Avant
CancelledFinland
Central Bank(s)
Bank of Finland
Announcement Year
1992
Status
Cancelled
Retail/Wholesale
Retail
Structure
Account
Technology Provider
Toimiraha
DLT / non-DLT
Non-DLT
Avant's ambition was to set up a single national electronic purse system - the commercial banks would bring their customer bases, and their ATM networks. The Bank of Finland expected that Avant would take over from coins for small purchases.
The Avant smart card system created by the Bank of Finland in the 1990's can be considered the world's first CBDC and the only one so far that has gone into production. Avant cards were based on smart card technology similar to that used in debit and credit cards today. Even though the system was initiated, developed, and for the first few years operated by the central bank, it was eventually spun off and sold to commercial banks. Once debit cards became less expensive and were upgraded to use smart card technology, Avant became obsolete and was shut down
Link to announcement
Last update: January 2006
January 2006
Launched → Cancelled
January 1993
Research → Launched
Link to announcement: helda.helsinki.fi
January 1992
None → Research
Announcement Year: 1992
Retail/Wholesale: Retail
Structure: Account
Technology Provider: Toimiraha
Description: The Avant smart card system created by the Bank of Finland in the 1990's can be considered the world's first CBDC and the only one so far that has gone into production. Avant cards were based on smart card technology similar to that used in debit and credit cards today. Even though the system was initiated, developed, and for the first few years operated by the central bank, it was eventually spun off and sold to commercial banks. Once debit cards became less expensive and were upgraded to use smart card technology, Avant became obsolete and was shut down
DLT / non-DLT: Non-DLT
Main motivation/goals of the CBDC: Avant's ambition was to set up a single national electronic purse system - the commercial banks would bring their customer bases, and their ATM networks. The Bank of Finland expected that Avant would take over from coins for small purchases.
Link to announcement: davidgerard.co.uk
Country / Region: Finland
Central Bank(s): Bank of Finland
No recent news found for this currency.