A 2027 pilot phase precedes the tentative 2029 full launch, contingent on EU legislation passing in 2026.
Italy Crypto News
Italian banks have endorsed the European Central Bank's digital euro project while requesting extended timelines for capital expenditure distribution. Marco Elio Rottigni from the Italian Banking Association outlined the position on Friday at a Florence press seminar, according to Reuters.
Banks view the initiative favorably as it embodies digital sovereignty for Europe, Rottigni stated. However, implementation costs create a substantial burden relative to existing capital requirements, leading to requests that expenses be distributed across multiple years rather than upfront.
The ECB's Governing Council advanced the CBDC into its next development phase during the Oct. 29-30 Florence meeting, following a two-year preparatory period. A 2027 pilot phase precedes the tentative 2029 full launch, contingent on EU legislation passing in 2026.
French and German financial institutions have resisted the proposal over concerns that an ECB-backed retail wallet could drain commercial bank deposits. The German Banking Industry Committee and MEP Fernando Navarrete represent key opposition voices, with Navarrete proposing a scaled-down version limited to offline payments.
EU finance ministers, ECB President Christine Lagarde, and European Commissioner Valdis Dombrovskis reached compromise terms in recent weeks. The agreement grants ministers decision authority over issuance and caps on individual holdings, addressing bank run concerns raised by the financial sector.
Rottigni advocated for dual-track development, combining the ECB's digital euro with commercial bank-backed digital currencies. He warned that Europe risks falling behind jurisdictions like the United States, which enacted the GENIUS Act to regulate stablecoins this year. The twin approach could accelerate European competitiveness while maintaining regulatory oversight.
The ECB secured framework agreements with seven technology providers last month covering fraud detection, risk management, and secure data exchange. Participating firms include Feedzai and Giesecke+Devrient, which will develop features like alias lookup for payments and offline transaction capabilities.
Navarrete's proposal excludes wholesale payments between financial intermediaries, arguing existing settlement systems already handle those transactions. His scaled-down vision protects private payment systems like Wero, a collaborative initiative from 14 European banks seeking to maintain market position.
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