Implementation Costs and Staggered Investments
According to ABI's Director General Giovanni Sabatini, Italian banks are in favor of the digital euro project proposed by the European Central Bank (ECB). However, they are concerned about the high costs associated with its implementation. Therefore, they are requesting for the investments required to be staggered over time instead of being implemented all at once. This would help ease the financial burden on the banks and ensure a smoother transition to the digital currency.
Support from Italian Banks
The digital euro project has gained support from various Italian banks, including Intesa Sanpaolo and Banca Monte dei Paschi di Siena. These banks have expressed their willingness to participate in the project and help in its implementation. This is a positive sign for the success of the digital euro, as it shows that major players in the Italian banking sector are on board with the idea.
Benefits of the Digital Euro
The digital euro is expected to bring numerous benefits to the European economy. It will provide a secure and efficient means of payment, reduce transaction costs, and promote financial inclusion. Moreover, it will also help combat the increasing use of non-European digital currencies, such as Bitcoin and Ethereum, which pose a threat to the stability of the European financial system. This makes the implementation of the digital euro a crucial step for the European Union.
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