Italian Banking Association launches experimental digital euro project

The Italian Banking Association, ABI, is conducting digital euro tests as the European Central Bank is yet to make a clear decision on a central bank digital currency.

The Italian Banking Association, or ABI, has affirmed its support for the implementation of a sovereign European digital currency by beginning pilot studies on a digital euro project.

According to an announcement, the association is working with its research and development arm, ABI Lab, and commercial banks in the country to develop an experimental digital euro.

The ABI’s digital euro study will reportedly focus on two major areas — technical feasibility analysis and central bank digital currency programmability to create a distinction from existing electronic payment methods.

Italian enterprise network firm SIA will assist the consortium in the technical feasibility studies. SIA is also a collaborator in Project Spunta, the ABI’s blockchain-based interbank settlement layer.

While the project is focusing on an experimental digital euro, there are no indications of any involvement by Italy’s central bank. Instead, other collaborators like digital services outfit Reply and consulting giant PwC are named as partners in the pilot study.

For ABI, the program is part of an effort to prepare Italian banks for a future that could include a digital euro. Commenting on the project’s goals and objectives, a spokesperson for ABI told Cointelegraph:”The aim of the initiative is to proactively contribute to public debate and support banks operating in Italy as they prepare for the future. It doesn’t aim to anticipate the [European Central Bank] decision on the adoption of a digital currency but rather to explore possible use cases and reflect on the implications of its possible implementation beforehand.”

Back in December, an ECB official said the bank’s consideration phase for a digital euro could go well into 2021. Indeed, previous reports stated that a regional central bank digital currency was at least five years away from being created.

In France, the central bank is already running several testing protocols for its experimental digital euro. Ethereum developer ConsenSys is among the blockchain firms collaborating with the partner firms testing the digital euro on behalf of the Bank of France.

You might be interested in …

Supply chain tokens see triple-digit gains as the global economy recovers


Supply chain projects like OriginTrail, Waltonchain and Wabi have rallied in excess of 250% as blockchain interoperability comes into focus. Over the last few weeks, blockchain projects focused on supply chains and logistics have seen tremendous growth as the coronavirus-induced economic gridlock begins to loosen and future concerns related to the global pandemic subside. Three […]

Read More

Survey finds 31% of Brits are crypto curious, but lacking information


Over a third of those who have already bought crypto are themselves new or novice investors. A recent United Kingdom-wide survey on attitudes to cryptocurrency showed that almost a third of respondents are curious about investing in digital assets. Crypto trading platform Ziglu commissioned the survey through OnePoll, a market research firm that polled 2,000 […]

Read More

FATF updates guidance on crypto service providers, calls for public comments


The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions. The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a catch-all term including exchanges, wallet providers, and custody platforms, among others. This updated […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *