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Italian Central Bank Urges EU to Consider Tokenized SEPA Payment System
On May 5, the Italian Central Bank is urging the European Union to consider building a tokenized version of the SEPA payment system to keep pace with financial innovation. SEPA, or the Single Euro Payments Area, aims to standardize cross-border payments within the Eurozone. The Italian Central Bank believes that with the development of tokenization and blockchain payments, the EU needs to assess the upgrade paths for existing payment infrastructure.