Estonia Central Bank denies countrywide use of Blockchain

Announcements | August 20, 2015 By:

European Securities and Markets Authority (ESMA) recently released documents that suggested that the Estonian financial system is relying on the use of blockchain technology to secure information, but the country’s central bank has refuted such statements.

In response, Piret Putko, a spokesperson of Estonia’s central bank said, that although there have been efforts in the country’s financial sector to develop technology-based products, there is no countrywide activity to broadly assimilate banking and the blockchain.

The spokesperson added, “I guess that blockchain is expected to be put into operation in Estonia soon because one of our banks is developing new products which will be based on blockchain. But, it certainly does not give us the right to say that Estonian banking infrastructure is secured with a blockchain.”

Bank of Estonia is the central bank of Estonia as well as a member of the Eurosystem organisation of euro area central banks.