But what is the digital euro after all? What will you be? NS Antonio Batueli The head of the ABI, in the future currency of the European Central Bank – which recently started the laboratory to study it, the process must be completed within five years – “Our habits will not change.” We will have an “Additional Tool for Electronic Currency Payments”. The important measure is to combat irregularities and curb tax evasion. “The digital euro is a positive innovation – says Battole – because it fights fake and illegal digital currencies.” The theme will be one of the cornerstones of the Payments Fair, scheduled for November 3-5.
What’s new in the digital euro?
“It will be a radical change. The third in the history of payments in the last 200 years. We had a gradual transition from coins to paper money with Giocchino Napoleon Pepoli’s Code of Monetary Consolidation from 1863 to 1964. In the second half of the twentieth century, we gradually moved from banknotes to payments Electronic. Digital institutional currencies are now being prepared: they will be the same paper units but will technically circulate, not through private channels, but first of all through central banks. Today, in physical euros, they are paid through interbank channels, to private subjects. “
sIs non-mediation ignited? Losing the role of banks?
“It is not certain. Until now, when there has been a monetary change, the banks have been at the forefront, and they have already been able to expand their scope. It can happen even now. Anyway, the digital channel is positive as it fights ‘Nirolandia’, the pseudo-submerged digital currency. What is opaque will become visible. The digital euro will be the new interface for electronic payments, a tool for clarity.”
What kind of push salon will be this year?
“A shift. Salons were recognized before the Covid: they noticed the gradual growth in technology payments and with Italy always lagging behind compared to other European countries. Now there has been a jump. Before the pandemic, Italy was the country in Europe that made fewer wire transfers, and fewer From direct debit, fewer debit card transactions, fewer checks. It wasn’t a technical problem but a problem of habits and a fear of being tracked.”
what happened after that?
“The closure created a turning point that affected customs. Sanitary caution was needed, money that could be contaminated was not touched but the card was used. So digital payments have grown a lot: in the first half of this year, compared to the same period in 2020, they increased by 23%, contactless by 66%, and smartphone transactions by 108%. These are new habits that will remain. The increase in the use of contactless technology shows that people were already technically equipped, but not using the tools at their disposal.”
Will commissions increase?
“In terms of digital payments, competition is fierce, above all between banks and fintech companies. Among the sectors in which prices are expected to rise is energy, not banking services.”
Liquidity in current accounts is still high despite the digital transformation…
“It is true, there are no more than 500 or 200 euros in banknotes. Hoarding of gold and silver coins was frequent in periods of high inflation, but now we have inflation at a standstill, rates at zero in Italy … but now we are returning to consumption “
The draft maneuver provides for extending loan guarantees until June 2022. What do you think?
“Until the pandemic actually ends, it will not be possible to give up on extraordinary funding. We hope the budget law provides for the continuation of loan guarantees by 2022 which are working strong: First for liquidity, stock replenishment, and now for investments. The use of these guaranteed funds is subject to the control of the authorities: the Central Guarantee Fund for small and medium-sized enterprises, as well as the Guardia di Finanza and the Bank of Italy. Who carries out inspections in banks to verify that loans are for commercial purposes.
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