The Bank of Finland (BOF) is leading the effort to develop a Finnish instant payment solution that aligns with European standards, as stated by BOF board member Tuomas Välimäki.

The bank dislosed it is actively promoting innovative payment methods, with a particular focus on a digital euro. This move is aimed at enabling consumers to conduct electronic transactions using central bank funds.

The payment solution will be based on credit transfers, eliminating the need for payment card systems.

In February 2023, Finnish company Membrane Finance introduced a stablecoin that is fully backed by the euro. CEO Juha Viitala expressed hopes that the regulated EUROe coin will encourage more Europeans to enhance their financial well-being through decentralized finance (DeFi) applications.

The European Central Bank (ECB) recently commenced a two-year "preparation phase" for the digital euro project. The main objectives during this phase include finalizing regulations and selecting potential issuers.