PANews reported on May 5 that, according to Cointelegraph, 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 Single Euro Payments Area, aims to unify 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 its existing payment infrastructure.