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.

Oct 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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
2
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
3
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
4
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown