ECB cooperates with payment company Nexi to develop digital euro

The ECB is collaborating with payment company Nexi to develop the digital euro The CEO of Italian payment company Nexi, Paolo Bertoluzzo, said his firm is contributing to the development of the European Central Bank’s digital currency.

According to a CNBC publication, the European Central Bank (ECB) is working with payments company Nexi on a project to test and launch the digital euro. At the Money 20/20 financial technology conference, Nexi CEO Paolo Bertoluzzo said:

“We are collaborating with the European Central Bank and contributing to the development of the future digital euro, as this initiative can have a positive impact on the evolution of digital payments.”

Nexi is one of the largest payment companies in the European Union. It competes with Adyen of the Netherlands and Worldline of France in electronic payments. According to Bertoluzzo, the company is helping the ECB make an informed decision about the testing and issuance of the state cryptocurrency.

“The situation will evolve because clearly there will be new forms of payments,” he said. “We’re talking about a new version of cash. That’s the way the ECB is thinking about the digital euro.”

Bertoluzzo noted that public cryptocurrencies and staplecoins will play a much bigger role in payments than volatile cryptocurrencies like bitcoin and ether.

“They’re clearly an asset class,” he said. “But their price fluctuates daily on the back of another announcement from someone in Silicon Valley, which is exactly the opposite of what you need in payments. You need certainty. Today, these cryptocurrencies are practically not involved in payments.”

Recall that in July, the governing council of the European Central Bank (ECB) launched a phase of research on the digital euro. It will last 24 months, and the digital currency itself may be released in 4 years. In September, ECB Market Infrastructure and Payments Advisor Jürgen Schaaf said that research into the possibilities of the digital euro does not guarantee its launch at all.