Estonian government-run e-Residency program has been a huge success so far. It’s a digital identity issued by the government, providing access to Estonia’s e-services and transparent business environment. This initiative has been trusted by more than 50 000 people from 165+ countries who have established over 6000 Estonian companies.
However, good things can have their downsides as well. Strengthening the Anti-Money Laundering policy in Europe and several banks being closed down due to suspicious transactions have cast a dark shadow over the e-Residency program. The Copenhagen-based Danske Bank faced a money laundering scandal due to suspicious transactions by non-resident accounts between 2007 and 2015. This, in turn, caused Danske Bank to close its branches in Estonia. Other banks in Estonia started reviewing their customer profiles and a large number of existing accounts were closed, resulting in loss of business and unhappy customers.
Thousands of new companies established by e-Residents have recently faced a lot of difficulties in terms of setting up bank accounts and even being refused bank accounts, making e-Residency useless for running new businesses. To tackle this difficult situation, Estonian private cryptobanking companies joined forces to help out Estonia’s E-government in cooperation with the Estonian Union of Cryptocurrency, came out with a brilliant solution of launching new e-money called Est-Coin.
Est-Coin is fully backed by the only pan-European currency EUR. Thus, the price will be stable and exchange rate will be fixed to Euro. Consequently, it will not fluctuate like Bitcoin and other popular cryptocurrencies do. Besides, those buying Est-Coins are actually benefiting from the growth of the Estonian economy via payable interest rate, which is mirroring the curves of GDP. Therefore, Est-Coin is an easy alternative to EUR cash since it is electronic and only uses the latest blockchain technologies, providing more security and stability.
To further accelerate the growth of the e-Residency program, all e-Residents who establish a company in Estonia are given a free Est-Coin account valued at 500 EUR by a cryptobank piixpay.com. According to the officials, this account enables to conduct business like any traditional bank account, whilst providing transparency and more security.
Officials state that the newly issued Est-coin strengthens the e-Estonian position in the international trade and business, while the traditional banking industry struggles with Money Laundering issues and outdated regulations.
More info: est-coins.info
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