Italy’s central bank, Banca d’Italia, and South Korea’s Bank of Korea have entered a memorandum of understanding on IT and payment systems collaboration.
The agreement emphasizes the mutual sharing of knowledge on information and communication technology (ICT) issues, specifically focusing on real-time settlement systems and central bank digital currencies (CBDCs).
Italy prioritizes interoperability for settling distributed ledger transactions, diverging from wholesale CBDC adoption. Meanwhile, South Korea initiates CBDC technology pilots, involving both private and public sectors, with plans to invite 100,000 citizens for testing in 2024.
While global interest in CBDCs grows, opposition remains. A German politician opposes the European Union’s digital euro, citing privacy concerns, and in the U.S., figures like Joe Rogan express skepticism, calling CBDCs a potential “checkmate” and “game over.”
The collaboration between Italy and South Korea signifies a cooperative effort in navigating the evolving landscape of digital currencies and settlement systems.
Also Read: South Korea Picks Test Cities for CBDC Trial, Excludes Seoul
