Estonia suggested to create the national reserve «Estaing», media reported

© RIA Novosti / Vladimir Pescaprae in Photobacterium. Archival photoEstonia suggested to create the national reserve «Estaing», media reported© RIA Novosti / Vladimir Pescaprae the image Bank

The Estonian government initiated the creation of the national welfare Fund, which would accumulate capital through the sale of the country’s citizens «astronav» (Еstcoin), the national Estonian cryptocurrency, reports Bloomberg.

«Capital can then be managed through a public-private partnership. The funds could be turned into venture capital for the financing of Estonian startups. Holders «astronav» would have a share in the Fund and a voice in its governance,» the Agency says.

The initiative was proposed by the government Agency in charge of electronic citizenship (e-residence) of Estonia, and its Director Caspar Karusom. Earlier media reported that this proposal was made by the Australian Senate to accept the popular cryptocurrency bitcoin (bitcoin, BTC) as official.

According to the position of Estonian officials, if the initiative is approved, further tokens are placed on cryptocurrency exchanges «shares» in various projects that work on the technology of the blockchain can become a viable currency in which to pay for goods and services on the wide market of the Eurozone.

According to many analysts, Estonia’s better all ready to introduce the digital currency on the national market thanks to the developed digital infrastructure and the country’s existing program of electronic residency.

The Agency also notes that this initiative can support the local financial market, as it is more than 90% consists of loans from foreign banks.