Around 100 Italian Banks Are Officially on a Blockchain

The European Banking Authority (EBA) published today the results of the 2014 European Union (EU)-wide stress test of 123 banks. The health check was carried out on 123 European banks by the EBA to determine whether they could withstand another financial crisis. The results: over the three-year horizon of the exercise, 24 banks would fail the stress test - in other words, they could not withstand another financial crisis. 14 of these banks are in the Eurozone. The list of 14 includes four Italian banks, two Greek banks, two Belgian banks and two Slovenian banks. Nine Italian banks have....

The Italian Banking Association, ABI, is conducting digital euro tests as the European Central Bank is yet to make a clear decision on a central bank digital currency. The Italian Banking Association, or ABI, has affirmed its support for the implementation of a sovereign European digital currency by beginning pilot studies on a digital euro project.According to an announcement, the association is working with its research and development arm, ABI Lab, and commercial banks in the country to develop an experimental digital euro.The ABI’s digital euro study will reportedly focus on two major....

According to chief economist of Deutsche Bank, European banks urgently need a $166 billion bailout. David Folkerts-Landau, Deutsche-Bank AG’s chief economist, says EU banks desperately need significant recapitalization efforts, Italian banks in particular. “Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident. I’m no doomsday prophet, I am a realist.” Of particular concern are Italian banks, whose estimated €360 billion in bad loans could cause a bank failure and ripple effect, affecting the rest of the EU. While....

It is evident Italy’s banking sector is on the brink of collapse, and a crisis is unavoidable unless new capital enters the market. Italy’s financial situation is getting out of hand as of late. With virtually ever bank in the country struggling with bad debt, finding a solution is not easy. For now, it appears the banks will need US$21bn in fresh capital. The current plans it to raise that money through a bailout. A very precarious situation that highlights how fragile the global economy is at this time. Adding another layer to Italy’s mountain of debt does not make much sense on paper.....

Ferdinando Ametrano, a professor at Politecnico di Milano, Italy’s largest tech university, recently criticized the blockchain hype revolving around banks in an interview at the Blockchain Money conference, describing the efforts of banks and financial institutions in creating a blockchain without a native digital currency as nonsensical. Over the past two years, the world’s largest banks and financial institutions have led the development of permissioned blockchain networks and enterprise-grade blockchains for cross-border payments and settlement of asset. Various research firms including....