Banca d’Italia — Italy’s central financial institution — announced on Dec. 5 by way of its official channels that it has entered right into a memorandum of understanding with South Korea’s central financial institution, the Bank of Korea, relating to IT and cost methods.
According to the Italian central financial institution, the memorandum of understanding contains the “mutual sharing of knowledge and information” relating to info and communication know-how (ICT) points.
Specifically, it mentions ICT points associated to real-time settlement methods and central bank digital currencies (CBDCs).
The announcement mentioned the assembly was attended by the overall supervisor of the Banca d’Italia, Luigi Federico Signorini, who signed off on the settlement.
Related: UK House of Commons recommends further CBDC tests on viability, risks
Throughout 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 focusing on interoperability in its options for settling distributed ledger technology (DLT)-based transactions by way of hash-linked contracts relatively than a wholesale CBDC strategy, as is the case with different European international locations.
Meanwhile, South Korea began piloting its CBDC infrastructure technology in October. Its pilot includes both private banks and public institutions, with technical support being provided through the Bank for International Settlements.
In November, South Korea announced that it will invite 100,000 citizens to test its CBDC starting in 2024.
Although many governments are transferring ahead with plans to introduce CBDCs, there stays resolute opposition to the digital currencies. One German politician lately instructed 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 United States, many public figures have come out against the U.S.’s personal CBDC. Podcast host Joe Rogan even went as far as to say that CBDCs will imply “checkmate” and “game over.”
Magazine: Experts want to give AI human ‘souls’ so they don’t kill us all
