Italy’s banks support ECB’s digital euro plan, but want to spread out costs over time: Reuters

Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), stated that Italian banks support the European Central Bank's (ECB) plan for a 'digital euro' CBDC, viewing it as embodying 'digital sovereignty.' However, the banks insist that the significant upfront capital expenditures required should be spread out over time due to their high cost. This support follows a recent compromise agreement among EU finance ministers regarding the digital euro's issuance and holding limits to mitigate bank run fears. Rottigni also advocated for a 'twin approach,' supporting both the CBDC and potentially faster-developing commercial bank digital currencies to prevent Europe from falling behind other jurisdictions. Despite this support, the plan faces opposition from some entities, including large German banks and conservative MEP Fernando Navarrete, who favors a scaled-down version focused only on offline payments.

(Source：The Block)