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Eurosystem Sets Appia Roadmap For Tokenised Financial Markets

by THEFUTURE.TEAM

March 18, 2026

The Eurosystem launched the Appia roadmap to develop a tokenised financial system based on central bank money. This initiative focuses on adapting wholesale financial markets to digital infrastructure and emerging technologies.

Strategic Vision For Digital Finance

Appia sets out a plan to combine input from public institutions, private companies and academic researchers. Its objective is to support the development of integrated tokenised markets across Europe. Covered processes include asset issuance, trading, settlement and custody within a unified structure.

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Leveraging Distributed Ledger Technology

Tokenisation involves converting financial assets into digital tokens using distributed ledger technology. Faster settlement, smart contract automation and potential cost reductions are among the expected outcomes. DLT is already used in areas such as digital payments and is being tested in broader financial market infrastructure.

Dual Initiatives: Appia And Pontes

Appia forms part of a wider strategy that includes two initiatives. Long-term infrastructure development is planned under this roadmap, with a final framework expected by 2028. Pontes is scheduled to launch in the third quarter of 2026 and will support settlement of DLT-based transactions using central bank money.

Leadership Insights And Policy Implications

Piero Cipollone said central bank money remains a key element of trust in financial systems. Reliability of privately issued money depends on its convertibility into central bank money, he noted. This relationship supports monetary policy transmission and financial stability across the euro area.

Ensuring Financial Sovereignty And Stability

By cementing the role of central bank money within a digitally transformed ecosystem, the Appia roadmap not only aims to enhance market efficiency but also to secure Europe’s financial sovereignty. This initiative is set to reduce systemic risks and ensure that the euro remains a cornerstone of international financial stability, even as new technologies redefine market dynamics.

A Blueprint For Europe’s Digital Future

With the final framework expected by 2028, the Appia initiative sets out a plan for developing a tokenised financial system in Europe. Ongoing cooperation with market participants and the adoption of common standards are expected to support the integration of digital technologies within the existing financial infrastructure.

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Meta’s $18 Billion Settlement Limits State Claims Over Children’s Data

by News Editor

August 28, 2026

Meta’s $18 billion settlement with attorneys general from 29 U.S. states includes a provision limiting future state claims over the company’s use of children’s data for age-assurance systems.

Under the agreement, Meta must develop, train and begin testing a system to identify users under 13 within a year of the settlement taking effect. The company already uses AI-based age-detection tools, although the agreement does not require the new system to use AI.

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States Agree To Limits On Future Claims

The Children’s Online Privacy Protection Act (COPPA) generally restricts the collection and retention of personal data from children under 13. Under the settlement, the 29 state attorneys general agreed not to bring past, present or future claims under COPPA or similar state laws over the specified use of children’s data.

Meta will not be permitted to use information from users under 13 for advertising, marketing or algorithmic optimisation.

Federal Enforcement Remains Unclear

COPPA is primarily enforced by the Federal Trade Commission, which is not a party to the agreement. That leaves open the possibility of separate federal action over how Meta collects or uses children’s data.

Another issue is whether Meta can keep age-assurance data isolated from its other systems. An independent auditor will monitor compliance, but the settlement does not fully specify what data Meta can retain for training, how long it can be stored or whether derived insights can be used elsewhere.

Legal Risks Remain

Joshua Wurtzel, a partner at Schlam Stone & Dolan, said states could still pursue claims if Meta uses the data outside the settlement’s limits. Such cases could depend on how those limits are interpreted.

Peter Jackson, a data and intellectual property attorney at Greenberg Glusker, said the provision could “disincentivize future enforcement actions.”

The agreement gives Meta greater legal certainty around using children’s data for age assurance, but questions remain over federal enforcement, data retention and secondary use.