Italian banks back digital euro but urge ECB to spread out costs: Reuters

Italian banks have endorsed the ECB’s digital euro project but called for implementation costs to be spread out over several years.

Italian banks have expressed their support for the European Central Bank’s (ECB) digital euro initiative, but are calling for the implementation costs to be spread out over several years due to the financial burden it places on the sector.

“We're in favour of the digital euro because it embodies a concept of digital sovereignty,” said Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), during a press seminar in Florence,  Reuters reported on Friday.

“Costs for the project, however, are very high in the context of the capital expenditure banks must sustain. They could be spread over time,” Rottigni added.

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