Tag Archives: Digital

Estonia's tech guru outlines ideas for digital 'estcoin'
December 19, 2017 12:51 pm|Comments (0)

FRANKFURT (Reuters) – Estonia could become the first country in Europe to launch its own digital means of exchange — the “estcoin” — under plans outlined by the manager of its pioneering e-residency scheme, in place since 2014.

Kaspar Korjus said in a blog post that the estcoin would be aimed at the Baltic country’s 27,000 e-residents — foreigners who open a company there via the web — but would not be a parallel currency to rival the euro.

This year’s meteoric surge in the value of Bitcoin has focused fresh attention on digital or cryptocurrencies, which to date have all been launched by private companies but are now being considered by some governments and central banks.

Korjus said estcoins could serve one of three purposes: rewarding services to the e-resident community, verifying one’s identity online, or as a means of payment pegged to the euro.

“All three of these models of estcoin are viable and can be introduced (even without alarming the European Central Bank),” Korjus wrote in the blog post.

Estonia’s central bank governor Ardo Hansson later said the estcoin was not a government initiative and that the central bank had not been consulted.

First floated in the summer, the idea of an estcoin was rebuffed by ECB President Mario Draghi, who said in September the only currency of the euro zone was the euro. An ECB spokesman would not comment further on Tuesday.

Korjus stressed the estcoin would simply be a “token” and not compete with the single currency.

But the third of Korjus’s possible designs, which he labels “euro estcoin”, envisaged that it would work as a parallel means of payment that bypasses the banking sector.

“We would never provide an alternative currency to the euro, but it’s possible that we could combine some of the decentralized advantages of crypto with the stability and trust of fiat currency and then limit its use within the e-resident community,” he said.

And the first version, described as a “community estcoin”, would it see openly traded on traditional and cryptocurrency exchanges at a later stage.

That could put Estonia on a collision course with the ECB if estcoin adoption was wide enough to have an impact on the euro zone economy and so interfere with Frankfurt’s monetary policy.

The numbers are small so far, however. A Deloitte report cited by Korjus estimates that e-residents brought 14.4 million euros to Estonia in the scheme’s first three years and foresaw a rise to 1.8 billion euros by 2025.

Venezuelan President Nicolas Maduro announced earlier this month the launch of the “petro”, a digital currency backed by oil reserves, to shore up his country’s collapsed economy and circumvent U.S.-led financial sanctions.

In Europe, Sweden’s central bank has said it may introduce an e-version of the crown currency as the use of cash declines while Bank of England is also pondering whether to introduce a digital currency for use by businesses and households. But Denmark’s central bank said “no” to its own e-crown last week.

The ECB has been lukewarm on the subject but Executive Board member Yves Mersch said recently it would experiment with “cash on different digital technologies”.

Additional reporting by David Mardiste in Tallinn; Editing by Catherine Evans

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Japan finance sector to reap digital currency benefits, says MUFG chief
October 19, 2017 12:25 pm|Comments (0)

TOKYO (Reuters) – The chief executive of Japan’s largest bank expects new business opportunities to appear as digital currencies allow collection of data on how people use their money.

While Japan’s big banks have distanced themselves from bitcoin and other existing digital currencies, they are trying to create their own to provide cheaper and easier means of payments and money transfers.

“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions,” said Nobuyuki Hirano, CEO of Mitsubishi UFJ Financial Group (MUFG), speaking as chairman of the Japanese Bankers Association at a news conference on Thursday.

“We can use the data to create new value.”

Hirano’s bank is developing its own “MUFG Coin” digital currency using the blockchain technology behind bitcoin.

The bank has been conducting experiments with MUFG Coin among its employees, including using the currency to split restaurant bills with each other over their smartphones.

Unlike bitcoin and other so-called cryptocurrencies, MUFG Coin is tied to Japanese yen, so users can exchange it for yen at the same rate as they bought the digital currency.

MUFG has said it plans to expand the experiment to involve all of its 30,000 domestic employees next year.

Japan’s third-largest lender Mizuho Financial Group is also developing its own digital currency, J Coin, targeting widespread use by 2020.

Reporting by Taiga Uranaka; Editing by David Goodman

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Toshiba shares gain after Western Digital offers to exit chip bid for better JV terms
September 6, 2017 12:43 am|Comments (0)

TOKYO (Reuters) – Toshiba shares rose 3 percent in early trade on Wednesday after sources told Reuters that Western Digital Corp has offered to drop out of a group bidding for its flash memory chip business to take a stronger position in their joint venture instead.

The move could see Toshiba finally seal a deal to sell the chip business after months of delays, providing it with the funds needed to cover billions of dollars in liabilities arising from the failure of U.S. nuclear unit Westinghouse.

Reporting by Chris Gallagher; Editing by Stephen Coates

Our Standards:The Thomson Reuters Trust Principles.

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For $20, you’ll learn all the tricks of digital media specialists
July 15, 2017 11:40 am|Comments (0)


If you’re going to market a business, an event, or an initiative online, you need to know how the game is played in the age of digital media. From social networks to SEO challenges to hyper-specialized Internet marketing campaigns, you need to be fully versed in how and where your prospective customers are making their buying decisions. With the double-barreled Digital Media and Public Relations course bundle (available now for only $ 19 — over 90 percent off — from TNW Deals), you’ll be on your way to understanding and using the immense power of digital marketing. With Internet Marketing Fundamentals,…

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How Digital Disrupts Operations And Business Processes, As Well As Customer Experience
March 29, 2017 9:34 am|Comments (0)

This piece explores the manner in which digitalization–the use of analytics, big data, the Internet of Things, cloud, and mobile–gives enterprises new opportunities to propel their business. At the same time, “digital” transforms operations processes, business processes, and customer experience.


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Busted! 5 myths of digital transformation
January 8, 2017 10:15 am|Comments (0)

“Digital” is the new “cloud.” Once upon a time, these words meant something. Now they mean whatever a speaker wants them to mean — especially if, internally or externally, they’re trying to sell you something. Not surprising, this level of ambiguity has created a fertile environment for mythical thinking.

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Huawei empowers innovative ISPs in the era of digital disruption
June 21, 2016 4:25 pm|Comments (0)

Huawei provides a new ICT architecture that features cloud-pipe-device collaboration based on cloud computing to help customers realize agile and …


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Cloud Pharmaceuticals COO to Discuss Digital Tools for Drug Discovery and Development at the …
May 24, 2016 1:25 pm|Comments (0)

Cloud computing combined with the continued influence of Moore’s Law has provided an unprecedented opportunity to apply inexpensive …

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Become a digital entrepreneur with this 7-course bundle ($19)
April 17, 2016 2:35 pm|Comments (0)


In the digital age, the 9-to-5 grind is no longer an inevitable path for driven professionals. With the right training and vision, you can become the digital pioneer you’ve always envisioned, working with top-level instructors to learn the entrepreneurial ropes and set yourself on a course to success by your own measure. The Digital Entrepreneur Bundle aims to do just that, and at 97 percent off from TNW Deals, the opportunity has never been easier on the wallet. The benefits of becoming a digital entrepreneur are numerous, from setting your own hours to the fulfillment and freedom of being your own boss.…

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Data centers are the digital engine rooms of China's new economy
January 14, 2016 8:30 pm|Comments (0)

Even Apple has taken advantage of China Telecom’s expansive database network and purchased cloud computing storage for itself on the mainland.


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