Finland Works On Instant Payments System
The Bank of Finland is working on a Finnish instant payment solution that aligns with European standards, according to Tuomas Välimäki, a board member of the Bank of Finland and a member of the Governing Council of the European Central Bank. The digital euro is considered the most significant project in the European payment sector, allowing consumers to pay with central bank money wherever electronic payment is accepted.
The Bank of Finland and the European Payments Council are working on a Finnish instant payment solution based on credit transfer, not relying on payment card rails.
Membrane Finance released a fully reserved stablecoin backed by the euro in February 2023, aiming to encourage Europeans to grow their wealth through decentralized finance applications. The European Central Bank’s governing council announced the start of the “preparation phase” for the digital euro project, which will last two years and focus on finalizing rules and selecting issuers.
(With inputs from Shikha Singh)
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