In a new report, the BIS has expressed its approval for tokenizing assets, releasing a blueprint for a global “unified ledger,” but described crypto as a “flawed system.”
The Bank of International Settlements on Tuesday released a plan for a global “unified ledger” which would support central bank digital currencies (CBDCs) and tokenized assets. The BIS, which is regarded as the central bank of central banks described in a report detailing the future of the monetary system, that tokenization, or converting money and other assets into digital tokens that can be traded on programmable platforms, says it offers a “major leap” in the financial system.
While advocating for a centralized option, the BIS described decentralized cryptocurrencies as a “flawed system.” Moreover, the report said:
Crypto and decentralized finance (DeFi) have offered a glimpse of tokenization’s promise, but crypto is a flawed system that cannot take on the mantle of the future of money.
The B
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