The Association of Italian Banks (ABI), with over 700 financial institutions, has expressed a desire to contribute to the ECB’s pilot programs for the development of a central bank digital currency (CBDC), as reported by CoinDesk.

In 2019, the nonprofit organization formed an appropriate working group and, to date, has submitted ten recommendations to the ECB. In a statement, ABI emphasized that it was guided by the principles of compliance with regulatory requirements and maintaining monetary stability.

The association believes CBDC is transforming the traditional banking system through the introduction of peer-to-peer and intercomputer transactions, as well as the ability to manage the exchange rate and interest rates through the programmable properties of digital currencies.

“A programmable digital currency represents an innovation in the financial field capable of profoundly revolutionizing money and exchange. This is a transformation capable of bringing significant potential added value, particularly in terms of the efficiency of the operating and management processes,” the announcement said.

ABI is already exploring the use of distributed ledger technology (DLT) to speed up the processing of interbank settlements as part of the Spunta project.

Recall the Central Bank of the Netherlands announced its readiness to play a leading role in the development and promotion of digital currency both domestically and within the eurozone. The same ambitions announced by the Central Bank of France, which has already conducted the first successful testing of digital euro.