Kaspar Korjus, Managing Director of Estonia’s e-Residency Program, said Estonia could raise billions through an Ethereum based token called Estcoin and an ICO at the Blockchain Live event in London.
The British educated 28 year old millennial, in charge of one of the world’s most innovative government run program, told the audience:
“Today, if you want to invest in Estonia, how do you do it? Government bonds, buying property, investing in startups?
Startups can raise funds so why not governments? We could raise billions and the price of the tokens would reach a higher value in 5-10 years. It’s a great new source for nations to raise funds,” he said.
Mario Draghi, the 70 year old President of ECB, unequivocally stated that “the currency of the euro zone is the euro,” in response to Estonia’s plans, before adding:
“I will comment on the Estonian decision: no member state can introduce its own currency.”
Estonia, which currently runs the EU Presidency, called a meeting of EU’s finance ministers to discuss fintech strategy, a meeting some saw as their response to Draghi.
While the millennial’s recent comments suggest they might not back down. We asked Korjus if they still planing to go ahead with Estcoin, but received no response at the time of publishing. In laying down his case at Blockchain Live, Korjus said:
“You have to ask, what would be the source of income of the country if cryptocurrency has eaten up all taxation?
And what happens if some countries hit scaling mode of 1000% – will the others be left behind? What services will you use from your government if you are a global citizen of 10 other countries?”
His vision appears to be bigger than we thought. A world of virtual governments, with citizenship based not on birth or physical location, but voluntary choice of the citizens of the world who may be global citizens of 10 other countries, so choosing based on the level of service provided.
It is an ingenious idea for the tiny rich nation to extend its reach beyond their small physical borders to the entire globe itself.
Moreover, if they can execute well, and if old bankers allow them, they might leapfrong into the future, potentially showing the way to a very new 21st century world.