Wells Fargo, Arm and Intuit reject share tokenization on OKXICE
Objections from issuers now total 22, while the venture backed by OKX and Intercontinental Exchange had planned to tokenize 63 stocks.
Bank of Italy official urges lenders to invest amid digital uncertainty
Deputy Governor Chiara Scotti said banks should experiment on a small scale even as the eventual reach of tokenization remains unclear.
Uncertainty over which digital technologies will dominate should not keep banks from investing, Bank of Italy Deputy Governor Chiara Scotti said. In prepared remarks, she urged lenders to pursue projects that could prove useful under several possible scenarios and help them build experience.
Postponing investment could cut near-term spending, Scotti said, but that saving comes with potential costs: slower learning and fewer opportunities for the future. Banks need to test new technologies to discover how to adapt them to their businesses, she said.
She advocated beginning with small projects and committing resources in stages. Keeping those commitments flexible would let lenders innovate cautiously without settling too soon on one technological approach, she said.
Scotti said the extent of future adoption of tokenization remained uncertain. The technology converts bank deposits into digital tokens transferable through networks based on blockchain. Nevertheless, she said banks needed to act to retain their role in issuing private money.