Italian law paves way for CDP's debut on the Polygon blockchain with a digital bond offering
CDP Issues Italy's First Digital Bond on Polygon Public Blockchain
Italy has taken a significant step forward in its digital finance journey with the issuance of a digital bond by CDP, a development bank majority owned by the Ministry of Economy and Finance. This groundbreaking digital bond marks the first use of central bank money in a public blockchain bond settlement in Italy.
The digital bond, underwritten by Intesa Sanpaolo as the sole investor, was issued on the Polygon public blockchain, making it a first for Italy. The payment for the digital bond was made in central bank money using the Bank of Italy's TIPS Hash Link solution.
While the digital bond is not part of Italy's DLT Pilot Regime, it is the first to utilise Italy's DLT Pilot Regime in its operation. The digital bond issuance is part of the European Central Bank's wholesale DLT settlement trials.
The Digital Register, a log of the real names and details of the owners of the securities, must be maintained for this digital bond. The Digital Register Manager for this digital bond is authorised by Consob, Italy's securities regulator.
This digital bond settlement also adheres to Italy's 'Fintech decree' law, demonstrating the country's commitment to embracing digital innovation in the financial sector.
The law for the digital registration used for the digital share issuance of CDP was passed by the Italian government in 2021. The article continues, offering deeper insights, industry analysis, and legislative updates for pro subscribers.
This milestone in Italy's digital finance journey is a testament to the country's progressive approach to leveraging blockchain technology for financial transactions. As more entities explore the use of digital bonds, we can expect to see further advancements in this area.
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