Estonia Central Bank denies nationwide use of Blockchain

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

Piret Putko, a spokesperson of Estonia's central bank told CoinDesk 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.

"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", Putko added.