Estonia is embracing crypto vs China banning exchanges and ICO's

in #technology7 years ago

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.

Image Credit

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.

Image Credit

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!

There are 2 pages

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 :)

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.
Stories at @joe.nobel. No obligation to follow or upvote.

After reading this I went to wikipedia page of Estonia to learn a bit more about this country. It is a very diverse country indeed with majority agnostics.

Each for their own

This comment has received a 0.35 % upvote from @drotto thanks to: @banjo.

I think everyone should embrace Bitcoin and crypto but unfortunately I don't see that happening. Governments and the establishment elite will always fight the idea of an unregulated untraceable way of trade due to them not being able to tax and make money from the people. Also Bitcoin and other crypto give control to the people rather than the establishment elite. THEY HATE THAT THOUGHT.

Hey @wardy, in my opinion government and the elite will always try to fight the idea, and they will always fight against this. I also believe that the people in crypto is the way of the future and new ideas will always come to the fore, which will allow the ability of mass adoption in the long run. It all depends on how the problem is approached.

Yes I totally agree.

The world financial system is based on scarcity of resources instead of logistics.

great content @jacor! Estonia is very advanced you are right. I actually toke the e-citizen card for like 100 dollars.

I just wonder how will be with all this politics going on from Mr. Draghi for example.

Regarding the chinese, was obvius that they tryed to shut down the technology. Just look at their firewall.


Hey Francesco, I just love the way Estonia is approaching this and am seriously considering establishing a company in Estonia, hence looking into the e-citizen card. Followed you :)

this is cool @jacor. I just figure out that i posted couple of month ago something in that direction empowering estonia and i did cite you. cool right?

here was the article that probably you remember about:


I remember your post. Thanks Francesco. :)

follback me

Estonia is an amazing country with low taxes and great capital friendly intelligent government. Companies can even pay 0% tax if the re-invest all their profits. On the long run this brings more revenue to both Estonia and the business owners.

The only major negative I see about the country is that it is a part of the EU. Why the hell did they even do it!!!

Thanks, isn't that true of all countries though? If you reinvest your profits your profit is zero right?

You never know what a successful ICO might bring :)

This post recieved an upvote from mahbubalam. If you would like to recieve upvotes from mahbubalam on all your posts, simply FOLLOW @mahbubalam

I agree with your thoughts. thanks for sharing @jacor

It is a great pleasure @rizasukma

thanks for sharing keep it up

China ICO regulation, I am respecting it! otherwise thousands of ICOs were ready to launch and most of them are fake and scams. So, ICO regulation is a great concept comes from them. But it doesn't mean they should ban all crypto exchanges :D It makes me feel one good work and then a worst work which fully vanish the value they earned by previous regulation!
Anyway now it happened. And more will come, but Block Chain technology will be here for a long run and What Estonia did was correct!
No matter what will happen, personally I have no hopes for a short term trades in crypto. So, I am holding what I bought and so far I am in a good profit!
Great article and great analysis! Thanks for sharing with us!


Hey @theguruaisa, on that point I totally agree with you. I totally agree that ICO regulation is very important and should be weeded out. There is no place for scams in the world. that is on the blockchain and in real world sense.

Thanks for a great comment. Followed you :)

I think steem should be bought for long term.

Clif High has predicted that cryptocurrency will totally replace fiat currency in some nations. In Somaliland it's already happening, and in Venezuela people are flocking to crypto mining in order to escape the inflationary (and now worthless,) Bolivar.

Japan is also planning to issue their own ICO, the J coin.

Thanks for the information about Japan. I will have a look and see what I can find :)

Kind of funny that China is trying to stop the exchange , cryptocurrency is the future and it will stop for a while but people will just find other ways to trade . Like u said that traders are now moving on to Japan I think that China should stop battling the flow and should open ICO + exchanges .

I believe that certain believe system will be very difficult to change. And one of those is communism. I do fully get why they are trying to stop the scams by regulating ICO's though

Yeah me too @jacor but they are throwing the baby out with the bath water.

