MONEY REIMAGINED: The Impact of Tokenization on the Monetary System and the Need for Tokenized Central Banks
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 21 June 2023
⏱️ 26 minutes
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Summary
This episode is sponsored by EY.
On this episode of “Money Reimagined,” Michael Casey and Sheila Warren speak with the Head of Research at the Bank for International Settlements (BIS), Hyun Song Shin, about the recent release of the Annual Economic Report; discussing the tokenization of deposits and the creation of a unified ledger in which tokenized assets, deposits, and CBDCs could interact in the same platform. Casey, Warren, and Shin take a closer look at the challenges central banks are currently facing and dive into the immobilizing or locking of real-world assets and the legal impediments to tokenization.
Topic Links:
Bank for International Settlements
Summary List:
Introduction to the BIS Economic Report Chapter 3. 1:35 The power of digital currencies and central banks. 4:39 How to harness the power of tokenization. 7:47 The wholesale vs. retail CBDC debate. 12:22 The singleness of money and stablecoins. 15:00 The central bank is the most trustworthy actor. 19:01 Singleness of money and interoperability. 20:23 Importance of preserving the value of money. 22:45 Support from central banks around the world. 26:13
Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “AITA” by Neon Beach.
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Transcript
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| 0:00.0 | This episode is sponsored by EY. |
| 0:09.5 | Money is changing, both in form and function. |
| 0:15.4 | Money Reimagined is about the changing nature of money, digital currencies, and various topics related to finance, |
| 0:22.2 | blockchain technology, artificial intelligence, and more. |
| 0:26.0 | Michael Casey and Sheila Warren walk us through the dynamic and evolving nature of the global economy |
| 0:31.4 | and the implications for businesses, governments, and individuals as they must adapt to new |
| 0:36.9 | payment methods and technology. |
| 0:39.6 | Welcome to Money Reimagined. Welcome to Money Reimagined yet again. This is Michael Casey. I am your |
| 0:47.8 | co-host. My other co-host is Sheila Warren. She's with us today. And we are going to be diving |
| 0:53.7 | into the world of CBDCs, money, the's with us today. And we are going to be diving into the world of CBDC's |
| 0:55.9 | money, the future of digital money, the role of central banks and the interfacing with |
| 1:01.0 | tokenization and lots of interesting stuff there. And we are absolutely honored to have |
| 1:05.5 | Hjong Shin, who is the head of research at the Bank of International Settlements, the BIS, to join us in just a moment, |
| 1:12.1 | but just very quickly, Sheila, is your chance that we got to look at the, an early look at the |
| 1:16.1 | report that will be coming out at the time that this podcast airs from the BIS. |
| 1:20.7 | We had a look at Chapter 3 on the future of digital money, any initial kind of takeaways? |
| 1:28.3 | Well, it's really interesting. I mean, the BIS, of course, has been engaging and supporting and running actually |
| 1:32.9 | CVDC experiments for many years now, including back when I was at the forum, the World |
| 1:38.2 | Economic Forum. |
| 1:39.2 | We were working closely with the team there to think about different kinds of CVDC experiments. |
| 1:43.9 | And so it's interesting to kind of see where those experiments have led the BIS |
| 1:47.5 | in terms of their current thinking on this. |
... |
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