Yesterday a panel at the IMF Spring meetings covered the topics of DLT and tokenization of financial markets. The IMF’s Tobias Adrian moderated the discussion, observing there was “no lack of ambition” in the vision of the panelists.
One of the strongest rallying cries was from outgoing BIS general manager Agustín Carstens who said, that “tokenization can be the future of a financial system with a sophistication that we cannot imagine today.” He emphasized that by including programmability within the token, new types of contingent transactions become viable.
Mr Carstens also observed that countries that adopt tokenization early, especially those that might be considered backward today, could potentially leapfrog to become far more advanced, contributing to the financial wellbeing of their economies. While he pointed to India’s Aadhaar identity system, which had a profound financial inclusion impact, we’d add the more pedestrian example of ATMs.
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