Italy's CDP Issues First Digital Bond on Polygon Blockchain
Italy's Cassa Depositi e Prestiti Spa (CDP), a development bank majority owned by the Ministry of Economy and Finance, has made history by issuing a €25 million digital bond on the Polygon blockchain. This is the first such bond to utilise Italy's 'Fintech decree' law, which governs DLT issuances not part of the DLT Pilot Regime under certain conditions.
The digital bond, underwritten by Intesa Sanpaolo as the sole investor, was issued as part of the European Central Bank's (ECB's) wholesale DLT settlement trials. Notably, the payment for the bond was made in central bank money using the Bank of Italy's TIPS Hash Link solution. This issuance marks a significant step in the integration of blockchain technology into the traditional financial system.
The 'Fintech decree' law requires a Digital Register maintained by an authorized Digital Register Manager to log the real names and details of the owners of the securities. However, the specific Digital Register Manager overseeing this issuance remains unidentified in available search results.
CDP's digital bond issuance on the Polygon blockchain signifies a milestone in Italy's exploration of blockchain technology in finance. The successful use of the 'Fintech decree' law and the Bank of Italy's TIPS Hash Link solution for central bank money payment paves the way for further DLT-based innovations in the European financial landscape.
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