Digital euro may be released within the next 10 years

Head of the Bank of Finland Olli Rehn said in an interview with Reuters that the digital euro is likely to be released in Europe in the next 10 years.

At the moment, the project of the digital currency is not defined, so the European Central Bank will have to do a lot of work to analyze and make many experiments. In this matter experts want to work closely with citizens. According to Rehn, the digital euro will be exclusively a supplement to cash, not a substitute for it.

However, Rehn refuted the comparison of the stablecoin with the Libra project from Facebook. He also did not consider it necessary to involve large corporations in the project:

“I didn’t mean that. There is a perimeter of options in my mind and in the report of the working group. We will focus on a retail digital euro and we want to work together with the private sector so that we take into account the realities of the payment system in Europe and that we align this with the general European payment strategy, which was just recently adopted.”

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