Bank of Finland Governor: Digital Euro Within A Decade ‘Very Likely’

Olli Rehn, the Governor of Bank of Finland, recently told Reuters that a digital euro is anticipated to debut in Europe in the ensuing ten years, as per his personal opinion.

Notably, the Governor was less convinced on the eventual design of European central bank digital currency, commenting that the European Central Bank will initially evaluate and experiment. Rehn further mentioned that a retail digital euro will be supplementary to cash. However, it will not replace cash, as per his opinion.

Europe’s central bank digital currency experts want to work in collaboration with the private sector on a digital euro, he mentioned. Nevertheless, Rehn denied comparisons to the libra stablecoin backed by the social media giant Facebook. Nevertheless, he made it clear that the ECB will work with the private domain on fitting the project to Europe.

His individual view is that it is quite expected that we will see a digital euro sometime in the course of the impending decade in one form or another. However, they will first analyze and experiment and will also prepare it in very close discussion with inhabitants as there are several question marks. And one significant element is that it will not substitute cash; it will be supplementary to it, which he ponders is significant for people.

The European Central Bank is anticipated to choose succeeding steps for the digital euro project in mid-2021.