Electronic payment giant of Europe i.e. Nexi has been advising ECB over its dream project of developing “Digital Euro”. The partnership between the two was revealed by Paolo Bertoluzzo, the CEO of Nexi who also commented upon the future of crypto and CBDCs in a conference which was held in Amsterdam. Bertoluzzo is positive that with the expertise of his company, the project is going to be a role model for other states interested in CBDCs.
A partnership has developed between European Central Bank (ECB) and an electronic payment provider of Europe namely Nexi. Both have agreed to the need of developing a role model CBDC project wherein the end product would be “digital Euro”. As is the case with fiat currency, Euro, the digital Euro will also be representing exclusively the European region. The announcement of the mutual cooperation arrangement between the two was revealed by Paolo Bertoluzzo, the CEO of Nexi.
There was a conference held in Amsterdam where the CEO of Nexi was also amongst guests. It was this very conference in which he revealed the partnership with his company with the ECB. He informed that media reporter that his company is cooperating with and advising ECB on the development of project relating to “digital Euro”. He said that his company’s expertise are required for designing the very structure of the digital Euro. He claimed that his company’s tech expertise will greatly benefit the future digital currency project for ECB.
Nexi is in the business of providing payment solutions to major banks in the European region. It has been managing at least 42 million electronic payment cards for the users in the region. In addition, there are more than 3 billion worth of transactions take place every year through Nexi processed payment mechanism.
About the nature of mutual cooperation with ECB, Bertoluzzo commented that his company is looking forward to be a part of future currency. He said this is the basic understanding of Nexi about the future role and importance of digital currencies.
There are huge expectations from Nexi to pull out the job in a very professional and artistic manner. It already has all the expertise it needs to complete the project and make it to the standard of international level. This is why Nexi is suggesting that CBDCs can play a very vital role in shaping the future of payment mechanism. Nexi’s CEO suggested that the dynamic feature of digital instruments is that they inculcate stability which is to the merchants’ liking.
He thereafter commented on the volatility of digital currencies. He said that “volatility” is the only negativity that is contained in digital currencies which takes away all its benefits. However, he specifically regards cryptocurrencies as that of an “asset”. Yet he criticizes them over price fluctuations taking place every day on the basis of statements made by someone from “Silicon Valley”.