May 25, 2024
Latest Cryptocurrency News

Digital Euro Takes Center Stage in European Payment Sector, Says BOF Board Member

The Bank of Finland (BOF) is spearheading the development of a Finnish instant payment solution in alignment with European standards, as announced by Tuomas Välimäki, BOF board member and member of the Governing Council of the European Central Bank (ECB), on October 19.

Välimäki emphasized the Bank of Finland’s active role in fostering the advancement of novel payment methods and highlighted the digital euro as the most prominent project within the European payment sector. The potential introduction of a digital euro could grant consumers the flexibility to utilize central bank funds for electronic payments wherever they are accepted.

Välimäki further noted that the Bank of Finland, in collaboration with the European Payments Council, is actively engaged in the development of a Finnish instant payment solution. This solution will rely on credit transfers rather than payment card networks. In February 2023, Membrane Finance, a Finnish company, introduced a fully reserved stablecoin backed by the euro. CEO Juha Viitala of Membrane Finance expressed optimism that the regulated EUROe stablecoin would encourage more Europeans to explore wealth-building opportunities through decentralized finance (DeFi) applications.

On October 18, the governing council of the European Central Bank (ECB) officially commenced the preparation phase for the digital euro project, a two-year endeavor focused on finalizing regulatory frameworks for the digital currency and selecting potential issuers.

Image by pixabay

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