Piero Cipollone believes that a single registry will help optimize financial markets by moving central bank currencies, tokenized assets of commercial banks, and other digital assets to a common programmable blockchain platform. According to Cipollone, Europe’s capital markets are fragmented and have inconsistent legislation.
“The historical complexity and fragmentation of Europe’s capital markets has been significantly exacerbated by the ongoing fragmentation of digital asset regulation. We have a chance to solve this problem by creating a unified platform for accounting for digital assets. This will bring European digital assets and money together in one place for greater efficiency and synergy,” Cipollone said.
In his opinion, a single registry will ensure that transactions with digital assets will be governed by a single set of rules, regardless of the location of the investor or institution in Europe.
“The Unified Ledger will reduce operational costs for financial institutions, while also providing a sophisticated operational infrastructure that takes into account the cross-border and 24/7 nature of digital asset trading,” Cipollone said.
Earlier, a member of the ECB’s executive board said in an interview with Le Monde that the regulator intends to overcome Europe’s dependence on global foreign financial infrastructures, such as Mastercard and Alipay, using the digital euro.
Source: Bits
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