$60 Billion plus is the U.S. dollar equivalent to how much Bitcoin is currently in circulation. That amount of money would keep the Estonian government running at current expenditures for almost 60 years.
$60 billion is more than double Estonia’s Gross Domestic Product.
So what if Estonia released a cryptocurrency that was that successful? It’s not a stretch to think the first government-sponsored crypocurrency would do as well or better than Bitcoin. It would still have to be structured properly on the blockchain with secure technology. But the legitimacy an actual country and government could give to a digital cryptocurrency is immense.
Just from the money Estonia made off a Bitcoin level token offering, they wouldn’t have to charge taxes anymore. The country could become a bastion of unprecedented wealth, as every investor and business in the world would want to move to a zero tax rate jurisdiction.
The idea has been floated to start a digital currency based on the Estonia e-residency program.
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But the idea is still in the infant stages, not an official government proposal as some rumors indicated. The confusion came from the fact that the Managing Director of Estonia’s e-residency program Kaspar Korjus posted an article discussing the possibility of a government-backed cryptocurrency.
This would enable Estonia to invest in new technologies and innovations for the public sector, from smart contracts to Artificial Intelligence, as well as make it technically scalable to benefit more people around the world. Estonia would then serve a model for how societies of the future can be served in the digital era…
As with e-Residency however, the longer term opportunities could be far greater and…