Crypto prices are inflated by “misconceptions about monetary policy” and conspiracy theories, while CBDCs are immune to volatility and can be trusted unconditionally. This was stated by the Governor of the Bank of Finland, Olli Rehn, according to CoinDesk.
“Someone joked that a national digital currency is the solution to the problem. I am not its admirer, but I am convinced that ill-wishers unduly underestimate the potential merits of CBDC,” he said.
Rehn drew attention to potential risks of moving to a more digital economy in the context of growth in crypto markets over the last five years.
The governor expressed the opinion that the high volatility of such assets is only partly explained by the influence of monetary policy.
“Central banks must prepare for the moment when it will be necessary to ensure convertibility into CBDC. We must remember that reliable and safe access to central bank money is the foundation of price stability and financial stability,” he explained.
Rehn reiterated the ЕЦБ‘s position that the digital euro would guarantee the ECB’s continued role as the anchor of the EU’s monetary system.
Earlier the regulator указал на зависимость успеха CBDC от степени ее принятия.
As noted, the initiative to issue the digital euro began в ноябре 2019 года. In October 2020 the ECB published всеобъемлющий отчет on this topic.
In May 2022, Fabio Panetta, a member of the regulator’s board, signalled выпуск CBDC до 2026 года.
Later the official said that the ECB would cap digital euro issuance at 1.5 trillion на уровне 1,5 трлн.
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