The European Central Nominates “Italian Nixi” to develop the digital euro

Italian payments giant Nexi, in cooperation with the European Central Bank, is issuing a digital currency for the bank.

According to Arab Net, CEO of Nixi, Paolo Bertolozzo, said: We are dealing with the European Central Bank and contributing to the design of the future digital euro because we believe it can be a strength Positive in the evolution of digital payments,

The European Central Bank outlined its plans for a digital version of the euro in July. The central bank envisions the digital euro as a complementary currency to its existing monetary system, rather than replacing physical cash or reducing the role of commercial lenders.

An ECB spokesman declined to comment.

Central banks around the world are actively working on or exploring their central bank digital currencies, or central bank currencies. This comes at a time when the use of cash is increasingly declining in many advanced economies, and amid growing interest in cryptocurrencies such as Bitcoin.

China is also seen as the main player in the race for central bank digital currencies, having tested the digital yuan with millions of citizens in a number of regions.

Earlier this year, the US Federal Reserve said it would soon release a research paper that explores the potential for a digital dollar, while the Bank of England is also studying the potential of digital money in Issued by the Central Bank.

Bertolozzo believes that digital currencies such as Bitcoin and Ether are unlikely to play a role in cross-border payments, citing the extreme volatility in the prices of these assets.

and classify it as an asset class, fluctuating up and down based on the latest statement from someone in Silicon Valley...which is exactly the opposite of what you need in payments. You need certainty of the value you exchange.

Today these types of cryptocurrencies do not have a primary impact on payments, Bertolozzo said, adding that he believes central bank currencies and stablecoins are designed to avoid the volatility that appears in currencies. Other encoders will play a much larger role.

With a market capitalization of over $20 billion, Nexi is one of the largest payment companies in the European Union. Last year, the company signed two major acquisitions, agreeing to buy rivals SIA and Nets for a total of $14.5 billion. It competes for business in the field of electronic payments with the Dutch company Adyen Worldline, France.