The Virtual Currency Exchange Association (JVCEA) has welcomed five more exchanges according to an .
The JVCEA is a self-regulatory body that was founded in April by 16 registered exchanges that seeks to make industry-wide investor safety benchmarks. In October, ’s financial regulator officially granted self-regulatory status to the JVCEA to supervise the sector.
The group, which was established partly because of the January 2018 $534 million hack of exchange Coincheck, had published a set of regulatory guidelines in June, that included a ban on insider and prohibition against the of privacy-oriented coins.
The five new Type II members are Coincheck, Everyone’s , Lastroots Inc., LVC Corporation and Coinage Corporation. The Type II classification basically means that the business is still applying for virtual currency trader registration, according to information from Cointelegraph .
LVC is a sister firm of LINE, whose own native crypto exchange BITBOX introduced its LINK in October.
At the moment, the organization is only recruiting Type II members, but would soon add a Type II classification for firms that deal with virtual currency-related services such as wallet dealers.
Estonia is well on its way to realizing its dream of building a global nation supported by its e-Residency program and its own cryptocurrency.
Digital currencies have definitely taken 2017 by storm. Massive price increases, mainstream adoption and just an overall interest in the benefits of blockchain technology have been some of the key highlights of this year.
It’s not just investors hoping to capitalize on these benefits though, governments can also see the advantages to having a cashless financial system.
Bragging Rights for the First State-Run ICO
Estonia had previously announced its plan to develop its own cryptocurrency, . In addition, the country has plans to launch . If successful, it will be the world’s first state-approved and supported ICO.
According to, the Estcoin would support the country’s initiative, which is a project aimed at creating and fostering a global digital nation. Kaspar Korjus, who is the program’s managing director, explained that essentially, anyone in the world who has Internet access can become a “digital citizen” of Estonia. In addition, these citizens can set up and run their business in the country.
Since its launch, the e-Residency initiative has received over 27,000 applicants from more than 140 countries. In addition, 4,272 companies have been registered.
According to Korjus, the state-operated Estcoin token would have varied uses. He explained:
The community Estcoin would be structured to support the objective of growing our new digital nation by incentivizing more people around the world to apply for and make greater use of e-Residency. This includes encouraging investors and entrepreneurs to use e-Residency as their platform for trusted ICO activity.
These tokens, which cannot be traded, can also be used to facilitate electronic signatures, and for log-in purposes. Even though its value will be connected to that of the euro, it is by no means a substitute for the country’s fiat currency.
Vitalik Buterin, who is the co-founder of Ethereum, gave his opinion on the matter:
[I]f these estcoins are issued on top of a blockchain (they could possibly be issued in multiple formats at the same time, nothing wrong with this) then it would become easy and convenient to use them inside of smart contracts and other applications.
Estcoin Is Part of the Bigger Picture
Even though countries such as , , and Dubai have plans to launch their own state-controlled digital currencies, Estonia seems to have a clear picture in mind, not just in creating a useful crypto, but incorporating it into a new era in the digital revolution.
Do you think Estonia will succeed in creating a digital nation? Will the Estcoin help with this vision? Let us know in the comments below!
Images courtesy of Shutterstock, e-resident.gov.ee
Breaking: Binance Delists bitcoin SV (BSV) Binance Delists bitcoin SV (BSV) Last week, a controversy arose regarding Craig Wright, an Australian cryptographer who purportedly is Satoshi Nakamoto, and Hodlonaut, a bitcoin diehard that created the […]
