The Italian Banking Association (ABI) has agreed to support the introduction of a digital currency from the European Central Bank.According to an update of the ABI website on June 28, the association had adopted guidelines that make clear its stance on digital currencies and digital central bank currencies (CBDCs).The ABI represents a group of banks in Italy and has agreed to “participate in projects and experiments on a digital currency of the European Central Bank. This is to accelerate the implementation of an initiative at European level.””Digital money must have the full confidence of citizens. It is imperative that the highest standards for regulation, security and surveillance are met,” said the group. The ABI identified “currency stability” and compliance with a digital euro as two of its top priorities.
Development of a digital euro
The association said that developing a European CBDC could enable more cross-border P2P transactions, reduce the impact of interest and exchange rates, and simply reduce the overall bureaucratic payment process.According to the ABI, the development of a digital currency in the European Union could replace the demand for cryptocurrencies.