E-Residency Cryptocurrency: Republic of Estonia’s Digital ID Nation?
e-Residency is a program created by the Republic of Estonia that is extensible for people from all over the world. This is a new digital nation for global citizens who are registered to enjoy its perks. This digital ID can be used to run a global business in a trusted European Nation environment.
What Is e-Residency?
This program offers a digital residence for entrepreneurs who want to enjoy the perks of investing in a secure environment. You can use this program to manage your business remotely, registering an EU-based company 100% on the internet and accessing banking and online options from clients all over the world, while digitally signing contracts and documents.
You will have access to many services that were once only offered to Estonian government that you simply could have access to before this program was implemented.
This program already has more than 25,000 Europeans, 4,000 Asians and 2,500 North Americans on it. Also, it has more than 400 people from each of the following continents: South America, Africa and Oceania.
What Are the Perks Of e-Residency?
An e-resident can have some perks that they could not have otherwise. They can start a company 100% online from any place in the world, be the full owner of the company in any country, sign and authenticate documents, declare taxes more easily, encrypt documents and many other features.
Basically, you can live anywhere and move as much as you want and your company will be completely online without the need to re-establish anything. This can definitely be a good option for people who want to focus on their work, not on paperwork.
Applying For Republic of Estonia's Digital ID Nation?
Are you interested in becoming an e-resident? The process, created by the Republic of Estonia, is really simple. First, you have to gather the necessary documentation for asking for residency. This includes an ID copy issued by your national government, a passport-style digital photo, a credit card that is compatible with Visa or MasterCard and a motivation statement.
The motivation statement has to explain why do you want to become an e-resident and your motivations for being a part of this network. This is a very important document because it will be evaluated before you are allowed to become an e-resident.
After you have the documents, you have to apply using the site and pay a fee of 100 EUR with Visa or MasterCard. The application process can take up to 30 days to be approved. The Estonian Police and Border Guard Board will also make background checks on you to ensure that you are not blacklisted in any way. Be aware that they may require additional information during the background check.
After you have been approved, you will receive an email and you have to pick up your digital ID card in your nearest Estonian embassy. You must pick up the card yourself in Estonia or in any consulate or embassy. If your country does not have one, you may have to arrange to pick this document in another country.
The e-Residency ID Card
The ID Card is a government-issued digital identity card that can let you access the e-services. It uses 2048-bit public key encryption, a microchip with two different types of authentication, a PIN1 for digital authentication purposes and a PIN2 for digital signing. Be aware that the card does not have photos and it cannot be used for identification offline, though.
To use the card, you have to activate it first and install the software on your computer. After that, you can use it in card readers to access its features.
E-Residency Cryptocurrency Conclusion
This initiative from the Estonian government is really interesting for new entrepreneurs, especially the young ones and the ones who want to use cryptocurrencies. By using this, you will not have to pay too much and you will certainly have perks that you could not have without it.
Many blockchain companies are already using the e-residency from the Republic of Estonia, so if you are thinking about it, know that this can definitely be a good choice for you.