Estonian Central Bank Eesti Pank issued a statement for the launch of research for the creation of a digital currency infrastructure.
For this purpose, Eesti Pank started collaborating with the companies Guardtime and SW7 Group to make sure that the creation of the blockchain infrastructure “without a key signature” (also referred to as KSI) will allow to start the digital currency program. The country is already utilizing the KSI blockchain technology for electronic public services.
In the plan of the bank’s design, new payment solutions will also be considered, “which will become possible thanks to the use of electronic identifiers and other solutions for electronic public services of Estonia.” What technologies will be used in the project is not yet clear.
The project will have several stages and will last for about 24 months. The initial stage will be to study the creation of a scalable, practical, and safe platform that meets the needs of the digital assets. Meanwhile, the platform must maintain safety, reliability, high speed, and stability.
The head of the department of payment systems of the bank Rayner Olt commented on the initiative:
“Being a small central bank, we carefully select, in what projects for the development of central banks in the Eurozone, we can make a significant contribution. Over the past years, Estonia has acquired a unique know-how on the issue of how to organize and maintain a private, safe, and efficient e-government. The unique rich experience of Estonia gives a good impulse to start a project with the named tech companies SW7 and Guardtime. The last organization is a long-term partner of Estonia in work in the blockchain field and an absolute leader in the world in this area. ”
The bank stressed that they are constantly trying to develop the financial sector and the country`s payment systems, to keep up with the new age and meet the needs and requirements of the Estonian citizens.
