Digital Euro, Nexi, the Italian payment giant, also enters the project

Digital Euro, Nexi, the Italian payment giant, also enters the project

Digital Euro

Nexi, one of the largest payment companies in Europe, is working in collaboration with the European Central Bank to create a digital euro, according to statements by Paolo Bertoluzzo, CEO of Nexi. During an interview at the Money 20/20 conference.

Nexi already offers payment services for other banks, handling 41.3 million payment cards and 2.7 billion transactions every year. Nexi also offers services for digital merchants and banking groups. Regarding the nature of the collaboration, Bertoluzzo stated that Nexi's position is that central bank digital currencies could be very important for the future of payments, on the same level as stablecoins.

What is important Above all, however, these tools offer the stability that merchants and users need during any type of payment. Conversely, as far as cryptocurrencies are concerned, Nexi's CEO believes that the volatility that makes cryptocurrencies useful as trading tools is the same element that negatively affects their payment usability.

The EU is looking. to catch up with countries like China, which is already well underway in its CBDC project, a digital representation of the renminbi. The digital euro, on the other hand, is just starting to be investigated by the ECB. This investigation phase could last two years and CBDC development would begin immediately thereafter.

NEXI partners with ECB to design digital Euro

Italy-based digital payments network NEXI has announced working with the European Central Bank (ECB) to contribute to developing the region’s central bank digital currency (CBDC). 

NEXI provides merchant payments solutions, credit cards and digital payments, and digital banking services. The company’s partners in the banking sector cover 80% of Italy’s banking system. The ECB defines the digital Euro as an electronic form of money issued by the Eurosystem, constituting the ECB and the national central banks of the region’s 19 member states.

Some of its member states have made plans to develop their own CBDCs, including France, Austria, the Netherlands, and Spain. According to the ECB, the digital Euro would not replace cash but provide all citizens in its member states with an alternative, safe and regulated way of using the Euro.