Central Bank of Estonia to Explore Infrastructure for Digital Currency

The Estonian Central Bank announced the launch of a research program to create digital currency infrastructure. Within the framework of the project, Eesti Pank cooperates with technology companies SW7 Group and Guardtime.

The project aims to test whether a blockchain solution called Keyless Signature Infrastructure (KSI) can support a virtual currency program. Estonia is already using KSI technology for e-government services. The bank's project will also explore new payment solutions made possible through the use of electronic identifiers and other solutions for Estonian e-government. Rainer Olt, head of the bank's payment systems department, said:

“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 project will consist of several stages and will last for about two years. The bank stressed that they are striving to develop the financial environment and their payment system in order to keep up with the times and meet the needs of citizens.

Image by Obserwator Finansowy