The Bank of Italy, under Marco Elio Rottigni, highlights the digital euro’s essential role in managing cryptocurrency risks compared to regulatory frameworks like MiCA. Rottigni has consistently advocated for the digital euro’s strategic benefits. The Italian Banking Association (ABI), led by Rottigni, supports the digital euro initiative, emphasizing strategic autonomy and innovation while weighing cost concerns. Rottigni warned that the project must not limit banks’ innovation capabilities.
The digital euro has some important objectives for the community, including preserving Europe’s strategic autonomy and monetary sovereignty, reducing dependency on non-European operators, promoting innovation and a harmonized user experience in retail payments in Europe.
— Marco Elio Rottigni, Director General, ABI
The pilot phase highlights a potential €880 million IT cost for Italian banks. The ongoing discourse involves balancing cost and innovation risks as the digital euro potentially transforms Europe’s financial landscape. Despite the financial burdens, banks see potential for enhanced digital payment systems.
Digital Euro Crucial for Crypto Risk Management, Says Rottigni Rottigni’s arguments suggest potential long-term shifts in Europe’s payment ecosystem, although direct impacts on cryptocurrencies like BTC and ETH are not immediate. Historical trends indicate European pioneers balance innovation and regulatory demands, causing industry ripple effects.
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