Estonian Central Bank Eesti Pank has reached remarkable results after its digital Euro tests with the European Central Bank (ECB).
Eesti Pank, the Central Bank of Estonia, which is conducting a long-term research project investigating the suitability of a blockchain-based digital currency to work with cash, has reached remarkable results after its digital Euro tests with the European Central Bank (ECB).
According to the Central Bank of Estonia, a blockchain-based digital Euro could, in theory, support the processing of an almost unlimited number of payments simultaneously with a huge money supply and a smaller carbon footprint than a card payment system. Eesti Pank; The ECB has worked with the central banks of Spain, Germany, Italy, Greece, Ireland, Latvia and the Netherlands on several studies to evaluate a possible technical solution for the digital euro.
The project with the ECB focused on how a digital Euro built on blockchain technology, which currently serves as the foundation of Estonian e-government, can perform in terms of the number of payments and money holders and energy costs, and how digital identities can be linked. Payments were made between people with digital IDs from Estonia, Latvia, Lithuania, and Spain.
Eesti Pank says the effort has overcome previous blockchain problems such as poor performance and high energy costs. The test processed more than 300,000 simultaneous payments per second, and the money reached the recipient in less than two seconds. The estimated carbon footprint is much smaller than the card payment system currently in use.
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