- The general manager of the Banca d’Italia, was present at the meeting and gave approval.
- While taking distinct tacks, both nations have spent the past year investigating CBDCs.
Italian central bank Banca d’Italia and South Korean central bank Bank of Korea have entered into a memorandum of understanding (MoU) pertaining to information technology (IT) and payment systems via official channels on December 5.
The Italian central bank has said that the MOU has provisions for the “mutual sharing of knowledge and information” about matters pertaining to information and communication technology (ICT). It draws attention to information and communication technology (ICT) problems with CBDCs and real-time settlement systems.
Pilot Programs Underway
According to the statement, Luigi Federico Signorini, the general manager of the Banca d’Italia, was present at the meeting and gave his approval for the arrangement. While taking distinct tacks, both nations have spent the past year investigating CBDCs.
While other European nations have taken a wholesale CBDC strategy, Italy’s central bank has primarily prioritized interoperability in its solutions for settling DLT-based transactions via hash-linked contracts.
In the meantime, in October, South Korea began testing out its CBDC infrastructure technologies. The Bank for International Settlements (BIS) is providing technical assistance, and the pilot program involves both public and private banks. Starting in 2024, South Korea plans to invite 100,000 citizens to test the CBDC, according to an announcement made in November.
CBDC continues to face staunch resistance, despite the fact that several governments are advancing with plans to implement CBDCs. A German lawmaker has lately stated her disapproval of CBDCs and her position as a “staunch opponent” of the digital euro proposed by the EU. Numerous notable Americans have spoken out against the country’s CBDC advancements.
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