The pilot, called Project Leonidas, also involves a 18 Italian commercial banks and the Associazione Bancaria Italiana (ABI).

The stated objective of the pilot is to “explore blockchain applications that promote financial stability and protect consumers”.

The participating banks will use a shared ledger for interbank payments with the aim of streamlining the process.

It is not the first digital assets pilot to involve the ABI. The association launched the Spunta project three years ago, which involves more than a 100 banks and shared ledger for interbank payment reconciliations.

There are also several CBDC pilots underway across Europe, the most recent of which involved the Bank of England and the Bank of International Settlements.