The European Union has had plans regarding issuing a digital Euro for a while now and it looks like those plans are entering the experimental phase, as testing of a digital Euro have begun in Italy. Those experiments were initiated by the Italian Banking Association (ABI), which is an organozation made of 700 local banking institutions. The same group also wishes to begin trials for a central bank digital currency (CBDC).
The purpose of a digital Europe, which is in its pilot stage at the moment, is to facilitate interbank settlements, improve cross-border payments, and review the possibility of a CBDC. The ABI announced plans for undertaking such trials a few months ago, back in June 2020.
The European Central Bank (ECB) is also close to o starting the investigation phase on the issuance of a digital euro. The plans for it were leaked earlier this year.
Source
It is likely only a matter of time before the entirety of the EU adopts the digital EUR.
The purpose of a digital Europe, which is in its pilot stage at the moment, is to facilitate interbank settlements, improve cross-border payments, and review the possibility of a CBDC. The ABI announced plans for undertaking such trials a few months ago, back in June 2020.
The European Central Bank (ECB) is also close to o starting the investigation phase on the issuance of a digital euro. The plans for it were leaked earlier this year.
Source
It is likely only a matter of time before the entirety of the EU adopts the digital EUR.
