Italian banks advocate the development of digital euro

The Italian Banking Association (ABI), which represents more than 700 financial institutions in the country, announcedwanting to test digital euro.

In its statement, ABI writes about its desire to accelerate the development of a digital currency under the leadership of the European Central Bank. Italian banks want to participate in relevant projects and experiments.

ABI has already formed a working group to research digital and cryptocurrency assets. In addition, the Association made ten recommendations for the development of state cryptocurrency.

“Monetary stability and full compliance with the requirements of European regulators should be a priority in developing a digital currency,” the ABI statement said.

According to the Association, the development of statecryptocurrencies will allow further application of innovative solutions in the banking system, for example, P2P transactions, exchanges between automated systems, and will also make it possible to manage the exchange rate.

“Programmable digital currency in itselfis an innovation in the financial sector that can radically change money and currency exchange. This innovation can greatly increase the efficiency of operational and managerial processes, ”write representatives of ABI.

It was previously reported that Italian banks are planning to use blockchain to improve the efficiency of settlements and the transparency of operations.

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