Italian Banks Are Ready To Start Testing Digital Euro

Representatives of the Italian Banking Association (ABI) (which includes more than 700 financial institutions) announced their readiness to contribute to the ECB program regarding the development of digital currency CBDC.

ECB Recommendations

Last year the members of the non-profit organization Italian Banking Association gathered an appropriate working group that was responsible for this initiative. Since then, experts have developed ten recommendations for the ECB.

ABI basic principle

Representatives of the association emphasized that in the process of creating these recommendations they were guided by the basic requirements of regulators, and also took into account the issue of maintaining monetary stability.

ABI believes that CBDC digital state cryptocurrency will be able to transform the existing banking system by introducing decentralization and blockchain technologies.

“A programmable digital currency represents an innovation in the financial field capable of profoundly revolutionizing money and exchange. This is a transformation capable of bringing significant potential added value, particularly in terms of the efficiency of the operating and management processes,” the announcement said. 

ABI support blockchain

Recall that ABI specialists have long paid attention to blockchain technology and are working on its implementation in interbank settlement processes.

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