欧洲央行-代币化与金融的未来：中央银行货币的作用（英）

www.ecb.europa.eu © www.ecb.europa.eu © Piero CipolloneMember of the Executive Board of the ECB25 November 2025Tokenisation and the future of finance: the role of central bank moneyCentral Bank of Ireland’s Financial System Conference 2025www.ecb.europa.eu © www.ecb.europa.eu © 21.The digital asset landscapewww.ecb.europa.eu © www.ecb.europa.eu © What are DLT and tokenisation?3Tokenisation is the process of converting or issuing assets as programmable tokens that carry their ownership record and rules, using DLT.Source: Aldasoro, I. et al. (2023), “The tokenisation continuum”, BIS Bulletin, No 72, Bank for International Settlements.RulesWhat can and cannot be done with the asset (e.g. be used in smart contracts)Asset informationWhat the asset is, who issued it, who owns it, etc.Token Distributed ledger technology (DLT) is used to manage and maintain a decentralised database, or “distributed ledger”, allowing information to be shared and kept synchronised across a network. www.ecb.europa.eu © www.ecb.europa.eu © Expected benefits4ENHANCED EFFICIENCY• Trading, settlement and custody on the same platform• 24/7/365 operating hours• Use of smart contracts to automate and speed up processes between issuers and investorsLOWER BARRIERS TO ENTRYA shared DLT platform could enable small and medium-sized enterprises to access capital marketswww.ecb.europa.eu © www.ecb.europa.eu © Digital asset types5Public settlement assetsCentral bank money for retail digital transactionsCentral bank money for wholesale digital transactionsTokenised depositsStablecoinsPrivate settlement assetsTokenised traditional assetsUnbacked crypto-assetsBitcoin, Ether, etc.Tokenised financial assets (bonds, equities, etc.)Settlement assetsAssets or claims on assets that a beneficiary accepts for the final settlement of an obligationTrading or investment assetsA security or financial instrument held for investment, income generation, hedging or speculationTokenised non-financial assetswww.ecb.europa.eu © www.ecb.europa.eu © 62.Opportunities and riskswww.ecb.europa.eu © www.ecb.europa.eu © EU infrastructurePreserving European sovereigntyFostering innovationAdvancing the savings and investments union7This requires:Euro-denominated settlement assetsEU-wide regulationDeveloping a European market for digital assets is keywww.ecb.europa.eu © www.ecb.europa.eu © Preserving the anchor role of central bank moneyWhy should a central bank care?Monetary policy implementationPayments and market infrastructuresInternational role of the euroFinancial stabilityRegulation and banking supervisionMonetary policy transmissionImplications for financial intermediation and stability8www.ecb.europa.eu © www.ecb.europa.eu © 9Tokenised deposits in their current form imply trade-offs Tokenised deposits: digital representation of commercial bank money, mirroring traditional deposits on DLT Two types: •(transferable) bearer tokenised deposits: market price may deviate from par•(non-transferable) non-bearer toke