“The Bank of Finland takes active strides to champion the evolution of novel payment methods.”
On October 19, Tuomas Välimäki, a member of the Board at the Bank of Finland (BOF) and also a key figure in the European Central Bank’s Governing Council, unveiled a significant development. The Bank of Finland, with BOF at the helm, is masterminding the conception of a Finnish instant payment solution in line with European standards. Välimäki articulated the Bank of Finland’s resolute commitment to advancing new payment modalities, citing the digital euro as the most salient project in the European payments landscape. He noted, “The potential introduction of a digital euro would empower consumers to utilize central bank-backed currency for electronic transactions wherever they’re accepted.”
Välimäki divulged that the Bank of Finland, in collaboration with the European Payments Council, is actively engaged in the formulation of a Finnish instant payment solution. This innovative payment mechanism will be rooted in credit transfers, disentangling itself from reliance on payment card networks. Furthermore, in February 2023, Membrane Finance, a Finnish company, launched a fully backed stablecoin, EUROe, supported by the euro. CEO Juha Viitala expressed optimism that EUROe would catalyze broader participation in decentralized finance (DeFi) among Europeans.
On October 18, the Governing Council of the European Central Bank (ECB) announced the commencement of the “preparatory phase” for the digital euro initiative. This two-year phase will be dedicated to finalizing the regulatory framework for the digital currency and selecting potential issuers.
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