Despite digital approach and Coinbase’s lobby, Estonia PM rejects Bitcoin

  • The prime minister of Estonia has revealed the government has major concerns over Bitcoin adoption. 
  • The PM said cyberattacks and ransomware are major factors to avoid Bitcoin. 

The prime minister of Estonia, Kaja Kallas, revealed that the country would not be opening its arms to Bitcoin or other cryptocurrencies. The prime minister firmly rejected the adoption of Bitcoin by the Estonian government. This came despite the fact that the country has a lot of digital plans for the development of the nation. 

Estonia Prime Minister says “No” to Bitcoin

While speaking in an interviw with City A.M, Kallas crushed any Bitcoin expectations for Estonia. From her comments on Bitcoin, it is evident that the prime minister does not believe in the technology. Kallas mentioned that one of her predecessors was a crypto bull. However, she declared that she is “very cautious.”

Further into the interview held at her official residence in Tallinn, the Estonia prime minister said it would not emulate El Salvador’s new Bitcoin strategy. Under the administration of president Nayib Bukele, El Salvador has officially made Bitcoin an official tender. The prime minister commented on El Salvador’s Bitcoin adoption:

Ha! How is that going by the way? What I see in El Salvador is not going that well, to my understanding.

Notably, El Salvador is currently under pressure to provide proper regulations for virtual currencies nationwide. 

In addition, Kallas said that some giants in the crypto industry tried to convince her earlier this summer while she was visiting the US. 

Coinbase, and those big Bitcoin and big currency companies approached me, urging me, ‘make it legal in Estonia’, but I am a bit reluctant to be positive above this.

Kallas speaks on cyberattacks and ransomware

According to the prime minister, rampant cyber attacks and ransomware are major factors to avoid crypto. She explained that the Estonian government is being careful with the ongoing series of cyberattacks. Kallas noted that victims of cyber attacks do not usually share the story with the public. She, however, said that it is essential to share the scam stories with the world to caution others from potential attacks. 

With a population of 1.3 million, Estonia is keen on its digital approach. When other European countries were still dealing with cheques, Estonia was one of the few first to commence e-banking in 1996. By 2002, the country’s citizens were already enjoying e-tax services, digital ID, and e-signatures. 

In addition to Estonia’s digital strategy, the country began its e-residency program in 2014. The program grants Estonians living abroad and non-Estonians residency permits. Since the inception of the program, over 84,00 e-residents have successfully applied. Kallas stated:

What we try to do is to come up with new ideas, and to build upon what we already have. One thing we try to do more and more is these pro-active online services.

 

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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