Nexi, one of Europe’s leading payment companies, reportedly advises the European Central Bank (ECB) on the digital euro project. The announcement was made by Nexi CEO Paolo Bertoluzzo, speaking at the Money 20/20 Fintech conference in Amsterdam.
Nexi Advises ECB on “Digital Euro” Issues
Nexi, one of the largest payment companies in Europe, is working together with the European Central Bank to create a digital euro, Nexi CEO Paolo Bertoluzzo said in a statement. Speaking from the Money 20/20 conference, Bertoluzzo said:
“We maintain a close relationship with the European Central Bank and contribute to the design of the future digital euro as we believe it can be a positive force in the evolution of digital payments.”
According to reports, Nexi is a large company that provides payment services for other banks, handling 41.3 million payment cards and 2.7 billion transactions each year. Nexi also offers a number of services for suppliers and digital banking groups.
CBDCs Could Be the Future of Payments
The fact that Nexi is in this position is an important indicator of how serious the European Union Central Bank is about the future of the digital euro. According to Nexi’s CEO, using cryptocurrencies as trading tools is difficult because cryptocurrencies are very volatile and this is a very negative situation. According to Bertoluzzo, cryptocurrencies are an asset class, but they are not very suitable for use in trade.
The digital euro is just beginning to be scrutinized by the ECB, according to ECB chief Christine Lagarde. This research phase can take two years and the development of the CBDC will begin immediately after this research.