{"id":223,"date":"2014-06-14T22:50:00","date_gmt":"2014-06-14T22:50:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/estonia-bank-to-study-benefits-of\/"},"modified":"2014-06-14T22:50:00","modified_gmt":"2014-06-14T22:50:00","slug":"estonia-bank-to-study-benefits-of","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/06\/estonia-bank-to-study-benefits-of.html","title":{"rendered":"Estonia bank to study benefits of integrating Bitcoin technology"},"content":{"rendered":"
\n\"etukuva[1]\" <\/div>\n

\n(CoinDesk<\/a>) Estonia-based bank LHV has announced a new project that will explore
\nthe legal framework and potential uses of bitcoin\u2019s block chain
\ntechnology in banking so it might develop bank services for bitcoin<\/a> and
\nother digital currencies.
\n\u201cWe are interested in the technological
\nside of digital currencies as we hope it could make bank services more
\nsimple and efficient,\u201d Priit Rum, head of communications at LHV, told
\nCoinDesk.
\nThe project manager will examine all digital currencies, not limiting itself to bitcoin.
\nFor
\n now, the bank won\u2019t engage in trading bitcoin, Rum said, but more
\nlikely, could develop its payments system using block chain technology.
\nThe company claims to be the first bank in the world to implement such a program, stating:<\/p>\n

\n

\n\u201cWe
\n have been aware of crypto currencies for some time now [\u2026] we decided
\nlast month that establishing a side project to explore the block chain
\ntechnology and analyse possibilities of cryptocurrencies would be a good
\n opportunity to stay with the innovation.\u201d<\/p><\/blockquote>\n<\/blockquote>\n

\nRegulatory uncertainty remains<\/h2>\n

While the news of this action by a major bank is perhaps encouraging, in Estonia, bitcoin is tangled in regulatory uncertainty.
\nEarlier this year, the country\u2019s central bank issued a warning<\/a>
\n against bitcoin and digital currencies calling it a Ponzi scheme,
\nsaying \u201cvirtual currency schemes are an innovation that [deserve] some
\ncaution\u201d, but that it would continue to monitor their development.
\nShortly after, local bitcoin trading site BTC.ee<\/a> put a halt on trades, coming under pressure from Estonian authorities<\/a> who challenged the site\u2019s compliance with the Money Laundering and Terrorist Financing Prevention Act.
\nSaid Rum:<\/p>\n

\n\u201cLHV
\n is a regulated bank and we take all the regulations and guidelines very
\n seriously [\u2026] For us, all the questions about \u2018know your customer\u2019 and
\nconcerns of money laundering have to be dealt with before we can really
\ndevelop new bank services using new technology.\u201d<\/p><\/blockquote>\n

\nLocal enthusiasm grows<\/h2>\n

Estonians have been enthusiastic about bitcoin for some time, despite the regulatory difficulties the domestic ecosystem faces.
\nThe
\n country\u2019s capital Talinn had a successful week-long bitcoin showcase
\nlast month, during which bitcoin advocates came together to educate
\nthose new to the digital currency and boost its popularity.
\nFor more on the latest developments in the eastern European economy, read our most recent report<\/a>.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) Estonia-based bank LHV has announced a new project that will explore the legal framework and potential uses of bitcoin\u2019s block chain technology in banking so it might develop bank services for bitcoin and other digital currencies. \u201cWe are interested in the technological side of digital currencies as we hope it could make bank services […]<\/p>\n","protected":false},"author":1,"featured_media":765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,37,83,274],"tags":[704,772,948],"yoast_head":"\nEstonia bank to study benefits of integrating Bitcoin technology -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/06\/estonia-bank-to-study-benefits-of.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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