Yuliya Polyakova

Title: Estonian States's Approach to Cryptocurrency: the Case Study of Estcoin Project

Supervisor: Dr. Amirouche Moktefi 

Opponent: Kadi Maria Vooglaid, MA

Defense: 8 June 2018


Abstract: Nowadays cryptocurrencies and blockchain – the technology behind cryptocurrencies - have become a global phenomenon. Since the creation of the Bitcoin, the world most known cryptocurrency, the research on cryptocurrency and blockchain has become widespread and generated an enormous amount of concerns within various countries. The most common concern is how to regulate cryptocurrencies, because of specific nature current rules cannot be applied on them. As an option, some countries propose to issue state-sponsored cryptocurrency, and Estonia is not an exception. In summer 2017 there was published a proposal from official sources that represented the concept of state-backed cryptocurrency named Estcoin. The proposal went viral, and soon was followed by second one outlining the structure of future project. Based on this, the thesis aims to provide an evaluation of Estonia’s state approach on cryptocurrency. To that end, the case study of Estcoin project initiative is conducted, utilizing a model of decision factors for regulation and adoption of cryptocurrency.


Keywords: blockchain, cryptocurrency, Estcoin, regulation and adoption