Deputy Governor of the Bank of Italy recommends the EU promote SEPA tokenization

ME News report: On May 5 (UTC+8), Chiara Scotti, Deputy Governor of the Bank of Italy, said that the European Union should consider advancing the tokenization expansion of the Single Euro Payments Area (SEPA) to adapt to changes in financial technology. She noted that new forms of private money, such as electronic money tokens and tokenized bank deposits based on distributed ledger technology, could affect the roles of traditional banks and central banks. Central banks should design infrastructure that enables public and private currencies to interoperate. The European Central Bank is currently working on the digital euro, Scotti said, and Europe’s existing payment arrangements should also consider evolving toward tokenization. (Source: MLion)