Michaela
Italian banks have voiced support for the European Central Bank’s (ECB) digital euro initiative but urged that implementation costs be distributed over multiple years to ease the financial burden on the sector.
Key Points
- Key points:
- Italian banks support the ECB’s digital euro but want implementation costs spread over several years
- The ECB aims to ensure central bank money stays relevant, reduce reliance on non-European payment providers, and address stablecoins
Key points:
- Italian banks support the ECB’s digital euro but want implementation costs spread over several years.
- The ECB aims to ensure central bank money stays relevant, reduce reliance on non-European payment providers, and address stablecoins.
- A pilot is planned for 2027 with full launch in 2029, while EU lawmakers review the project to protect private payment solutions.
According to a report by Reuters, the ECB has been developing a digital euro to reinforce the euro area’s monetary sovereignty. However, the project has faced delays, with some French and German banks expressing concern that widespread use of an ECB-backed digital wallet for daily payments could reduce deposits held at commercial banks.
Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), said during a press seminar in Florence on Friday that the association supports the digital euro, spotlighting its role in advancing digital sovereignty. “Costs for the project, however, are very high in the context of the capital expenditure banks must sustain, they could be spread over time,” he added.
“We’re in favour of a twin approach, a central bank digital currency and commercial bank digital currencies which may develop faster, because what Europe shouldn’t do is fall behind,” Rottigni further stated.
Related: Bitget Doesn’t Sleep: The New $500M Shift to On-Chain Stocks
The ECB’s digital euro initiative seeks to keep central bank money accessible in a rapidly digitizing economy, reduce dependence on non-European payment providers, and address the growing use of stablecoins. In October, the ECB’s Governing Council approved advancing the project to its next phase following a two-year preparatory period.
The digital euro is expected to launch in 2029, following a pilot phase set for 2027, pending the anticipated adoption of EU legislation in 2026.
Related: $50M Lost in USDt Address Poisoning Scam Exposes Crypto Copy-Paste Risk
Fernando Navarrete, a Spanish MEP from Partido Popular, is leading the European Parliament’s review of the digital euro. In late October, he presented a draft report advocating for a scaled-down version of the initiative to protect private payment solutions, including Wero, which is supported by 14 European banks.
As the digital euro moves closer to reality, industry experts and policymakers alike are watching closely to see how Europe balances innovation, security, and user adoption. The coming years will be critical in shaping a currency that not only reflects the digital age but also strengthens the continent’s role in the global financial system.
Follow on X
Follow on Instagram
Read More
- France Pushes Back on Digital Euro — A Win for Bitcoin and SHIB?
- ECB Official Proposes European Unified Ledger for Digital Assets
- Germans Embrace Digital Euro: Bundesbank Study Reveals Shift in Consumer Sentiment
MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
