This morning, Friday 2 February, at the Palace of the Province of Salerno, a study meeting titled "The digital euro and the banking system. Challenges and complexities in the governance of the new currency" took place, promoted by the University of Salerno (Department of Legal Sciences), the University of Rome Three (Department of Law) and the Foundation - Centre for Legal Initiative Piero Calamandrei.
The project to introduce the digital euro - a Central Bank Digital Currency - is advancing, albeit with all necessary precautions, towards a first phase of experimentation. After the Regulation proposals presented by the European Commission, which also establish the legal tender of the digital currency, the European Central Bank, based on the findings, has initiated a preparatory phase which, in intention, should last two years. The role of the banking system, in this phase, is crucial: it is about understanding the great opportunities that a further dematerialization of payment systems can have, but also identifying the risks of sustainability for businesses and systemic implications. And, of course, understanding in advance what the attractiveness for citizens and economic operators of the new currency and the trust they will place in it could be.
The Salerno meeting wants to start a season of fruitful reflections: the modern bank was born in Italy centuries ago. Innovations are part of its history, but also of its future.
Institutional greetings were brought to the meeting by Franco Alfieri, President of the Province of Salerno, Francesco Fasolino, Director of the Department of Legal Sciences, Andrea Prete, President of Unioncamere and the Chamber of Commerce of Salerno; Pierfrancesco Gaggi, Deputy General Manager of the Italian Banking Association, introduced the proceedings; the opening reports were by Prof. Vincenzo Zeno-Zencovich of the University of Rome Three and Prof. Salvatore Sica of the University of Salerno.
"The issue of the digital euro is now a reality - declared Prof. Sica - within five years there will be an official digital currency of the European Bank, which will be an alternative to the use of traditional cash. It is a great turning point, which will make European companies more competitive and easier for consumers in our territory to be able to pay all over the world with the new digital currency".
Sica also highlighted the issue of the security of the new currency: "Progress should never be stopped but must be governed - concluded the professor of the University of Salerno - Obviously there are a series of risks. The aim of this conference is to question the dangers regarding privacy, the security of payments and all the criticalities that need to be fought and eliminated. Problems that, however, cannot be an obstacle to the introduction of the new currency which is a guarantee of better quality of commercial relations and competitiveness of the company".
The meeting was organized, with the support of Banca Sella, within the framework of the activities of the PRIN "Governance of/through Big Data: Challenges for European Law".