More than 700 banking institutions of the Italian Banking Association (ABI) are ready to pilot digital euros, according to an <a href="https://www.abi.it/Pagine/news/MonetaDigitale.aspx" target="_blank" rel="noopener">announcement</a> on June 18.

To accelerate the implementation of digital euros, the banking institutions would be required to participate in projects and experiments related to it.
<h2>ABI’s Team Shared 10 Consideration</h2>
In the year 2019, ABI created a team that analyzed the digital as well as crypto assets in the market.

During ABI’s announcement regarding the implementation of the digital euro, the group shared 10 consideration for it. According to the group, it is important to set a framework for the digital currency which comply with the EU regulations, as by doing so, it would be easy to win the trust of people.

The group in its second guideline talked about the distributed ledger technology, i.e., Spunta project. The ABI Lab started this project to incorporate blockchain so that it could stimulate the interbank settlements process. Presently, many of the Italian banks are using this technology.

The group notified, “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 added value, particularly in terms of the efficiency of the operating and management processes”.
<h2>Countries Expressed Interest In CBDC Test</h2>
It stated that the programmable capabilities of digital currencies would help the central bank digital currency (CBDC) to lead the traditional banking systems like P2P transactions, machine-to-machine transactions to future innovations.

Before Italy, the central bank of France has expressed its interest in the proposal for <a href="https://www.cryptoknowmics.com/news/bank-of-korea-launches-10-year-blockchain-and-cbdc-project/">CBDC</a> experiment. Even the Netherlands’ Dutch Central Bank expressed earlier that it is ready to pilot digital euro.

In the year 2019, the head of Germany’s Central Bank Jens Weidmann, while delivering a speech on CBDC, stated that it could undermine the financial system of the country. But later in the same year, the Association of German Banks declared that it would support the programmable digital euro.

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ABI Announces 700 Italian Banks Ready To Test Digital Euros

More than 700 banking institutions of the Italian Banking Association (ABI) are ready to pilot digital euros, according to an announcement on June 18.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

ABI Announces 700 Italian Banks Ready To Test Digital Euros

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