In the past year, the cryptocurrency industry has gained an enormous amount of popularity and mainstream adoption. By achieving the milestone of acquiring mainstream success, the industry has opened new levels of adoption all around the world.
With the ever-growing technology and advancements, countries from all around the world are now getting attracted towards the crypto-industry. Several countries from Europe such as Georgia, Russia, Switzerland, and Germany have already started working on CBDC.
It is all because of the level of adoption and familiarity that the common people have now grown towards the crypto-blockchain platform. During the pandemic, the entire world, especially the global economy giants realized the importance of having a digital-alternative to traditional financing. The major economic giants have now come to understand the importance of having access to remote monetary solutions.
Based on the above fact, almost every other country from across the globe has its eyes on the adoption of the crypto-technology.
The most recent country that has announced it will be setting foot into the crypto-verse is Italy. According to the reports, the Italian Banking Association (ABI) has just made a promising announcement for the entire country.
The Italian Banking Association (ABI) has announced that it will be initiating the pilot studies for the digital-euro in the country in the coming days. The firm has announced that with this step, Italy will be taking a step towards the sovereignty of the digital European currency.
The firm has announced that it will be doing the research work through its development and research arm known as ABI Lab. It will also be working with the commercial banks from Italy to develop and work on the digital euro.
The Italian Banking Association (ABI) has announced that in the beginning, it will be focusing on two major areas. The first area of focus will be to test and assess the programmability of the central bank digital currency (CBDC). The second area of focus will be on the analysis of the technical feasibility of the central bank digital currency (CBDC).
The programmability and technical feasibility of the CBDC will be assessed to ensure that the digital-Euro can be distinguished from the already running electronic payment methods.
The Italian Banking Association has announced that it will be acquiring the services of SIA firm during the pilot testing. SIA, which is an Italian enterprise network firm will be responsible for assisting ABI with the assessment of its technical feasibility.
Although the project is focused on developing and introducing digital-euro for Italy, still there are no signs of any involvement from the Italian central banks. Instead, the entities currently supporting the project include PwC (a consulting giant) and Reply (digital services outfit).