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OP isn't saying that estcoins won't have any valid use cases and therefore are a bad idea - they even say that estcoin could be used in a UBI experiment. OP ar

OP isn't saying that estcoins won't have any valid use cases and therefore are a bad idea - they even say that estcoin could be used in a UBI experiment. OP argues that Estonia is a member of the EU, and is therefore bound to use the Euro and only the Euro as its national currency. It seems a bit sneaky and underhanded then to launch this cryptoCURRENCY as a "token" rather than a currency. As someone mentioned further down, estonia probably won't make estcoin a legal tender (can't be forced to accept estcoin to settle all debts in court or pay taxes), avoiding the issue of competing directly with the euro while still allowing the government to play with this new tech.

fastball 9y ago
As long as Estonia is backing Estcoins with Euro reserves there shouldn't be an issue.
s3krit 9y ago
>Estonia is a member of the EU, and is therefore bound to use the Euro and only the Euro as its national currency Just a nitpick, this statement isn't quite true. >Nine countries (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom) are EU members but do not use the euro. [1] The term you are looking for is the Eurozone rather than the EU. [1] https://en.wikipedia.org/wiki/Eurozone#Future_enlargement https://en.wikipedia.org/wiki/Eurozone#Future_enlargement
- tom_mellior 9y ago
  > Denmark and the United Kingdom obtained special opt-outs [...] The other seven countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfil the convergence criteria I won't provide a separate source for this statement since it's the same as yours, just a few sentences further down.
  - s3krit 9y ago
    For sure. And one notable exception to this is Sweden (sort of). While they are in ERMII - and are obligated to join as soon as they meet the criteria - they are intentionally avoiding meeting the criteria as a means of staying out of the eurozone.

fastball 9y ago

As long as Estonia is backing Estcoins with Euro reserves there shouldn't be an issue.

s3krit 9y ago

>Estonia is a member of the EU, and is therefore bound to use the Euro and only the Euro as its national currency Just a nitpick, this statement isn't quite true. >Nine countries (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom) are EU members but do not use the euro. [1] The term you are looking for is the Eurozone rather than the EU. [1] https://en.wikipedia.org/wiki/Eurozone#Future_enlargement https://en.wikipedia.org/wiki/Eurozone#Future_enlargement

tom_mellior 9y ago
> Denmark and the United Kingdom obtained special opt-outs [...] The other seven countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfil the convergence criteria I won't provide a separate source for this statement since it's the same as yours, just a few sentences further down.
- s3krit 9y ago
  For sure. And one notable exception to this is Sweden (sort of). While they are in ERMII - and are obligated to join as soon as they meet the criteria - they are intentionally avoiding meeting the criteria as a means of staying out of the eurozone.