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Italian Banks Start Experiments With Digital Euro Built on Blockchain Tech
The Italian Banking Association said the work would help financial institutions prepare for the future.
The Italian Banking Association (ABI) has started experimentation with a digital euro based on distributed ledger technology.
STORY CONTINUES BELOW
- Comprised of over 700 Italian banking institutions, the ABI said Tuesday the work would examine the technical feasibility of a digital euro and further look at "new value-added services" that would become possible due to the programmable nature of the technology.
- "The aim of the initiative is to proactively contribute to public debate and support banks operating in Italy as they prepare for the future," said the ABI in a statement.
- The experiments will be divided into two parts: one looking at the infrastructure and distribution model to gauge technical feasibility, and another assessing how programmability could provide use cases that differentiate a central bank digital currency from existing electronic payments systems.
- In November, European Central Bank (ECB) President Christine Lagarde said she believes the region’s monetary authority will move to launch a digital version of the euro in the next two to four years.
- Along with other central banks, the ECB is actively working on how the digital euro might be designed and how it might function if launched.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
