Estonia will not open to BTC despite pressure from Coinbase
Estonia is not going to open Bitcoin or make it legal tender before Prime Minister Kaja Kallas, so find out more on our latest Bitcoin news today.
Estonian Prime Minister Kaja Kallas said the country should be very careful about the use of cryptocurrencies in its economic system, adding that even one of the leading crypto exchanges, Coinbase, has urged the government on the country’s right to make BTC legal tender do. However, Kallas is not positive about the idea. The recently elected Estonian Prime Minister appears to be rather negative about cryptocurrencies. The chairman of the reform party argues that digital assets play a major role in cyber attacks and ransomware and that the EU member is therefore reluctant to accept cryptocurrencies:
“We’re very sensitive to these issues and crypto, the way it’s used, that’s a big deal because you see how easy cyberattacks are and how easy it is for businesses to pay. [ransom] Money.”
Kallas also dropped rumors that Estonia will be one of the first countries in the EU to regulate cryptocurrencies, but it could do so at a time when its successor, a major crypto proponent, is dying. However, things seem to be different from the one she is now running. The politician doesn’t support El Salvador’s move to make BTC legal tender and when asked if Estonia would copy the initiative, Kallas disproved the idea:
“Ha! How is it going by the way? What I saw in El Salvador, as far as I know, didn’t go so well.”
The Prime Minister announced that companies like Coinbase have pressured the Estonian government to recognize BTC as a payment instrument, but Kallas says she is hesitant to be positive about the idea. Coinbase and other BTC companies came up to them asking them to make it legal in Estonia. Unlike other countries, Estonia expresses great confidence in its authorities when it comes to digital asset regulations. Over 70% of locals prefer the government to set the rules for cryptocurrencies, while only 30% trust the EU. With this statistic, Estonia ranks second in Europe, while the Netherlands is at the top with 76%.
It should be noted that a growing percentage of Estonians support the creation of a national digital currency as an option for monetary independence from the EU and the country among the top three in the statistics is not open to cryptocurrencies.
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