Estonian Central Bank has launched research into the technological compatibility of the e-government system for an official digital currency. Cooperation was made with two technology companies Guardtime and The SW7 Group in the initiated project.
The Estonian Central Bank has launched a research project to create a digital currency infrastructure that will be compatible with the KSI Blockchain technology used in the Estonian e-government system. In the statement made; It was said that it is aimed to create a digital currency in accordance with the new payment habits that emerged with the development of technology and financial services.
The statement said that digital central bank money will offer an alternative to people and companies in financial transactions in addition to the current financial system, and that a structure similar to fiat currency will be created and the Estonian Central Bank will directly support the value of digital central bank money.
The First Phase Will Take 2 Years
The first phase in the research program, which is planned to take approximately two years; It was planned on how to create a scalable, practical and cryptographically secure platform for the necessary infrastructure solutions in speed, security, privacy and durability.
European Central Bank Interested in Digital Euro
The European Central Bank Governing Council has decided to conduct a coordinated research into the benefits and drawbacks of launching possible digital currency solutions for central banks in the euro area.
In late September, the European Central Bank’s application to the European Union Intellectual Property Office for the “digital euro” trademark has not yet been approved. Authorities have no clear rhetoric about issuing a digital euro yet, but central banks in the region continue to investigate the issue.