Italy central bank backs review of tokenised SEPA payments
Tokenised payment systems are seen as a key area for reflection within Europe’s evolving financial infrastructure strategy.
European policymakers are increasingly examining how traditional payment systems could evolve in response to the rise of digital assets. Bank of Italy Deputy Governor Chiara Scotti has suggested that the Single Euro Payments Area (SEPA) could be extended to tokenised payments to support Europe’s digital finance infrastructure.
Scotti described a tokenised SEPA framework as an important area for consideration, highlighting that Europe’s existing payments system already offers strong interoperability and shared standards.
Her remarks align with broader efforts by the European Central Bank to integrate distributed ledger technology into settlement systems.
The European Central Bank is currently developing initiatives such as Pontes, a pilot linking blockchain-based market platforms with central bank settlement infrastructure, alongside a longer-term roadmap known as Appia.
These projects aim to ensure euro-denominated settlement remains central as tokenised deposits and digital assets expand.
Policymakers warn that widespread stablecoin adoption could shift deposits away from banks, weakening financial stability and reducing the euro’s influence in digital markets. As a result, central bank money is being considered as a key anchor for future tokenised financial systems.
Why does it matter?
The debate reflects Europe’s effort to maintain control over its monetary system as payments move toward tokenised and blockchain-based infrastructure. Without central bank money integrated into these systems, risks include weaker financial stability, fragmented payment networks, and greater reliance on external stablecoin ecosystems, potentially reducing the euro’s role in digital finance.
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