Italian Banks Ready To Test Digital Euro

The Italian Banking Association (ABI), which includes more than 700 Italian banking institutions, expressed its intention to help accelerate the implementation of the digital currency supported by the ECB by participating in relevant projects and experiments. Last year, the association created a working group to research digital assets.

The working group expressed the opinion that in the case of the digital euro implementation, it is important to maintain the stability of monetary policy and full compliance with the European regulatory framework. Compliance with EU regulations is a top priority for digital currency in order to gain public confidence.

Italy is not the first country interested in the project; earlier this year France announced the successful testing of CBDC. The central bank of the Netherlands has also expressed the willingness to take part in CBDC testing. Last year, the head of the Central Bank of Germany said that CBDC could destabilize the country's financial system, but already this year the German Banking Association made a statement in favor of the digital euro.

Image courtesy of Vocal Europe