrough moment for cryptocurrencies, indicating their widespread adoption. It seems, however, that despite the potential benefits of the national digital currency, the euro area does not allow Estcoin’s further development. After the recent blocking of ICO in China, the global mood for ICO remains unchanged. Regardless, the idea of the government issuing its own digital currency is now a thing of the past.