28/07/19 11:00 UTC-4

Financial geography: cryptocurrency in Estonia

Cryptocurrencies in Estonia. Geography
Cryptocurrencies in Estonia. Geography

The cryptocurrency sector is constantly expanding around the world. Most states have reacted in one way or another to the emergence of a new financial system. Today we will talk about how things are with cryptocurrency assets in the territory of a North European country, Estonia.

On the east coast of the Baltic Sea, the crypto-industry also does not cease to expand and develop. This is not at all strange, because among 1 324 820 people (the population of Estonia at the beginning of 2019) of course there are Bitcoin enthusiasts.


Development of blockchain applications from Nasdaq Inc

Back in November 2015, the American financial giant, Nasdaq Inc, announced its intention to use its settlement and clearing unit in Estonia to develop a number of applications on the blockchain. From that time until now, Estonia has been developing and modernizing the work of the voting system, pension and land funds in the blockchain system.


Public Notary – medicine on the blockchain

In March 2016, the Estonian e-Health Foundation together with the Guardtime startup, the developer of the keyless signature infrastructure (KSI) technology, began work on a joint project that translated Estonian medicine to the blockchain. At the moment, all information about the medical records of Estonian citizens is stored in a distributed registry.


Estonian crypto-wallet from a local bank

In early 2015, Estonian LHV Bank, developed and implemented a program for storing cryptocurrency, along with fiat funds. The application was called Cuber Wallet. Of course, the storage of digital money did not receive the overall popularity, but the Fiat savings in this service flourished until that time. The application is available for download in the Apple Store and Google Play, but only the customers of the Estonian LHV Bank will be able to use the innovation.

Interesting in the section: Financial geography. Cryptocurrencies in Sweden


Bitcoin ATMs in Estonia

The DeCrypto local cryptocurrency company started installing Bitcoin ATMs in Estonia since 2017. The founders of the company were Alexey Galkin and Denis Kudryashov. Thanks to their work, there are more than 7,000 digital cash machines operating in Estonia today.


Call a taxi for crypto

In 2017, one of the ordinary Estonian taxi drivers started their "financial flash mob". So, the young driver Vsevolod Jurgenson accepts Bitcoin for payment from his passengers. At the same time, he stated that he intends to translate the innovation in the form of a flash mob. Of course, the global transition of drivers to crypto did not work out, but after the "action" of Jurgenson, some taxi drivers added cryptocurrency to their price list.


Get cryptocurrency for Estonia ID-card

Starting in 2018, all holders of ID cards of Estonia and online residents of the country can receive cryptocurrency for $ 10. In this case, you cannot get the usual crypto, the type of Bitcoin or Lightcoin, and the Byteball coin. Byteball is the first digital coin in the world that can work without a blockchain. To receive an asset, you must activate the address @eesti.ee and sign the petition.


More interesting about cryptocurrency and its development in other countries can be found in our Overviews section.

Editor: Pereyidenko Ihor

#cryptocurrency #Estonia #Byteball #DeCrypto #LHVBank #NasdaqInc #CuberWallet #blockchain #Bitcoin



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