Digital Euro to process” virtually unlimited ” payments, Estonia’s Central Bank says after test

The Blockchain-based digital Euro will be very scalable and allow it to make almost unlimited payments, the Estonian central bank concluded after a recent experiment. Central banks from several eurozone countries and the ECB took part in a test that showed the digital currency’s carbon footprint would be less than card payments.

300,000 payments are processed per second during the digital Euro trial
Newly launched digital euro project “research phase” in the context of experiments, a single European currency for the electronic version of the block chain-based solution theoretically “almost unlimited” showed that concurrent support payments. The Test also revealed that the technology would decipher a “good balance” between protecting privacy and compliance with money laundering.

In an announcement on its website, Estonia’s Central Bank praised the test results. Eesti Pank took part in the experiment, along with colleagues from seven other eurozone member states-Spain, Germany, Italy, Greece, Ireland, Latvia and the Netherlands-and the European Central Bank (ECB). July yesils the ECB’s governing body gave the green light for further preparation for the digital Euro, but a final decision on its introduction is yet to be made.

The purpose of the test was to assess a possible technical solution for the central bank’s digital currency (CBDC). During the experiment, payments were made with digital money among people with digital ID cards from Estonia, Latvia, Lithuania and Spain, Eesti Pank explained Dec. The euro’s digital system tested was able to simultaneously perform more than 300,000 payment transactions per second, with the money reaching buyers in less than two seconds. The estimated CO2 emissions on the network were less than the current payment system with cards, the Estonian regulator added.

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