Qonto appoints Malte Dous as Managing Director for Central Europe
The Bank for International Settlements (BIS) has proposed an ambitious vision for the future of the global monetary and financial system, one that harnesses the power of tokenisation to create a more efficient, secure, and trusted financial infrastructure [1]. This vision centres around a unified tokenised ledger that integrates central bank money, commercial bank deposits, and government bonds [2].
At the heart of this proposal is the belief that by combining these traditional assets on a single digital platform, the full benefits of tokenisation can be realised. This includes streamlining operations, reducing costs, and enabling new contracting possibilities [1].
One of the most significant potential impacts of this vision would be on cross-border payments. By replacing the current complex chain of intermediaries in correspondent banking with a single, integrated tokenised process, cross-border transactions could become faster, cheaper, and more secure [1][5]. This would be achieved through the use of a unified ledger combined with advanced compliance tools.
In securities markets, tokenisation could also bring about transformative changes. For instance, it could enable automated, contingent execution of collateral management, margining, and delivery-versus-payment arrangements, thereby improving transparency and efficiency [1][4]. Projects such as the Tel Aviv Stock Exchange’s Project Eden have already demonstrated how tokenised government bonds and currency can settle simultaneously in real time on a permissioned blockchain, a major step towards atomic settlement of financial instruments on traditional exchanges [4].
The BIS's vision also addresses the issue of interoperability and sovereign control. Project Mariana, led by the BIS Innovation Hub, showcases how different central banks can operate distinct blockchains that are bridged with full control over their respective Central Bank Digital Currencies (CBDCs), supporting secure and transparent foreign exchange trading and settlement across borders [4].
Central to this vision is the concept of ‘singleness of money’, where money issued by various banks is accepted at full value, backed by central bank reserves. This trust is critical for the system’s stability and widespread acceptance [1]. The proposed architecture builds on the principles of sound money and public trust in central bank money.
Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department at the BIS, stated that the tokenisation of deposits and central bank money could improve correspondent banking and securities markets [1]. This vision aligns with ongoing developments led by major banks and industry consortia aiming for resilient, programmable, and transparent financial infrastructure [2][3].
The BIS's Annual Economic Report 2025 features a special chapter outlining this proposal, marking a significant step towards realising this vision for a modernised financial system. This transformative vision, if implemented, could revolutionise the way we conduct cross-border payments and securities transactions, making them faster, cheaper, and more secure.
In this proposed future of global finance, the integration of traditional assets like central bank money, commercial bank deposits, and government bonds on a single digital platform could streamline operations, reduce costs, and enable new contracting possibilities, particularly in cross-border payments, where a unified, tokenised process could make transactions faster, cheaper, and more secure [1][5]. Furthermore, in securities markets, tokenisation could bring about transformative changes, such as automated, contingent execution of collateral management, margining, and delivery-versus-payment arrangements, thereby improving transparency and efficiency [1][4]. This vision is supported by leading figures in the banking industry and aims to create a resilient, programmable, and transparent financial infrastructure using advanced technology.
