An experimental project with digital euro was initiated in Italy. About this, the Italian Banking Association (ABI), which implements the project jointly with the ABI Lab Research Centre.
The purpose of the organization is “to actively participate in public debates and to strengthen banks operating in Italy, helping them to prepare for new conditions.”
It is said that the European Central Bank is considering the creation of a digital euro already in 2021.
One more key moment is to check the programming of the future digital currency by using smart contacts, which in the present time is not a reality.
In fact, the ABI project has the goal to investigate the technical functionality of the digital euro based on the technology of the distributed peer-to-peer technology.
The first “development platform” of the infrastructure and the model of distribution will be developed in cooperation with Sia and will use the ABC-based library.
The second block, dedicated to programming, will be dedicated to a few hypothetical options for using in cooperation with the same banks and data companies.
In a statement, ABI confirms that the ECB is methodically working on the possibility of issuing a virtual version of the euro. Therefore, it is expedient to prepare digital currency for three strategic reasons: to enhance the digitalization of the European economy; for refusal from the use of cash; to prepare for a wider use of private digital currencies or such issued by other central banks.
