Estonia Scales Down Plan to Create National Cryptocurrency

Estonia, an eastern European nation that switched to the euro in 2011, scaled down its plan to create a national cryptocurrency after it drew criticism from Mario Draghi and local banking authorities.

The Baltic country dropped plans to peg these digital tokens to the euro or offer them to all citizens, Siim Sikkut, an official in charge of the country’s IT strategy, said in an interview in Tallinn. Instead, they will be given as an incentive to e-residents, foreigners who use Estonia’s electronic identification to remotely sign documents and set up companies, he said.