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Bank of Finland head criticizes cryptocurrencies

While cryptocurrencies are inflated by “monetary misunderstandings” and conspiracy theories, CBDCs are immune to volatility and can be trusted unconditionally. This was stated by Olli Rehn, head of the Bank of Finland, writes CoinDesk.

“Someone joked that the national digital currency was the solution to the problem. I’m not a fan of them, but I’m convinced that naysayers unfairly downplay the potential benefits of CBDC.“said.

Ren highlighted the potential risks of transitioning to a more digital economy in the context of the growth of crypto markets over the past five years.

The manager expressed the view that the high volatility of such assets is only partially due to the impact of monetary policy.

“Central banks should prepare for the moment when CBDC convertibility is needed. We must not forget that reliable and secure access to central bank money is the foundation of price and financial stability.” explained.

Ren repeated the position ECB The digital euro will guarantee the agency’s protection as the anchor of the EU monetary system.

Earlier, the regulator had pointed out that the success of the CBDC depends on the degree of its adoption.

Recall that the attempt to issue a digital euro appeared in November 2019. In October 2020, the ECB published a comprehensive report on this topic.

In May 2022, the regulator’s board member, Fabio Panetta, authorized the issuance of CBDCs until 2026.

Later, the official said that the ECB will limit the issuance of digital euros to 1.5 trillion.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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