Italy, the Second Country which will Try the Digital Euro
Italian Banks’ Union (ABI), formed from over 700 banking institutions in Italy, announced that it will start to deploy human and financial resources for testing a digital version of Euro based in the blockchain.
The Union, through a working group, announced that its priorities are financial stability and compliance with the Eurozone regulatory framework in every aspect of projects like that.
The advantages of a digital Euro can be depicted in transactions’ fees reduction in retail and machine-to-machine payments in the new economy, shaped from Internet-of-Things, while there is a certain reduction in interest and exchange rate risk management.
Italy is the last from European countries that will test the digital version of Euro after France, while there is strong interest from the Netherlands’ Central Bank. It is worth noting that, last year, the head of Germany’s Central Bank was referred to the creation of a CBDC under ECB’s directions.