The Italian Bankers Association, or ABI, reiterated its support for the introduction of a sovereign European digital currency at the start of pilot studies for a digital euro project.
According to an ad, The association is working with its research and development branch ABI Lab and the state’s commercial banks on the development of an experimental digital euro.
ABI’s digital euro study will reportedly focus on two main areas: CBDC’s programmability and technical feasibility analysis to differentiate with existing electronic payment methods.
The Italian corporate network company SIA will support the consortium with technical feasibility studies. SIA also contributes to Project Spunta, ABI’s blockchain-based interbank settlement layer.
While the project focuses on an experimental digital euro, No indication of participation by the Italian central bank. Instead, other employees such as the Reply Digital Services team and the consulting company PwC are named as partners in the pilot study.
For ABI, the program is part of the effort to Preparing Italian banks for a future that could include a digital euro. Commenting on the project’s goals, an ABI spokesperson told Cointelegraph:
“The aim of the initiative is to contribute proactively to the public debate and to support the banks operating in Italy in preparing for the future. It is not intended to anticipate the decision.” [del Banco Central Europeo] about the introduction of a digital currency, but about studying possible use cases and reflecting on the effects of their possible implementation beforehand. “
An ECB official said so in December The bank’s evaluation phase for a digital euro could continue until 2021. Indeed, previous reports have pointed this out The regional central bank’s digital currency was at least five years away from being created.
In France, the central bank is already running various test protocols for its experimental digital euro. The Ethereum developer, ConsenSysis one of the blockchain companies working with partner companies testing the digital euro on behalf of the Bank of France.