Estonia is embracing crypto vs China banning exchanges and ICO's
I have been following the technology advances in Estonia for quite some time. This is just an amazing technology advanced society. At the same time I am following the announcements and progress of the Chinese government who is closing down on exchanges and ICO's.
This is clearly two extremes. The new society vs the old way of doing things
Chinese - Fight the world of Crypto
I is actually really funny to see the Chinese government closing down ICO's and Exchanges. Sure this is the easiest way to attack the crypto markets is to close down on the inflows of Fiat currencies into the Crypto world, which is basically the exchanges. Will this stop the Crypto World and the flow of money. Well NO :) It will just move to another country as we have seen the Chinese traders moving their dealings to Japan.
Japan becomes largest Bitcoin market as traders leave China
The crypto community is flexible and can adapt to change when needed as this is one of the character traits of individuals in the game. Adopting change is in their nature.
Estonia - Embrace new technology and make it part of your community
Now when we look at Estonia, they embrace technology, they have been using Blockchain for many aspects of their society, like voting, issuance of identity documents, e-residency and much more. They are now looking at potentially doing and ICO to start a electronic currency.
This is truly embracing technology and the future.
There is obviously a few problems to sort out to make a token sale like this happen. For example the European Central Bank indicated:
No member state can introduce its own currency; the currency of the euro zone is the euro.
Quoted from Coin Telegraph - You can read Estonia wants ICO, but is the currency law a deal breaker here
Again, who are we dealing with in the Crypto Community - People that embraces change.
I am very sure that Estonia just might find a way of still doing this ICO, and I believe a government backed ICO might just attract attention of potential backers.
Let me hear your thoughts in the comments sections below.
Happy Steeming!
i have an e-residency card but have not properly used it yet. i need to get there and setup a bank account and such but i do intend to do business there next year for sure. i started a little e-residency series on youtube. another project i've gotta pick up on! :)
I think they already offer remote bank account setup. Check out their website.
ok interesting. i know they were changing regulations to allow it but was not sure if they had done it yet.
So I've checked on their status. It is still not approved. Here are three bank statements from May 2017:
LHV Bank: Not supported. No timeline for support.
SEB: Only supported for existing personal account customers. No timeline for support.
Swedbank: Not possible. No indication whether or not they plan to allow it in the future.
yeah seems no change. LHV is the one to go for. just go there, stay a week, check out the place, go to a bank with e-residency card and all the other stuff you need and you should be able to get all the paperwork back to like a forwarding business address, that's what i'm gonna do.
Oh, man! I wish my country was this loose with cryptocurrency. I feel like saying no to this is like saying no to the future and to real development in economics and social attitude really and on the opposite side accepting it can really make a country a target for certain investments.
Let's hope for the best for each of our countries, you know?
btw. thanks for this article, it is great stuff!
Thanks for a great comment @robertsrealm. I am from Africa where they still believe Crypto is something which you win on a gaming console :)
Great way for countries with lower GDP (than toher european countries GERM,UK,FRA) to get one step forward...Shows how cryptos give power to the people of all nations
Full UV + resteemed.
Thanks a lot
My mother is estonian, i visit every year. Free wifi everhywhere
Great post.
Thank you
Estonia pure European Country with good future vision ;)
Great information :)
Thank @valikos
China will regret! I gues they will open back in one year!
After I read this great posting it makes me want to Buy some More STEEM. I will have to gather some more funds and do that this week.........................
Thank you very much for a great comment @stokjockey
@jacor you and I know that Cryptos have a Great Future for humanity...
I 100% agree with you. Just love this !!!
Thank you for this article. As a guy who has ties with Europe, this is a relevant article for me.
I take heart, when one nation bears down on crypto, other beacons of freedom grow out from nowhere!
My country, the USA, is showing some very disturbing signs towards crypto regulation. I am not amused.
Upvoted. I wish my vote were worth more.
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