President of the European Central Bank (ECB) Mario Draghi stated there can be only one currency in the euro zone and the zone’s countries cannot issue national currencies.

Quartz reports that Draghi made that statement in response to Estonia’s initiative to make the world’s first initial coin offering (ICO).

Managers of Estonia’s e-Residency program made that suggestion earlier. They planned to issue and allow free purchase of Estcoin, the new currency, during ICO.

The organizers anticipate bringing new businesses to Estonia and making the country attractive for startups. In case the government approves the idea, Estcoin will become the first state-backed cryptocurrency.

It was stated that the currency could be used in Estonia equally to the euro.

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