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- Nexi, a major European payments firm, is said to be advising the European Central Bank (ECB) on the digital euro initiative
- According to estimates, Nexi provides payment services to other banks, managing 41.3 million payment cards and 2.7 billion transactions every year
- The instability that makes cryptocurrencies valuable as trading instruments, according to Nexi’s CEO, is also the factor that makes them unsuitable for payments
Nexi, a major European payments firm, is said to be advising the European Central Bank (ECB) on the digital euro initiative. Nexi’s CEO Paolo Bertoluzzo made the statement while speaking at the Money 20/20 fintech conference in Amsterdam on the future of central bank digital currencies (CBDCs) and cryptocurrencies. Nexi, one of Europe’s largest payment businesses, is collaborating with the European Central Bank on the development of a digital euro, according to Nexi’s CEO, Paolo Bertoluzzo. Bertoluzzo stated during an interview at the Money 20/20 conference: They are collaborating with the European Central Bank and helping to the design of the future digital euro because we believe it can help drive the evolution of digital payments forward.
According to estimates, Nexi provides payment services to other banks, managing 41.3 million payment cards and 2.7 billion transactions every year. Merchants and digital banking groups can also use Nexi’s services. Bertoluzzo described the partnership as follows, they are starting to discuss a new type of money. That is how they view the situation. According to Nexi, central bank digital currencies, like stablecoins, might be highly significant for the future of payments. What’s essential about these tools is that they provide the security that merchants and users require when completing any sort of transaction. Cryptocurrencies, on the other hand, are not seen in the same way by Bertoluzzo.
The instability that makes cryptocurrencies valuable as trading instruments, according to Nexi’s CEO, is also the factor that makes them unsuitable for payments. He emphasized they are, without a doubt, an asset class. However, they change every day based on the most recent comment from someone in Silicon Valley. The EU is lagging behind nations like China, which has made significant progress on its CBDC initiative, which is a digital version of the renminbi. According to ECB president Christine Lagarde, the ECB is only now beginning to look at the digital euro. The study phase may last two years, following which the CBDC development would begin immediately.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
