It has come to light that this alternative currency will work with the Bank of Italy to develop tokenized assets.
Tokenized assets and decentralized finance (DeFi) have been introduced as a new effort by the Bank of Italy.
This project, dubbed Institutional DeFi for Security Token, would use the Ethereum scaling network Polygon (MATIC) and the cryptocurrency custody platform Fireblocks to make it possible for users to conduct safe and compliant transactions using security tokens.
The Milan Hub, an innovation centre run by the Bank of Italy to foster collaboration between the academic community, business leaders, and government officials, is home to this endeavour. Cetif Advisory, a consulting business connected to Milan Università Cattolica del Sacro Cuore, will work with Polygon Labs, Fireblocks, Reply, Linklaters, and DVRS to create the platform.
The purpose of the platform is to provide a testing ground for DeFi protocols and security tokens, which are digital representations of real-world assets like stocks, bonds, or real estate, to Italian banks, asset managers, and financial institutions. The proposal will also include Intesa Sanpaolo, the biggest financial company in Italy with assets of more than $1 trillion.
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