The president of the European Central Bank rejected the idea of Estonian own state-backed cryptocurrency, Financial Times reports.
Mario Draghi expressed his attitude towards the idea of Estonia — a eurozone country — to launch a digital currency quite straight forwardly: “No member state can introduce its own currency; the currency of the euro zone is the euro.”
An Estonian cryptocurrency has been mooted as part on the country’s e-Residency program that provides a digital identity to foreign entrepreneurs.
Kaspar Korjus, managing director at e-Residency, floated the idea of issuing “estcoins” that allow people to invest in the country.
This remark by Draghi could effectively spell the end for Estcoins as a whole, although it is not certain that will be the case. Estcoin may still go ahead as planned, especially considering that many experts have declared the euro itself will “die” sooner or later.