Итальянские банки призывают к постепенному внедрению цифрового евро для обеспечения устойчивости Translation: Italian Banks Urge Gradual Implementation of Digital Euro for Enhanced Stability

Italian banking institutions are showing support for the European Central Bank’s (ECB) digital euro initiative, yet they are advocating for a more gradual investment distribution in the technology. This is reported by Reuters.

Marco Elio Rotthini, the CEO of the ABI, expressed during a press seminar in Florence that he backs the idea of a CBDC, as it represents “the essence of digital sovereignty.”

“However, the financial outlay needed for the project is considerably high, factoring in the capital expenses that banks will incur, and it would be more reasonable to spread these costs over time,” he remarked.

Rotthiní advocated for a dual approach: the simultaneous rollout of CBDCs alongside private bank digital currencies, which may develop more swiftly.

ABI’s statement comes amid criticism from French and German officials regarding the project. They are concerned that the digital euro could siphon deposits from financial institutions.

The European CBDC initiative aims to ensure the accessibility and relevance of central bank money in a digitized economy, reduce reliance on non-European payment service providers, and respond to the growing popularity of stablecoins, according to the regulator.

During a meeting in Florence on October 29-30, the ECB Governing Council decided to advance the digital euro project to the next stage following a two-year preparatory period.

If the necessary legislation is approved, a pilot phase is set to commence in 2027, with a full launch anticipated in 2029.

“The digital euro will enable individuals to enjoy the advantages of cash even in the digital age. Thus, it will enhance the resilience of the European payment landscape, reduce costs for merchants, and create a platform for innovation, scaling, and competition for private companies,” commented ECB Executive Board member Piero Cipollone.

It is worth noting that in September, nine European banks formed a consortium to issue a euro-pegged stablecoin in accordance with the MiCA regulations.