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Italian banks support the European Central Bank's digital euro project but hope to share the initial investment costs.
Deep Tide TechFlow News, November 9th, according to a recent report by Reuters, Italian banks support the European Central Bank (ECB) in launching the digital euro plan but hope to spread the required investments over a longer period.
Marco Elio Rottini, General Manager of the Italian Banking Association (ABI), stated at a press conference that despite the higher costs, banks still support the proposal because it embodies the concept of “digital sovereignty.”
Recently, the ECB has reached an agreement with EU finance ministers to outline the development roadmap for the digital euro. The central bank digital currency (CBDC) is expected to be launched in 2029, pending approval from the EU next year.
Rottini pointed out that the Italian Banking Association supports a dual strategy, advancing both central bank digital currency and commercial bank digital currency to stay in sync with other countries.