Bank of Finland Initiates Development of Finnish Instant Payment Solution Aligned with European Standards

cryptonews.com:

The Bank of Finland (BOF) has taken the lead in spearheading the development of a Finnish instant payment solution that aligns with European standards.

During this year's fifth Euro and economy publication event on October 19, Tuomas Välimäki, a member of the Governing Council of the European Central Bank (ECB) and a board member of the Bank of Finland, addressed the active role that the Bank of Finland is playing in fostering the development of innovative payment methods.

Välimäki acknowledged the diminishing use of cash for transactions in both Finland and Europe, despite the increased circulation of physical cash. In Finland, cash accounts for only a marginal fraction of daily transactions, with less than ten percent of the population considering it as their primary payment mode.

While recognizing that the digital euro is being planned as an alternative payment method, Välimäki highlighted that it stands as one of the most significant ongoing projects in European payment systems.

However, he also emphasized the importance of ensuring continued access and convenience for those who still rely on cash for their day-to-day financial activities. Välimäki pointed out the European Commission's initiative, supported by the ECB, to safeguard the role of cash, underscoring the commitment to preserving the option of using euro banknotes and coins.

Välimäki stressed that while this commitment is vital, it does not negate the need for national regulations that guarantee cash availability and deposit options.

During the event, Välimäki stressed the overarching significance of the digital euro for all European countries, explaining, 

"The core objectives of the digital euro align with the Eurosystem's responsibility to uphold the