The government of the tiny Baltic nation Estonia further advanced along its path towards launching a state-sponsored cryptocurrency to integrate the booming crypto economy into the country’s mainstream economic system.
In a public-private partnership approach, the Estonian government has partnered with Ethereum-based recruitment company Chronobank to facilitate the token offering in 2018. Scheduled to launch in January 2018, the organizers are expecting to raise around 30 million euros with the crowdfund.
The authorities are forming two organizations to streamline the tasks – one of them is a non-profit, called TokenEST SA, and the other a commercial entity, called TokenEST OU.
Chronobank has two key roles in the Estonian government’s token offering. First the commercial entity TokenEST OU will run the country’s crypto-initiatives. Sergey Sergienko, CEO of Chronobank, has also been appointed as a director in the board of TokenEST OU.
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Also, Chronobank’s business unit Labor X, an online job listing platform, has become the official partner of Estonia. The platform which now accepts only TIME token, Chronobank’s own cryptocurrency, from the employers to enlist and jobseekers to search opportunities will also extend its support to Estonian national digital token.
Commenting on the partnership with the Estonian government, Sergey Sergienko, CEO of Chronobank, said: “All of us at Chronobank are jazzed to be a part of a new wave of labor laws, regulations, and relations.”
“Our mission is to empower the laborers to take control of their earnings and to be able to sell their work hours in the most efficient manner. We are thrilled that the government of Estonia shares the same philosophy when it comes to monetizing labor relations by using blockchain,” he added.
Besides Sergienko, many other blockchain visionaries and business leaders such as Aaron Levi Yahalom, Denis Tsyro, Hanon Barabaner and Mihhail Korb, along with some prominent Estonian politicians, are also members of the TokenEST UO board.
The entire crypto economy is now 25 times the GDP of Estonia, and the country’s authorities are keen to take advantage of the new emerging economy. But unlike Estonia, countries all over the world are very skeptical about the digital tokens.
Many other countries are also studying the feasibility of issuing a state-sponsored token. Russia has announced the introduction of the ‘CryptoRuble‘, a state-sponsored digital currency, but the authorities are reluctant to provide an update on the progress.