President of the Bank for International Settlements: The application of tokenization in CBDC will help the development of the current financial system

In a keynote speech at the CBDC and Future Monetary System Symposium in Seoul, Agustín Carstens, President of the Bank for International Settlements (BIS), mentioned the importance of tokenization as a key technology for building an interconnected financial system using CBDC. Carstens explained how tokenization would modernize the current siled financial system: “Tokenization is a method of recording currencies and assets in digital form on a programmable ledger. In practical terms, this means that users can directly Programmed instructions transfer assets rather than through an intermediary such as an account manager acting on behalf of the user.” For Carstens, the tokenization of currencies and other assets and their integration on top of a “unified ledger” will contribute to the development of the current financial system, allowing the implementation in several countries of wholesale tokenized CBDCs and tokens. A two-tier monetary system consisting of deposits. (Bitcoin.com)