Italy's CDP Issues First Digital Bond on Polygon Blockchain
Italy's Cassa Depositi e Prestiti Spa (CDP) has made history by issuing a €25 million digital bond on the Polygon public blockchain. This marks the first use of Italy's 'Fintech decree' law for such an issuance, not part of the DLT Pilot Regime.
CDP, a development bank majority owned by Italy's Ministry of Economy and Finance, chose Intesa Sanpaolo as the sole investor for this groundbreaking digital bond. The issuance was part of the European Central Bank's (ECB) wholesale DLT settlement trials.
The payment for the digital bond was made in central bank money using the Bank of Italy's TIPS Hash Link solution. Notably, the 'Fintech decree' law mandates the maintenance of a Digital Register by an authorized manager for the real names and details of the owners of the securities.
CDP's digital bond issuance on the Polygon blockchain, facilitated by Intesa Sanpaolo, signals a significant step forward in Italy's exploration of digital assets and blockchain technology. The use of the 'Fintech decree' law and the ECB's DLT settlement trials further underscore the country's commitment to innovation in finance.
