Finland's Central Bank Organizes Blockchain Event
Finland’s central bank co-organized a seminar on blockchain last week. The Bank of Finland held the event in partnership with the country’s Ministry of Finance. The seminar took place on 24th November, according to the central bank. Attendees included government regulators, local academics and companies based in Finland, drawn from institutions like Aalto University, Lappeenranta University of Technology and the VTT Technical Research Centre of Finland. Representatives from firms like Microsoft and Finnish energy firm Fortum were also in attendance. In statements, central bank....
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Last week the Bank of Finland joined the growing list of worldwide central banks interested in blockchain technology. Finland’s central bank, collaborating with the Ministry of Finance, held a seminar which discussed the possibilities offered by distributed ledgers. Bank of Finland Hosts Blockchain Seminar. On November 24 the Bank of Finland gathered....
The Bank of Finland – the country’s central bank – had recently organized a blockchain seminar to discuss the potential and possibilities presented by the innovation. Held on November 24th, the world’s fourth oldest central bank co-organized the event alongside the Ministry of Finance and drew in a number of participants including researchers, governmental authorities, and executives from industry firms across Finland. The setting offered a platform for a collaborative discussion about blockchain technology and its potential use cases in both private and public industries. Speakers....
Finland's central bank has deemed bitcoin to be a commodity, following a determination that it does not meet the definition of a currency, or even an electronic payment method. "Considering the definition of an official currency as set out in law, it's not that. It's also not a payment instrument, because the law stipulates that a payment instrument must have an issuer responsible for its operation," said Paeivi Heikkinen, who heads the oversight division at the Bank of Finland. "At this stage it's more comparable to a commodity." The news comes as an increasing number of central banks....
Bitcoin has been classified as a commodity in Finland after the Scandinavian country's central bank declared that it did not meet the definition of a currency. The Bank of Finland concluded that bitcoin simply doesn't meet the legal conditions required to be considered a form of electronic payment, either. Paeivi Heikkinen, head of oversight at the bank, told Bloomberg that bitcoin was more comparable to a commodity at this point. "Considering the definition of an official currency as set out in law, it's not that. It's also not a payment instrument, because the law stipulates that a....
The Bank of Finland has decided that Bitcoin has failed the currency test. "The Currency Test" as it is referred to by banks and governments around the world in regards to Bitcoin has differing meanings wherever it is cited. Bitcoin's rise to the top is tumultuous indeed. In an interview with Bloomberg's Kati Pohjanpalo, Paeivi Heikkinen, the head of oversight over at the Bank of Finland, stated: "Considering the definition of an official currency as set out in law, it's not that. It's also not a payment instrument, because the law stipulates that a payment instrument must have an issuer....