Alongside the ECB, Estonia completed a research project on the potential for a digital euro. The experiment concluded that, theoretically, a digital euro could support unlimited payments alongside a large money supply with a lower carbon footprint that the current card based ecosystem.
"It showed that the innovative digital euro technology based on the blockchain is highly scalable, meaning that the number of payments made with the digital euro can easily be increased if needed. This technology does not set any essential limits on the size of the money supply. The system is able to handle the entire supply of euros in circulation and more, and there are no limits on the number of money-holders or on the number of payments made simultaneously," wrote Eesti Pank, Estonia's central bank.