What is EST-Coins?

Est-Coins is a stablecoin fully backed by the EURO (€), issued by PiixPay to help customers to store their virtual assets in fixed value crypto currency.

Est-Coins allow customers to make payments using stablecoins. Buying and selling other supported cryptocurrencies will be available in the near future.

Est-Coin is a private block-chain token that can be used in the environment. The redemption value of 1 ESCT is 1€.


On 14 December 2017, Estonian Financial Intelligence Unit started issuing licenses to so-called cryptocompanies. Two types of licenses are available: One for providing a virtual currency wallet service and another for providing services of exchanging a virtual currency against fiat currency. As of March 2019, there are 746 registered companies for exchange and 658 for wallet services. Approximately half of them offer some sort of a legitimate service while others still have nothing.

Estonia is one of the most digitized countries in the world where business can be done online without the need to actually visit a bank, government office or print out a single document. Furthermore, if citizens are not happy with the government, they have the opportunity to vote for a better one electronically. Riding this wave of digitization, Estonia has launched its e-Residency program, which allows anybody in the world to become a member of the Estonian e-everything and conduct their business from anywhere in the world. Sounds like a perfect la-la land for terrorists and money launderers, but that is not the truth. Estonia’s money laundering risk is second lowest in the world according to the Basel Anti-Money Laundering (AML) Index published in 2018.

Raising concerns about banking

Strengthening the Anti-Money Laundering policy in Europe and several banks being closed down due to suspicious transactions have cast a dark shadow over the e-Residency program.

The Copenhagen-based Danske Bank faced a money laundering scandal due to suspicious transactions by non-resident accounts between 2007 and 2015. This, in turn, caused Danske Bank to close its branches in Estonia.

On March 28, 2019, Swedbank fired its chief executive Birgitte Bonnesen over concerns that the Baltic branches of Sweden’s oldest lender may have handled billions of dollars of iffy money from Russia and other former Soviet states. Other banks in Estonia started reviewing their customer profiles and a large number of existing accounts were closed, resulting in loss of business and unhappy customers.

The new start-up nation?

Have you ever wondered why Estonia has most unicorns (Unicorn is startup valued over 1billion) per capita in the world? The reasons might include favorable taxation, ease of doing business and the mindset of the people.

However, good things can have their downsides as well. Thousands of new companies established by e-Residents have recently faced a great deal of difficulties in terms of setting up bank accounts as far as even being refused bank accounts, making e-Residency useless for running new businesses.

Often, the only option is to open a bank account in one of the emerging fintech startups like N26, Revolut, Monese or Holvi. These are still like traditional banks with traditional technology running on the existing banking infrastructure, with the difference of better user interfaces and online account creation to offer services like IBAN, debit contactless card and money transfers.

Cryptobanking as the solution — Est-coin (ESCT)

Although we have seen the rise and fall of cryptocurrency rates in the recent years, the establishment of huge ICOs (Initial Coin Offerings) and plenty of scams, the blockchain technology still holds its promise for better banking. That’s the reason behind EST-Coins and Estonia must be the best place on the Earth to try it out.

Payster Group is an Estonian fintech company behind On April 1, 2019 the company launched its EUR backed EST-Coins based on a private blockchain. Est-Coin is fully backed by the only pan-European currency EUR. Furthermore, this money is not spent on staff, which is the case for ICOs. Instead, it is deposited in the bank. Thus, the price is stable and the exchange rate fixed to 1 Euro= 1ESTCoin.

Consequently, it will not fluctuate like Bitcoin and other popular cryptocurrencies do, which are mostly traded for speculation. For the laundromats, the news about EST-Coins will not bring any new business opportunities. People must undergo all KYC procedures and pay hard cash to become the holder of EST-Coins.

Est-Coin is the EUR backed virtual currency that complements the e-government, e-elections, and e-residency, bringing e-everything the full circle.

The services within EST-Coin wallet are

Create account at