Welcome to E-Estonia
Estonia is a small nation in the EU. E-Estonia is the most advanced digital society in the world, the world’s first digital nation. Also, their government functions fully online. So their interest in cryptos makes sense.
“When Estonia started building our information society about two decades ago, there was no digital data being collected about our citizens. The general population did not have the internet or even devices with which to use it. It took great courage to invest in IT solutions and take the information technology route” — Via e-estonia.com
Today, you can do practically anything online in Estonia. Residents have accessibility to the government, health data, taxes, voting, public safety, blockchain, x-road, digital Id, and more. This is genius, it allows entrepreneurs to start a business in Estonia while living somewhere else.
But that is not all, by 2020 all of the country´s educational materials will be digitized.
The program gives the e-resident a smart card which they can use to sign documents.
The Republic of Estonia
This incredible nation is bordered by Russia to the east, Latvia to the south, Baltic Sea to the west and Gulf of Finland to the north.
With a population of 1,315,480, this humid continental climate country speaks Estonian as the main language and Finnic Language as second most spoken. And the capital is Tallinn, practically a medieval city, a UNESCO zone.
One of the symbols of national identity are the Glacial erratic boulders of Estonia, which are large boulder rocks which moved to Estonia during previous ice ages. These are registered and protected by the government.
The Republic of Estonia is a developed country with an advanced economy, a high-income free market economy, one of the fastest growing in the EU.
This Silicon Valley of Europe is constantly growing and evolving. Estonia is more technologically advanced than most countries in Europe. Therefore, the perfect home for tech geniuses from all over the world.
The country of startups came up with the Startup Estonia project to incentivize startups around the world. And also, to supercharge the startup ecosystem in the country.
The country hosts 4-unicorns, companies worth over one billion dollars, which is Skype, Playtech, Taxify, and Transferwise.
Here are some random facts to show the nation´s advancement:
- Electronic passports;
- Free Public Transportation;
- Internet access anywhere in the country, even in forests. In 2000 Estonia declared access to the internet to be a human right.
- Delivery by Robots.
- And more.
Estonia and Cryptos
I don’t even have to elaborate why Estonia is into cryptocurrency. This is one country living in the future. Cryptos are not legal tender in Estonia, therefore, not submitted to VAT. However, the government does classify them as digital assets for tax purposes.
A number of crypto moves with significant regulation consequences have taken place in the country. This would be a speculative government plan to introduce national crypto aka “estcoin”. However, Estonia had to take a step back due to the criticisms from the EU about their plans.
Still, the government continues to speculate ways to use estcoin within the government as “e-residency program.”
Passed in 2017 the Money Laundering and Terrorist Financing Prevention Act increased transparency and gained trust within the business environment. Also, they prevent the use of the financial system in the country for money laundering and terrorism financing.
E-Estonia serves as a paperless model to the world. It seeks transparency from every angle. It has attracted startups from all over the world, and it is now the tech hub for startups.
Countries around the globe could adopt Estonia´s technological structure. But would this work well in larger nations?
I´d say no matter the size any government could benefit from using less paper, less money, and more transparency. As long as they adjust it according to their needs, every single country should follow in E-Estonia´s footsteps.
It would be a great start If every government could recognize how technology can improve the lives of residents. Also, how it would set the stage for businesses while protecting privacy. Without mentioning how it would provide a worldwide community through blockchain.
Let´s hope more nations take after E-Estonia.
Please drop your thoughts in the comment section and make sure to share this wonder of the world.
Hope you have enjoyed Estonia as much as I did.
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market. However, it is only our point of view and not legal advice. Therefore, it may be divergent from other opinions. So, please do not make any decisions without concluding studies of your own. Research to understand the profit possibilities and uncertainties involved at your own risk.