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The Central Bank of Estonia Initiated The Creation of State Cryptocurrencies

Eesti Pank, which is the Estonian central bank, started a project to study the possibilities of creating money digitally issued by the central bank in addition to the usual euro.

Estonia follows the example of other central banks, also the European Central Bank, into learning about virtual currencies.

Eesti Pank published the start of the research program to learn about how to create a digital currency base.

Eesti Pank cooperates with technology businesses SW7 Group and Guardtime for the research program according to a report. It tries to understand if a keyless signature infrastructure (KSI) blockchain solution can control its virtual currency program.

Estonia is already using KSI blockchain technology for its e-government services. The plan of the bank is also to look into innovative payment solutions “that can be made possible by using electronic IDs and other Estonian e-government solutions.”

The plan, though, will not define which technologies should be adopted.

The plan will include different steps and will remain for two years. The first step will analyze how to create a scalable, useful, and safe platform that satisfies the necessities of digital funds. Also, the platform also requires to tick the boxes of speed, safety, privacy, and resilience.

Rainer Olt who is the head of the bank’s Payment Systems Department stated:

“As a small central bank, Eesti Pank carefully chooses which development projects of euro area central banks we can make a meaningful contribution to. Over the years, Estonia has developed unique know-how on how to maintain a secure, private, and efficient e-government.
Estonia's unique wealth of experience provides a good impetus to launch a project with technology companies SW7 and Guardtime to explore technological opportunities. The latter is Estonia's long-term cooperation partner in the field of the blockchain and a complete top in the world in its field.”

The bank emphasized that they are constantly trying to improve the financial circumstances and their payment system to maintain speed with the times and satisfy the demands of residents.

Estonia has been drifting towards blockchain technology within its e-residency program.

Christine Lagarde who is the European Central Bank president told last month that using the digital euro does not mean abandoning with the fiat.

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