The president of the european central Bank has criticized the intention of the Estonian government to launch a crypto-currency. It stated, inter alia, that the member States of the european Union (EU) will not be allowed to launch crypto-national currency that will compete with the Euro as the main currency in the jurisdiction of the EU.
Estonia plans to launch a crypto-currency national administered by the State
The president of the european central Bank, Maria Draghi, has rejected the plans of Estonia to launch a crypto-currency. Draghi stated that ” no member State can introduce its own currency. The currency of the EU is the Euro. “Last month, Estonia has unveiled its plan to launch Estcoin, a crypto-national currency supported by the State. Estcoin would be administered centrally by the Republic of Estonia and launched as the ICO.
Estonia also has plans to make it available to the crypto-currency and make it available to any investor in the world in the framework of its program of residency electronic. The project Estcoin has been evaluated and appreciated by Vitalik Buterin, creator of Ethereum. Peter Ehlich, the european central Bank, said that ” in the legal framework of the european Union, all member States, including Estonia, have introduced the single currency, only the Euro is legal tender and the monetary policy lies exclusively with the european central Bank. “
The project could still be viable through a public-private partnership
Despite statements to the disconcerting of the president of the european central bank, Estonia might still be able to launch a crypto-currency, national if it is done through a public-private partnership. David Heller, a member of the Peterson Institute for international economics, says that this would be possible if ” the crypto-currency is issued by a public entity. “Besides, the public relations officer of the E-residency of Estonia, Arnaud Castaignet, said that the Estonian government was considering to go ahead with the project. “We are ready to move forward, however, a national dialogue is needed in the first place “, he added