There is nothing like being open minded and be flexible...embrace change and find a way to make it harmonious. China can do all they want, but change has come to stay...thanks for the info, i will would like to follow up on the Estonia ICO, because it would be a big break if they could find a way to achieve it. Thanks.

100% @skysystem :) I totally agree that one should be open minded and flexible :) Crypto are here to stay, but there will be a lot of pushback from the global elite in their little towers :)

If there is a country which can pull it off and create its own crypto, it's definitely Estonia.

Fully agree and I hope this words of wisdom will come true 👍🏻

Thanks for sharing.

It is a great pleasure

good post...Thanks for sharing...

Thanks for reading @johnmarteen

Just came back from a visit to Estonia and I was surprised by how they embrace technology in general. The fact that they are so far with adapting the blockchain technology makes me believe they can find a way around the regulations. Aren't cryptocurrencies just currencies for the world? If they create an ICO and it becomes public for all the world to enter, how would this be a currency of Estonia? The fact they accept it as a payment doesn't make it their main currency, right? How would this violate the EU law?

I am planning to go to Estonia at some point. Who would've thought :) And totally agree that they will find a way around the regulation as it Crypto is not a currency :)

I recommend you to take a tour through the city of Tallinn if you finally decide to go! The guides usually have a lot of knowledge about the country and can explain why they are so innovative and what made them invest in IT . Personally I think this is a very wise decision back then but also a big risk at the time since nobody knew where IT was going. In the end it was a wise investment and the country will benefit from it!

happy steeming huuuiii

Thanks you too

Thanks you too

I watched the article well. I vote. ^^

Excellent post @jacor. I live in Vietnam and it's more than funny looking at China from here. Trying to ban the internet, cryptocurrencies and anything else that gives their people a sense of freedom. One day it will change, but for the time being they are still stuck with Mao's credo and philosophy. Followed, Upvoted and resteemed.

thank you for providing news or information, a very good post. if you are not busy kungjungilah my blog to look around. :)


Thanks for this news

all this is very true, but I believe that we must maintain a constant bitcoin investment in addition to creating own criptomonedas in each country, because china now restricts the exchanges with criptomonedas but I think they will lose for this many markets and they will return to support the exchange with criptomonedas from the government, so bitcoin is going to increase a lot

This might be. Thanks for the comment 👍🏻

Japan taking all over crypto lets see how it will impact for long term all FUD situation in market :/


Thanks a lot.

i will be broke because of China

They won't get it past the ECB but who cares?

Maybe it is time to leave which means the ECb has no influence on their future 👍🏻

Estonia is a clear example of a country that knows when to adapt and has chosen the correct option by entering in cryptoworld.

100% agree

How is there no mention of Mothership/$MSP in this post?

Apologies, their actually should've been... I will do a dedicated post for the mothership 👍🏻

Please let me know when it's complete so I don't miss it.

@mehwishpeter see, you better work on your account more and more :p

Very interesting I am so glad you did a post, so nice to see your blogs will resteem.

Let's hope for the best for each of our countries, you know?

Hi from Estonia :)) I hope here soon more steemit too :))

Hey @foxkoit, great to Hearn from you. Thanks for the comment and I just love the way things are done in Estonia

It's still a bit early to say, but we see soon... how it all things are done.

Estonia becomes one of the most innovative countries!

Indeed 👍🏻

I know others high-tech companies in Estonia developing AI products

You've found a good comparison, choosing China and Estonia. Estonia is considered as one of the most progressive countries, since 2015 parliament elections where they offered 100% of their population to use Blockchain technology and a little more than 30% of their population did use electronic voting. At the same time, China is known for their massive restrictions with everything that is somehow related to Internet. However creating a local currency in Estonia breaks down not only EU banking mission but the main idea of cryptocurrency itself - decentralization.

You can register with the Estonia government for any announcements on the Estcoin. Since they are gathering a list of people interested in it, I believe they will try to have an ICO on Estcoin if enough people show interest.

Glad to see some other people enjoying news about this tiny e-state that is Estonia. Truly astonishing what they're achieving there !

There are 2 pages