Central bank denies blockchain technology is widely used in Estonia

The Estonian central bank has denied that it has ever suggested that the country’s banking system rely on blockchain technology to protect information security. The most curious thing is that the European Securities and Markets Authority (ESMA) recently released a document submitted by Deutsche Bank.

The document, which responds to ESMA’s call for digital currencies, includes the fact that blockchain has been widely used in the national financial industry. It cites Deutsche Bank as an example of how blockchain technology can solve complex problems in the world’s financial markets.

Piret Putko, a representative of the Central Bank of Estonia, told CoinDesk that while the bank has activities to develop products based on the technology, there is no nationwide effort to integrate banking with blockchain.

Putko noted:

“I think blockchain technology is expected to be operational in Estonia soon, because our bank is developing new products that will be based on blockchain. However, this does not mean that Estonian banking infrastructure will adopt blockchain technology.”

He added that Deutsche Bank may have confused existing security systems with the blockchain concept.