BIS Advocates Tokenization for a Unified Ledger, Labels Crypto as Flawed System

By Lola Coin Jun 28, 202365Views

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The Bank for International Settlements (BIS) has published its annual economic report titled “A Tale of Three Journeys,” which highlights the significance of digital innovation in the monetary and financial system. The report emphasizes the potential for tokenization, the digital representation of money and assets on a programmable platform, to revolutionize the financial system and enable new economic arrangements. The BIS presents a blueprint for a future monetary system called a “unified ledger,” which includes central bank digital currencies (CBDCs), private tokenized money, and tokenized versions of other assets. The BIS considers crypto to be a flawed system and advocates for central bank money to be integrated with tokenized claims. The BIS has been critical of cryptocurrencies, stating that they do not make for trusted money and should be prevented from having a systemic impact.

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