The Bank of Italy urged the EU to consider building a tokenized version of the SEPA payment system.

CoinFeed reported on May 5th that, 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 pace with financial innovation. SEPA, or Single Euro Payments Area, aims to unify cross-border payment standards within the Eurozone. The Bank of Italy believes that with the development of tokenized and blockchain payments, the EU needs to assess the upgrade path for its existing payment infrastructure.