Estonia Hosts Europe's Largest Blockchain Conference

Estonia is all set for the largest European cryptocurrency and blockchain conference dubbedMoontec 17. As the host, the Baltic nation has also committed to linking blockchain entrepreneurs to an extension of their E-Residency program. The conference will bring together 50 global industry experts on the 4th and 5th December, in the country's capital.

Estonia is not shy about courting blockchain entrepreneurs to attract capital, skill and a knowledge base for its digital services hub. One way it has done this is by extending its E-residency program to cater for blockchain entrepreneurs who want to start and operate a business in the country remotely quickly. With surging interest in blockchain technologies, the Baltic state is positioning itself as a favorable destination for blockchain industry.

It's a race to the top between countries around the world. Several other European countries likeMalta,Gibraltar, and Switzerland have recently moved in on establishing frameworks that foster blockchain enterprises.

But Estonia seems favorably placed to leverage blockchain after having already invested heavily in digital governance. Kersti Kaljulain, President of Estonia, reiterated the nation's success in its digital strategy saying "We have been using digital identifiers for 17 years."

The country now has its eyes set on cryptocurrencies and blockchain for its digital services including e-voting and digital identity.

Just three months ago Estonia's E-residency managing director Kaspar Korjusfloated the ideaof an "estcoin," a state-backed cryptocurrency for all its residents including 22,000 e-residents. The proposal went as far as envisioning a future where "estcoins" functioned as a medium of exchange for goods and services.

However, the idea was slammed down by the European Central Bank Chief Mario Draghi. As a member of the EU, Estonia is legally bound to using the Euro. But Korjus proposal along with the president's support reveal much about the intentions of the state in this new blockchain landscape.