PANews May 5 news, according to Cointelegraph, the Bank of Italy is urging the European Union to consider building a tokenized version of the SEPA payment system to keep up with the pace of financial innovation.

SEPA stands for Single Euro Payments Area, aimed at harmonizing cross-border payment standards within the Eurozone. The Bank of Italy believes that with the development of tokenization and blockchain payments, the EU needs to assess the upgrade path for existing payment infrastructure.

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