Digital Euro Within Decade 'Very Likely,' Says Finland's Chief Central Banker

Olli Rehn believes a digital euro "in one form or another" is all but inevitable.

AccessTimeIconOct 16, 2020 at 4:24 p.m. UTC
Updated Sep 14, 2021 at 10:10 a.m. UTC

Bank of Finland Governor Olli Rehn told Reuters Friday he believes a digital euro is "very likely" to debut in Europe in the next 10 years.

  • He was less certain on the European central bank digital currency’s (CBDC) eventual design, saying the European Central Bank (ECB) “will first analyse and experiment.”
  • A retail digital euro will be “supplementary to" cash; it will not replace it, Rehn said.
  • Europe’s CBDC specialists want to “work together with the private sector” on a digital euro, he said.
  • However, Rehn notably rebutted comparisons to the libra stablecoin backed by Facebook. He made clear, though, the ECB will work with the private sector on fitting the project to Europe.
  • The ECB is expected to decide next steps for the digital euro project in mid-2021.

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