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

At the CBDC and Future Currency System Seminar held in Seoul, Agustín Carstens, the head 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 will modernize the current isolated financial system: "Tokenization is a method of recording currency and assets in digital form on a programmable ledger. In fact, this means that users can transfer assets directly through programming commands, rather than through intermediaries such as customer managers who act on behalf of users." For Carstens, the tokenization of currency and other assets and their integration on a "unified ledger" will help develop the current financial system, allowing for the implementation of a two-tiered monetary system consisting of wholesale tokenized CBDC and tokenized deposits in several countries. (Bitcoin.com)