Payments giant Nexi says it is working on digital euro with the European Central Bank
Summary
"We are engaging with the European Central Bank and contributing to the design of the future digital euro because we believe that can be a positive force in the evolution of digital payments," Nexi CEO Paolo Bertoluzzo told CNBCs Karen Tso at the Money 20/20 fintech conference in Amsterdam on Tuesday. The euro zones central bank envisages the currency as complementary to its existing monetary system, rather than replacing physical cash or reducing the role of commercial lenders. China is seen as the leading player in the race toward CBDCs, having tested its digital yuan currency with millions of citizens in a number of regions. Bertoluzzo said digital currencies like bitcoin and ether were unlikely to play a role in cross-border payments, citing wild swings in the prices of such assets. Last year, the firm signed two major acquisitions, agreeing to buy rivals SIA and Nets for a combined total of $14.5 billion.