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.
On behalf of more than 700 financial institutions, last week the Association expressed its desire to help the ECB in the development of this area, and approved the basic guidelines for the digital currency of the central bank and cryptocurrency.
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Basic standards include stability, full compliance with European laws, a high level of security, transparency and protection of users’ personal data.
AIB believes that the digital euro will increase the efficiency of organizations’ operational activities and will stimulate innovations in the financial system, for example, peer-to-peer payments, automated transactions between machines, as well as the ability to manage exchange rates and risks 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 German Central Bank chairman called on EU banks to develop a cheaper and faster payment solution, and in May the Bank of France announced the successful completion of blockchain-based testing of digital euros.