Catalonia Plans to Segregate E-Residency Program & Digital Currency

Catalonia Plans to Segregate E-Residency Program & Digital Currency

Catalonia as it fights for independence from its mother nation Spain is planning to separate an e-residency program that is the same as the one in Estonia.

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Catalonia as it fights for independence from its mother nation Spain is planning to separate an e-residency program that is the same as the one in Estonia. Also, Catalonia is considering in adopting for its own digital token or cryptocurrency.

The Catalonian government – the Generalitat de Catalunya – has directed representatives to the northern European country, Estonia, to gain knowledge regarding the e-residency program that gives a government-issued digital ID card that imparts a way to employ a business online that is not dependent on location, according to IBTimes.

SmartCatalonia is an official agency of Catalonia. Its director, Dani Marco, expressed that the Estonians have built an unprecedented version of economic development. Director Marco seems to be spearheading Catalonia’s e-residency initiative.

Catalonia keeps on moving forward with ideas to establish an economy that is segregated from Spain, as per El Pais, the nation’s leading newspaper. Estonia’s e-residency program presents as Catalonia’s model and it could imitate an Estonian manifesto to provide national blockchain-based tokens.

Advantages of E-Residency Program

According to El Pais, Catalonia has set its eye on Estonia’s e-residency initiative as it has no borders. The e-residency scheme has enticed more than 20,000 business people from 143 nations since the year 2014, including 336 entrepreneurs from Spain.

El Pais further revealed that Catalonia has the biggest number of enterprisers and those who are working with virtual money in Spain.

Vitalik Buterin’s Contribution

Catalonia’s blockchain experts have entreated assistance from Ethereum’s founder Vitalik Buterin, as per El Pais. The Russian-Canadian programmer advised the Catalonian people to establish an ICO to provide a currency that will work hand in hand with the funding of a business scheme for the e-residence initiative. The virtual residency ecosystem could produce an economic community that is not dependent of a dominant bank.

Estonia currently proposed Estcoin for its national cryptocurrency. In case the country carries out this plan, it will be the pioneering national government to initiate an ICO.

Kaspar Korjus, who is Estonia’s virtual residency initiative managing director, posted a blog in August that claims Estonia could provide Estcoins to its residents. The virtual coins could be controlled by the Republic of Estonia, but it cab be accessed by any person via the e-residency initiative. The scheme would initiate an ICO to provide the coins.

Korjus further said that to be able to establish a location-independent enterprise is the chief factor that is driving the development of the virtual residency program.

Estonia’s ICO Is Uncertain

CCN reported in September that Estonia is not going to launch an ICO or to become the very first country to embrace a state-backed virtual currency. Sweden’s central bank adviser revealed to Business Insider that his office had affirmed with the Estonian central bank that they do not have plans to intiate an official cryptocurrency.

As Korjus posted the scheme on the virtual residency program web site – an official government domain address, which includes the Republic of Estonia’ official seal – a lot of people were led to believe that the manifesto has been given an official approval.

On the other hand, the European Central Bank chief, Mario Draghi, has been critical of the Estonian scheme for a segregated cryptocurrency, as per IBTimes. Draghi expressed that no member state can ever introduce its very own currency because the Euro is the Eurozone’s currency.

Nonetheless, Korjus told a current GovChain blockchain event held in London that virtual currency Estcoins could present as a European-wide crypto token or cryptocurrency.

Korjus asked, if startup businesses can raise funds, why not governments? Presently, there are 1.3 million e-residents in Estonia’s virtual voting system.