Estonia has announced it plans to become the world’s first country to launch an ICO despite warnings from the European Central Bank (ECB). Estonia’s Path To ICO ‘Haven’ The small Baltic nation, which has already made strides in digital identity and Blockchain leverage, is now looking to fully incorporate aspects of digital tokens at state level. The potential for an ‘Estcoin’ is tied up with the successful e-Residency program launched by government several years ago.
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Banks and financial institutions might need to embrace instant payments and bank transfers in order to be able to compete with Bitcoin and other cryptocurrencies. Competing with Cryptocurrencies One of the main reasons why cryptocurrencies have gained such popularity is their ability to instantly send payments worldwide cheaply and quickly – usually within a couple minutes. Banking transfers currently require 2-3 days to process and often times are more expensive than Bitcoin transfers. Many experts believe
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The European Central Bank is engaged in “experimental work” on blockchain technology. As some banks have warned, the technology is still too new to know what real world uses it has. But, according to an ECB executive board member on Monday, the central bank is researching how the technology could apply to modern financial systems. Also Read: Bitcoin Prices Inches Towards $470. Will $500 Be Next? Member of the Executive Board of the ECB, Yves