Tokenised deposits
Книги

Tokenised deposits

Tokenised deposits : working paper / The Central Bank of the Russian Federation, Financial Market Strategy Department. — Moscow : Bank of Russia, 2023. — 34 p.: il., tab.

Аннотация

The Bank of Russia continues to publish documents on various aspects of application of financial market innovations and presents a paper on current debates on the tokenisation of cashless money in commercial bank accounts. The digitalisation of the economy and the rapid development of technologies and ecosystems can significantly change the general landscape of the financial market. In these settings, the use of the tokenisation technology is one of the issues requiring in-depth study and discussion. Like any innovation process, the use of the tokenisation technology in the financial sphere needs thorough research in order to prevent any uncontrolled use of technologies which may cause excessive risks to public interests, on the one hand, and to unleash the creative potential of innovative solutions, on the other hand. This concerns both the tokenisation of a broad range of assets and claims and a relatively new discussion point – the application of tokenisation to commercial bank money. This paper presents for discussion the outcomes of monitoring of the current international debate on tokenised commercial bank money, commonly used as tokenised deposits (hereinafter, TDs). The worldwide discussion of this topic is at the nascent stage unlike, for example, the issues of design and implementation of central bank digital currencies (CBDCs) which have been studied and piloted by regulators in different countries for several years already.
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