The Bank for International Settlements (BIS) today released a tokenization research report for the G20. The report points out that tokenization may have a significant impact on the future development of the financial system, the central bank's payment functions, monetary policy management and financial stability. The report emphasizes four core issues that central banks need to pay attention to: responding to private sector tokenization initiatives, evaluating the trade-offs between different types of settlement assets, establishing sound regulatory and supervisory mechanisms, and evaluating the potential impact on monetary policy implementation. The report points out that although tokenization can achieve faster and lower-cost transactions, its costs and risks still need to be weighed, including governance frameworks, legal systems, credit risks, liquidity risks, and custody and operational risks. (Crowdfund Insider)