NEW: A unified ledger that combines CBDCs, tokenized money and assets could enhance the global financial system, BIS_org's annual economic report says. camomileshumba reports
“Bringing together central bank money, commercial money, and different assets on the same platform, all tokenized and interacting, opens up a whole new range of possibilities,” said BIS Economic Adviser and Head of Research Hyun Song Shin in a press release.
This envisioned finance system would, according to the BIS, provide new methods for securities settlement combining all individual steps into one transaction and enable tokenized deposits with built-in regulatory checks for wholesale CBDCs. Such a system could also reduce the cost of trade finance for smaller companies, the report said.
A unified ledger for cross-border payments would also require significant policy harmonization across jurisdictions, the BIS report said. “I think the actual choice of technology will really have to be decided for that particular use case,” Shin said at a Monday press briefing on the report. “It could be decentralized, like in a permissioned blockchain, but it doesn't have to be. It could be a centralized system as well where there is a rigorous set of controls on data confidentiality, cyber resilience, and so on.”
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