The Capital
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The Capital

Italian Banks Advocate the Development of Digital Euro

The Italian Banking Association (ABI), which includes more than 700 financial institutions in the country, has announced its desire to test the digital euro.

In a statement, ABI writes about the desire to accelerate the development of digital currency under the supervision 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 European regulatory framework must be preserved as a matter of priority,” the ABI statement said.

According to the Association, the development of state-owned cryptocurrencies will allow the 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.

“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.

It was previously reported that Italian banks plan to use the blockchain to increase the efficiency of settlements and the transparency of operations.

Author: Marko Vidrih

Featured image credit: Unsplash

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