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BIS Unveils Unified Ledger for Tokenization, Dismisses Crypto and DeFi As Flawed

June 21 (Cointime) - The Bank for International Settlements (BIS) has pre-released a chapter of its upcoming Annual Economic Report 2023, which outlines its Unified Ledger concept for supporting central bank digital currencies (CBDCs), tokenized deposits and digital assets in the same network.

While the BIS paper acknowledges that crypto and decentralised finance (DeFi) have offered a glimpse of tokenization's promise, it is dismissive of crypto as a flawed system that cannot take on the mantle of the future of money. Instead, the BIS points to new silos created by numerous banks and others that have launched permissioned tokenization projects, and the need for a wholesale CBDC for settlement.

The Unified Ledger aims to address both of these issues and bring together central bank and commercial money, and different assets on the same platform, all tokenised and interacting.

central bank digital currencies tokenization
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