Banca d’Italia — Italy’s central financial institution — introduced on Dec. 5 by means of its official channels that it has entered right into a memorandum of understanding with South Korea’s central financial institution, the Financial institution of Korea, concerning IT and cost techniques.
In response to the Italian central financial institution, the memorandum of understanding contains the “mutual sharing of information and data” relating to data and communication know-how (ICT) points.
Particularly, it mentions ICT points associated to real-time settlement techniques and central financial institution digital currencies (CBDCs).
The announcement stated the assembly was attended by the overall supervisor of the Banca d’Italia, Luigi Federico Signorini, who signed off on the settlement.
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All through the final 12 months, each international locations have been exploring CBDCs, although with totally different approaches.
In Italy, the central financial institution has primarily been specializing in interoperability in its options for settling distributed ledger know-how (DLT)-based transactions through hash-linked contracts reasonably than a wholesale CBDC method, as is the case with different European international locations.
In the meantime, South Korea began piloting its CBDC infrastructure know-how in October. Its pilot contains each personal banks and public establishments, with technical help being supplied by means of the Financial institution for Worldwide Settlements.
In November, South Korea introduced that it’ll invite 100,000 residents to check its CBDC starting in 2024.
Though many governments are shifting ahead with plans to introduce CBDCs, there stays resolute opposition to the digital currencies. One German politician not too long ago advised Cointelegraph that she is a “staunch opponent” of the European Union’s digital euro and believes that CBDCs are an invasion of privateness.
In the US, many public figures have come out towards the U.S.’s personal CBDC. Podcast host Joe Rogan even went as far as to say that CBDCs will imply “checkmate” and “sport over.”
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