Italian payment giant Nexi involved in digital euro project –

Nexi, a leading European payments company, is reportedly advising the European Central Bank (ECB) on the digital euro project. The announcement was made by Nexis CEO Paolo Bertoluzzo, who also shared his opinion on the future of central bank digital currencies (CBDC) and cryptocurrencies during the Money 20/20 Fintech conference in Amsterdam.

Nexi advises the ECB on digital euro issues

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

We are working with the European Central Bank and contributing to the design of the future digital euro because we believe this can positively influence the development of digital payments.

Nexi provides payment services to other banks and reportedly manages 41.3 million payment cards and 2.7 billion transactions each year. Nexi also offers services for merchants and digital banking groups. Regarding the nature of the collaboration, Bertoluzzo explained:

We're starting to talk about a new version of cash. That's how they think about it.

CBDCs could be the future of payments

Nexi's position is that central bank digital currencies could be very important to the future of payments on the same level as stablecoins. What is important about these instruments is that they offer merchants and users stability while making any type of payment. Bertoluzzo doesn't see cryptocurrencies in the same light. The CEO of Nexi believes that the volatility that makes cryptocurrencies useful as trading tools is the same element that negatively impacts their usability in payments. He emphasized:

They are clearly an asset class. But they fluctuate up and down daily based on the latest statement from someone in Silicon Valley.

The EU is catching up with countries like China, which is a good thing progressive in its CBDC project a digital representation of the renminbi. The digital euro is just beginning examined from the ECB, said ECB President Christine Lagarde. This investigation phase could last two years, and development of the CBDC would begin immediately afterward.

What do you think of Nexi advising the ECB on the design of the digital euro? Tell us in the comments section below.

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