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Bank of Italy urges banks on tokenisation | The Paypers
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Bank of Italy urges banks not to delay digital investment
Bank of Italy Deputy Governor Chiara Scotti has urged banks not to delay digital investments while waiting to see which technologies prevail.
In the text of a speech, Scotti stated that, as the financial system becomes increasingly digital, banks should resist the temptation to hold back investment until it becomes clear which technologies will dominate. According to Scotti, waiting can help lenders save money in the short term, but it also carries costs when it delays learning or the creation of future opportunities.
Staged commitment to new technology
Scotti stated that banks should focus on investments that are likely to be useful across different scenarios and that support their own learning process. In her view, banks can only understand how best to adapt new digital technologies to their business by experimenting with them.
She recommended that banks start on a limited scale, arguing that flexibility and staged commitment allow them to combine caution with innovation without making an early bet on a single technological path. This approach allows banks to build experience with new technologies while limiting the cost of choosing an option that may not become the market standard.
Tokenisation and the role of private money
Scotti also addressed tokenisation, which turns bank deposits into digital tokens that can be transferred on blockchain-based networks. She stated that it remains unclear how widely the technology will spread, but that banks must act if they want to preserve their role as issuers of private money.
Banks and infrastructure providers are already testing approaches of this kind on a limited scale. Recent initiatives include Matter Labs’ Prividium Commander, which is designed to help banks move digital asset services such as tokenised deposits from pilot to production, and ClearToken’s partnership with Consensys, which aims to settle tokenised securities against cash, including tokenised deposits, on a 24/7 basis. Such projects allow banks to test tokenised money in controlled settings, in line with the gradual approach Scotti described.
Keywords:tokenisationdigital transformationbankingcentral banks
Countries:Italy
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