The work group is called the Global Futures Council on Blockchain Technology. Governance models related to the technology would be the focus of the group, Bitcoin portal CoinDesk wrote in a statement on Saturday.

Jamie Smith, who will co-chair together with Ilves, worked at the White House in the past both in the capacity of Special Assistant to the President as well as the Obama administration’s deputy press secretary.

Ilves said that the new council would play a leading role in developing uses of Bitcoin to increase the security on the Internet.

The former president, known worldwide for his competence and interest in all things digital far beyond a typical head of state and extremely successful as a promoter of Estonia’s achievements in the area, has said on several occasions that the world needed to make use of the last decade’s digital dividends.

Ilves has suggested that the best way to protect democracy would be a cashless society, seeing as anonymous financial contributions are the main driver of the soft power the kind of which the media exercised it that were financed by proxies of the Russian state.