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 <p class="is-style-lead">On Dec. 5, Italy’s Banca d’Italia and South Korea’s Bank of Korea joined a pioneering <a rel="noopener noreferrer nofollow" title="agreement" href="https://thebittimes.com/tag/agreement.html">agreement</a> to share knowledge and collaborate on developing <a rel="noopener noreferrer nofollow" title="central" href="https://thebittimes.com/tag/central.html">central</a> bank digital currencies (CBDCs) and other financial technologies.</p>
 <p>Through a memorandum of understanding with South Korea’s <a rel="noopener noreferrer nofollow" title="central" href="https://thebittimes.com/tag/central.html">central</a> bank, the Bank of Korea, both nations have agreed to share knowledge and information concerning information and communication technology issues related to real-time settlement systems and CBDCs.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="agreement" href="https://thebittimes.com/tag/agreement.html">agreement</a>, signed by Luigi Federico Signorini, Banca d’Italia’s general manager, underscores the two countries’ divergent approaches towards CBDCs. Italy has been leveraging distributed ledger technology to settle transactions through hash-linked contracts, favoring interoperability over the wholesale CBDC approach in other European nations.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korea to pilot CBDC with 100k citizens in late 2024
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 <p>Having embarked on a pilot of its CBDC infrastructure in October, South Korea plans to involve 100,000 citizens in testing its digital currency in 2024. This pilot encompasses both private <a rel="noopener noreferrer nofollow" title="banks" href="https://thebittimes.com/tag/banks.html">banks</a> and public institutions, with the Bank for International Settlements providing technical support.</p>
 <p>However, it’s crucial to note the global landscape of CBDCs is fraught with contention. In Europe, some politicians vehemently oppose the concept, citing privacy concerns. Similarly, prominent figures like podcast host Joe Rogan have expressed strong reservations in the United States, framing CBDCs as a significant threat to personal freedom.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Italy Wants to Pilot a Digital Euro, Says CDBCs the Next Frontier for Finance
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/italy-and-south-korea-central-banks-reach-agreement-on-cbdc-collaboration-tbt72697.html">https://thebittimes.com/italy-and-south-korea-central-banks-reach-agreement-on-cbdc-collaboration-tbt72697.html</a></p>

Italy and South Korea central banks reach agreement on CBDC collaboration

TheBitTimes

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