Today the Bank for International Settlement (BIS) pre-released a chapter of its upcoming Annual Economic Report 2023 that focuses on tokenization. In February, BIS leader Agustin Carstens outlined the Unified Ledger concept to support central bank digital currency (CBDC), bank tokenized deposits and digital assets in the same network.
Today’s paper elaborates on the architecture.
While borrowing numerous concepts from the crypto world, the chapter is nonetheless dismissive: “Crypto and decentralised finance (DeFi) have offered a glimpse of tokenisation’s promise, but crypto is a flawed system that cannot take on the mantle of the future of money.”
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