Nation Thailand
IMF warns tokenisation could reshape global financial system
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The International Monetary Fund has warned that the tokenisation of financial assets and liabilities is no longer just a payments-technology upgrade, but a structural shift that could reshape the global financial system, altering how markets settle transactions, manage liquidity and absorb risk.
Key facts
- Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, said tokenisation could change the architecture of finance by moving assets and liabilities onto shared digital ledgers, where
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- Tokenisation refers to the process of turning financial assets or liabilities — such as deposits, securities or other claims — into digital tokens recorded on a programmable ledger
- This allows ownership, transfer and settlement to be embedded in the asset itself, rather than handled through separate layers of institutions and databases.
Summary
Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, said tokenisation could change the architecture of finance by moving assets and liabilities onto shared digital ledgers, where transactions can be executed automatically through smart contracts. The IMF has described tokenisation as a structural shift in financial architecture rather than a marginal efficiency gain.
Tokenisation refers to the process of turning financial assets or liabilities — such as deposits, securities or other claims — into digital tokens recorded on a programmable ledger. This allows ownership, transfer and settlement to be embedded in the asset itself, rather than handled through separate layers of institutions and databases.