Finland to Integrate Digital Euro into Financial System

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The Central Bank of Finland is planning to implement the digital euro (CBDC) into its payment system.

According to Tuomas Välimäki, a member of the Central Bank’s Board of Governors, this move is part of the authorities’ efforts to modernize the financial infrastructure by creating conditions for CBDC adoption.

Välimäki emphasized that the digital euro has the potential to be a convenient and efficient payment option alongside other forms of currency.

The European Central Bank’s Governing Council recently announced the start of preparations for CBDC launch, which is expected to take two years.

The outcome of this process will include a proposed regulatory framework for the digital euro and the selection of companies to develop a platform for transactions with the token.

Many central banks in the European Union are supportive of the ECB’s CBDC project. In 2021, Bank of Ireland’s head Gabriel Makhlouf stated that a euro-pegged token would be a more stable digital currency compared to Bitcoin.