Citi's Rugg warns the industry in Miami: For tokenized currency to take off, it must first pass the "instant cross-bank transfer" hurdle, or enterprises simply won't buy in.

Ryan Rugg, an executive at Citi, said at Consensus in Miami that tokenized money efforts face limits as corporate clients demand real-time payments that work seamlessly across banks. Rugg's comments highlight concerns that fragmented cryptocurrency systems could repeat challenges from traditional ba