Italian banks want to experience digital euro

The Association of Italian Banks has announced its readiness to participate in the project of the European Central Bank for the development and testing of digital euros.

With more than 700 financial institutions, the association last week expressed its desire to help the ECB develop this area, and approved basic guidelines on central bank digital currency and cryptocurrency.

Basic norms include stability, full compliance with European laws, a high level of security, transparency and protection of personal datausers.

The AIB believes that the digital euro will increase the efficiency of the operating activities of organizations and willDrive innovation in the financial system, such as peer-to-peer payments, automated machine-to-machine transactions, and the ability to manage exchange rate and risk through software tools.

The central bank of the country has not yet commented on the statement of the Association.

Italy is far from the first and not the only country to express its interest in the digital euro.Back in January 2020, the chairman of the German central bank called on EU banks to develop a cheaper and faster payment solution, and in May, the Bank of France announced the successful completion of trials of a blockchain-based digital euro.

text: Ivan Malichenko, photo: bankinghub