Estonia is looking into developing some guidelines on how to incorporate an ICO launch within its regulatory environment. The move was announced on December 19th by the managing director of the Baltic nation's e-Residency programme, Kaspar Korjus. Their proposed cryptocurrency, known as estcoin, garnered global interest after Korjus first aired the concept in August, with the idea of Estonia possibly becoming the first nation to have a dedicated digital currency.

This would not aim to replace the euro, Korjus emphasises – refuting open criticism by European Central Bank President, Mario Draghi – but would be a supplementary system of crypto tokens which would help to raise money for the country's economy. The number of start-up companies already founded on e-Residency in Estonia has considerably expanded their business community, and Korjus hopes a system based on estcoin would continue this beneficial investment.

Citing an independent analysis by auditors, Deloitte, Korjus shows that the e-Residency initiative has already brought an estimated €14.4m in income to Estonia in its first three years, with a further estimated €225m net accruing by 2021, and a predicted rise to €1.8 bn by 2025 if e-Residents globally benefit from the project.

While the token itself is still in the conceptual stage, Korjus keeps up the tension with an exposition of the groundwork, and demonstrates several ways in which the estcoin could be used.