In remarks at the 10th Conference of Mediterranean Central Banks, Bank of Spain Governor José Luis Escrivá argued that financial infrastructure should evolve through interoperable systems that preserve central bank money as the settlement anchor. Distributed ledger technology and tokenization can improve automation and settlement, but their adoption should not weaken the two-tier monetary system or fragment liquidity across disconnected platforms. Escrivá pointed to the Eurosystem’s Pontes and Appia initiatives as mechanisms for extending wholesale central bank money into tokenized markets. Pontes, launched in September 2026, connects approved distributed ledger platforms with TARGET Services, while Appia is intended to support an integrated European ecosystem for tokenized wholesale finance, with a blueprint planned for 2028. Tokenized commercial bank deposits could complement this infrastructure, and a digital euro could maintain public access to central bank money as retail payments become increasingly digital. Cross-border payments remain a priority because they are often slower, more expensive and less transparent than domestic transactions. Escrivá supported a combination of new rails, links between domestic fast payment systems and improvements to correspondent banking, emphasizing that common standards, sound governance and coordination across legal and regulatory frameworks are necessary to deliver interoperability and safety.
Bank of Spain Governor José Luis Escrivá backs interoperable tokenized finance anchored in central bank money
Bank of Spain Governor José Luis Escrivá called for tokenized financial markets to remain anchored in central bank money and connected through interoperable infrastructure. He highlighted Pontes, Appia and the digital euro as ways to adapt the two-tier monetary system, while urging coordinated technical and regulatory action to improve cross-border payments.