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The Bank of Italy, in collaboration with 18 Italian commercial banks and the Associazione Bancaria Italiana (ABI), has initiated a pilot project named Project Leonidas to evaluate the feasibility of a central bank digital currency (CBDC).
The primary objective of this pilot is to explore blockchain applications that enhance financial stability and safeguard consumer interests. To streamline interbank payments, the participating banks will utilize a shared ledger system.
This endeavor is not the first digital asset pilot involving the ABI. The association previously launched the Spunta project three years ago, which brought together over 100 banks to implement a shared ledger for interbank payment reconciliations.
Across Europe, numerous CBDC pilots are currently underway, including recent collaborations between the Bank of England and the Bank for International Settlements.
The launch of Project Leonidas marks an important step for Italian banks as they actively assess the potential of CBDCs and blockchain technology to improve payment systems and ensure the security of financial transactions.
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