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Estonia Central Bank lauds digital Euro after tests

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TL;DR Breakdown

  • Estonia Central Bank lauds digital Euro after tests
  • ECB criticizes Estonia Central Bank digital currency move

As central banks rush to unveil a government-controlled digital currency intensifying, Estonia central bank has commended the digital Euro after experimenting with some other euro-based central banks.

The Estonia Central Bank, in a statement, revealed that it believes that the digital euro initiative could, in theory, allow approximately unlimited amounts of payments to be processed and carried out simultaneously.

The digital euro blockchain experiment was conducted by the Estonia Central Bank in collaboration with the European Central Bank (ECB). Also participating was the Deutsche Bundesbank, the central banks of Spain, the Bank of France, the Bank of Italy, and the Central Bank of Ireland.

As central banks rush to unveil a government-controlled digital currency intensifying, Estonia central bank has commended the digital Euro after experimenting with some other euro-based central banks.

Notably, the blockchain experiment witnessed participants with digital dispositions send payments in digital money between Estonia, Spain, Latvia, and Lithuania. The experiment was able to carry out over 300,000 transactions per second, with funds reaching beneficiaries immediately.

The Estonia Central Bank further revealed that the blockchain technology did not set any critical limits on the size of the money supply, adding that the system was able to carry out the entire supply of euros in circulation.

ECB criticizes Estonia Central Bank digital currency move

The European Central bank, however, is unhappy about Estonia launching a national cryptocurrency.

The international organization is sending a signal that EU states would not be allowed to launch state-issued cryptocurrencies that compete with the Euro as the major currency within EU jurisdiction.

ECB frowned at Estonia CBDC as the European country is kicking to launch a state-backed national cryptocurrency, insisting that no member state can introduce its own digital currency.

Last month, Estonia unveiled its plan to launch Estcoin, a state-backed national cryptocurrency. Estcoin would be centrally administered by the Republic of Estonia and launched as an ICO.

It has met stiff resistance from the EU.

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