The head of the Bank of Finland criticized cryptocurrencies

Cryptocurrency prices are inflated by “errors regarding the monetary economy” and the theories of the conspiracy, while CBDC have immunity to volatility and they can be unconditionally trusted. This was stated by the head of the Central Bank of Finland Olli Ren, writes Coindesk.

“Someone was joking that the national digital currency is a solution to the problem. I am not their fan, but I am convinced that ill -wishers unfairly downplay the potential virtues of CBDC“, – he said.

Ren drew attention https://gagarin.news/ to potential risks of transition to a more digital economy in the context of crypto growth over the past five years.

The manager expressed the opinion that the high volatility of such assets is only partly due to the influence of monetary policy.

“The central bank should prepare for the time when it is necessary to ensure convertibility in CBDC. We must remember that reliable and safe access to the money of the Central Bank is the basis of price and financial stability “, He explained.

Ren repeated the position of the ECB that digital euro would be a guarantee of the preservation of the department as an anchor of the EU foreign exchange system.

Previously, the regulator indicated the dependence of the success of CBDC on the degree of its adoption.

Recall that the initiative to release digital euros arose in November 2019. In October 2020, the ECB published a comprehensive report on this topic.

In May 2022, a member of the board of the regulator Fabio Panetta allowed the release of CBDC until 2026.

The official later said that the ECB will limit the emission of digital euros at 1.5 trillion.

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