The Italian Banking Association (ABI) said it is ready to participate in Digital Euro Pilot Program. Central bank digital currency (CBDC) development could replace the demand for cryptocurrencies, it also said.
23 June, 2020 | AtoZ Markets – The Italian Banking Association is a voluntary non-profit organization with more than 1,000 members, including banks, financial intermediaries and banking associations. The ABI play a vital role in civil society and the banking and monetary system. It has the principles of creating a free and competitive market with domestic and EU regulations.
ABI Ready to Accept Digital Euro
ABI has announced its willingness to participate in the European Central Bank’s digital currency project. It also expressed its intention to accelerate the introduction of digital currencies with the support of the European Central Bank (ECB) by participating in related projects and experiments.
The ABI said “it was ready to participate in projects and experiments regarding a digital currency from the ECB to speed up the implementation of the initiative. Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.”
The Association also prioritizes that the digital currency framework must be in full compliance with European Union (EU) regulations. It is to gain public trust. Banks are critical to maintaining that trust.
According to the Association, CBDC will be able to manage exchange rates and interest rate risks, including P2P transactions, machine-to-machine transactions. The programmable also features of digital currencies will help to manage the traditional currency. Moreover, it will bring future innovation to the banking system. ABI also said:
“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 value, particularly in terms of the efficiency of the operating and management processes.”
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