Estonian Central Bank researches digital currencies

Estonian Central Bank Eesti Pank has announced the launch of a research program for the creation of a digital currency infrastructure.

BFor these purposes, Eesti Pank collaborated withtechnology companies SW7 Group and Guardtime to make sure that the solution to the keyless entry blockchain infrastructure (KSI) will allow the virtualization program to run. Estonia is already using the KSI blockchain technology for electronic public services.

Within the framework of the bank project, thenew payment solutions “which will become possible through the use of electronic identifiers and other solutions for electronic government services in Estonia.” What technologies will be used in the project are not specified.

The project will consist of several stages andwill last for about two years. The first will be to study the creation of a scalable, practical and safe platform that meets the requirements of digital funds. At the same time, the platform must maintain high speed, safety, reliability and stability.

The head of the department of payment systems of the bank Payner Olt coordinated the initiative:

“Being a small central bank, Eesti Pankcarefully selects, in what projects of development of the central banks of the eurozone, we can make a significant contribution. Over the past years, Estonia has developed a unique know-how about how to maintain a safe, frequent and efficient electronic government. The unique rich experience of Estonia gives a good impulse for launching a project with the technological companies SW7 and Guardtime, the last organization is a long-term operating system of a stand-alone operating system.

The bank emphasized that they are constantly striving to develop the financial environment and their payment system in order to go to nogo with time and satisfy the needs.

Estonia is leaning towards the technology of the blockchain, although its program of electronic residency has recently taken a criticism because of the fact that we are spending the vacations

</p></p>