Bank of Finland Leads Development of European-Compatible Instant Payment Solution
Summary:
The Bank of Finland, under the leadership of board member Tuomas Välimäki, is developing a Finnish instant payment solution that aligns with European standards. With the digital euro project referred to as one of the most urgent in the European payment sector, Välimäki suggests it will provide customers with more flexibility in electronic transactions. Meanwhile, a Finnish firm, Membrane Finance, announced its fully reserved stablecoin – EUROe, in hopes of encouraging wealth expansion through Decentralized Finance (DeFi) applications. The European Central Bank has recently embarked on a two-year 'preparation phase' for the digital euro project to finalize rules and select possible issuers.
The Bank of Finland (BOF) is spearheading the formation of a Finnish payment solution that is in line with European standards. This was communicated by BOF board member and member of the European Central Bank (ECB) Governing Council, Tuomas Välimäki, on October 19. On this occasion, Välimäki stated that the Bank of Finland is heavily involved in fostering the growth of novel payment methods. He referred to the digital euro as the "most pressing project" within the European payment field. He stated, "The likely debut of a digital euro would offer consumers the ability to transact using central bank currency in any place where electronic payments are accepted." Välimäki stated that the Bank of Finland and the European Payments Council are equally engaged in developing a Finnish instant payment solution. This solution would be structured around credit transfers and won't rely on card payments.
Earlier in February 2023, Membrane Finance, a Finnish firm released a fully collateralized stablecoin, backed by the euro. The CEO of Membrane Finance, Juha Viitala, voiced his desire that the regulated EUROe coin would motivate more Europeans to expand their wealth via decentralized finance (DeFi) applications.
Recently, the ECB's governing council marked the start of the "preparation stage" for the digital euro endeavor. This stage will extend for two years, concentrating on establishing regulations for the digital currency and selecting potential issuers.
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Published At
10/19/2023 10:54:27 AM
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