Italian banks have voiced their support for the European Central Bank’s (ECB) digital euro project, emphasizing a need for cost distribution amidst significant capital expenditure. Concerns surrounding high implementation costs were raised at a recent meeting in Florence, leading to calls for phased spending on the initiative. While highlighting digital sovereignty as a key driver for backing the project, Italian banks stress the importance of spreading these costs over time.
This move comes as the ECB’s digital euro project moves forward, with Marco Elio Rottigni, General Manager at ABI, calling for gradual expenditure to address financial feasibility challenges. The initial phase has been marked by two years of preparation, with concerns regarding potential impacts on the cryptocurrency market remaining unobserved.
Similar cost concerns emerged in past CBDC explorations across Europe, sparking resistance from banks in France and Germany. This highlights a recurring pattern of cautious financial planning amidst large-scale initiatives. The digital euro initiative is predicted to reshape the EU’s payment landscape, potentially affecting stablecoins and European private payment providers over time.