Reported today on Being Crypto
For the full article visit: https://beincrypto.com/central-bank-digital-currencies-and-tokenization-examined-in-new-bis-report/
Central bank-owned global financial institution, the Bank for International Settlements (BIS), has released its quarterly report for Q1 2020, which details several conclusions and insights that the institution has made on digital currencies. The research includes Central Bank Digital Currencies (CBDC), peer-to-peer currencies, asset tokenizationTokenization has been around for a long time. To give a very broad definition; a token is a representation of… More, and cross border payments.
At a time where CBDCs and general digital currencies are increasing, it revealingly informs how incumbents are approaching the economic future.
The Bank for International Settlements (BIS), a global financial institution that fosters international cooperation and is owned by 60 central banks, has released a 151-page report that examines the future of payments.
Published on March 1, in one of the opening sections titled ‘Shaping the Future of Payments,’ the BIS discusses how new entities that are developing novel payment platforms have come into the picture. These platforms are competing with traditional payment systems provided by banks and incumbents themselves are redeveloping their systems.
The reports glossary section in itself does a good job of revealing how closely the BIS has looked into emerging technologies and decentralized systems, including such terms as ‘atomic settlements, Central Bank Digital Currencies (CBDCs), digital currencies, P2P payments, smart contracts, stablecoinsOne of the perceived drawbacks of cryptocurrency is the price volatility, value wildly spikes and falls, discouraging many people from… More, and tokenization.’
Tokenization Holds Potential