Italian banks support the digital euro

The group of 700 Italian financial institutions, known as the Italian Banking Association (IBA), announced its support for the adoption of a digital currency issued by a central bank in Europe.

Italian banks showed their willingness to be part of the experimental projects for the creation of their own CBDC issued by the European Central Bank.

The group toured the progress of Italian banks in the use of blockchain through the Spunta Banca Project, an initiative through which it was possible, in 2019, to process the reconciliation of data from an entire year of local banking activity through from the Corda platform.

This conglomerate of banks affirms that the digital currencies of the central banks are an innovative opportunity, capable of changing the essence of money and exchange, just as it represents advances for traditional banking.

In this sense, IBA considers that with this type of currency it is possible to preserve the properties of cash, incorporating the benefits of the digital world.

“This is a transformation capable of providing significant potential added value, particularly in terms of the efficiency of operational and management processes. Hence the importance of dedicating attention and energy to developing, quickly and with the collaboration of all stakeholders in the ecosystem, useful tools especially for the development of the euro area”, says the group.

K. Tovar

Source: Agencies