Central banks all over the world have begun their preparations for a cashless society. In Italy, a trial for a digital Euro may commence a lot sooner than originally expected.
Various Italian banks want to pilot a central bank digital currency.
Italian Banks Push the Envelope
Somewhat surprising, given recent remarks by the Federal Reserve.
In Europe, however, the sentiment toward CBDcs is very different.
Italy, a country struggling financially, needs some positive finance news following the COVID-19 pandemic.
According to the Italian Banking Association, that will occur fairly soon.
Just last year, the organization created a working group to research digital assets.
It now seems that some of this research has been rather favorable in terms of CBDCs.
Finding monetary stability and compliance with Europe’s framework will be the next priority.
This trial is promising, yet it doesn’t necessarily mean that a digital euro will become the new norm.
Depending on the success of this trial, things may shift in a certain direction.
If successful, Italy may join forces with France and even the Netherlands regarding this digital euro.
Both nations have already expressed a keen interest
in CBDCs, yet no trial has been launched.
An interesting time looms ahead for the EU, that much is certain.