Is tokenization the next big leap or just a mirage in the shifting sands of fintech? While IMFNews and BIS sing its praises, gckaloudis challenges this view. Is our future $BTC or CBDCs — or neither? An opinion:
mentioned in Casey’s piece who rolled his eyes at the idea that tokenization of real-world assets is viable).
Parsing this quickly, dematerialization and digitalization have both happened and have worked wonders for the world economy and commerce. Dematerialization, as in, banks keeping records on ledger entries rather than requiring the movement of physical currency with every transaction and digitization, as in, when that ledger entry practice moved from paper to digital.
To make a payment, participating banks deposit reserves in this escrow account and the platform creates a digital certificate of escrow for the bank to transfer on the ledger among other participants. In the simplest case, the recipient bank would receive a tokenized reserve from the sender’s bank and would credit the recipient’s account in parallel. The recipient’s bank could then sell the tokenized reserves to any other participant on the platform in exchange for domestic reserves.
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