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國際清算銀行和金融穩定委員會呼籲國際領導人更加關注代幣化帶來的機會和挑戰
The Bank for International Settlements and the Financial Stability Board have highlighted the need for greater attention to tokenization, a digital process for representing real assets, in light of its potential impact on global finance.
國際清算銀行和金融穩定委員會強調,鑑於代幣化對全球金融的潛在影響,需要更多關注代幣化,這是代表實體資產的數位流程。
Ahead of the G20 Finance Ministers and Central Bank Governors conference, scheduled for October 23 and 24, several publications were released by the BIS and FSB on October 22, delving into the topic of tokenization. With Brazil set to lead the G20 in 2024, following India's presidency last year, digital currencies continue to be a key area of discussion.
在定於 10 月 23 日至 24 日舉行的 G20 財長和央行行長會議之前,國際清算銀行和金融穩定委員會於 10 月 22 日發布了多份出版物,深入探討了代幣化主題。繼去年印度擔任輪值主席國後,巴西將在 2024 年領導 20 國集團 (G20),數位貨幣仍是討論的關鍵領域。
Emerging Risks in Tokenization
代幣化中的新風險
Despite conducting their studies independently, both the BIS and FSB arrived at similar conclusions. While tokenization has garnered public attention, it remains a relatively uncommon practice that is yet to be fully understood. According to the FSB, “There is no widely accepted definition of tokenization, and the term is not standardized across initiatives.”
儘管國際清算銀行和金融穩定委員會獨立進行研究,但都得出了相似的結論。雖然代幣化已經引起了公眾的關注,但它仍然是一種相對不常見的做法,尚未被充分理解。 FSB 表示,“代幣化還沒有被廣泛接受的定義,而且該術語在各個項目中也沒有標準化。”
In its assessment, the FSB identified key risks associated with tokenization, including liquidity imbalances, concerns over asset quality, and operational vulnerabilities. However, the FSB noted that the current scale of tokenization is too small to pose a threat to global financial stability.
在評估中,金融穩定委員會確定了與代幣化相關的主要風險,包括流動性失衡、對資產品質的擔憂以及營運漏洞。然而,金融穩定委員會指出,目前的代幣化規模太小,不足以對全球金融穩定構成威脅。
Similarly, the BIS highlighted that tokenization is subject to the same risks as traditional finance, such as credit and liquidity challenges, custody concerns, and cybersecurity threats. Nevertheless, it added that these risks could manifest differently as tokenized systems alter market structures, particularly with the changing roles of intermediaries.
同樣,國際清算銀行強調,代幣化面臨與傳統金融相同的風險,例如信貸和流動性挑戰、託管問題和網路安全威脅。儘管如此,它補充說,隨著代幣化系統改變市場結構,特別是中介機構角色的變化,這些風險可能會有所不同。
“These risks may materialize in different ways due to the effects of token arrangements on market structure, e.g., a change in the roles played by intermediaries when previously separate functions are combined on one platform,” the BIS stated.
國際清算銀行表示:「由於代幣安排對市場結構的影響,這些風險可能會以不同的方式顯現,例如,當以前單獨的功能合併在一個平台上時,中介機構所扮演的角色會發生變化。 」
Despite acknowledging these challenges, the BIS also noted the potential benefits of tokenization in enhancing the safety and efficiency of financial systems. Both organizations recommended that central banks begin exploring regulatory frameworks to address these evolving risks.
儘管承認這些挑戰,國際清算銀行也指出了代幣化在提高金融系統安全性和效率方面的潛在好處。這兩個組織都建議央行開始探索監管框架來應對這些不斷變化的風險。
Growing Global Interest in Tokenization
全球對代幣化的興趣日益濃厚
India, which pushed for global cryptocurrency regulation during its G20 presidency, has expressed support for the FSB's proposals for a comprehensive international regulatory framework. Notably, tokenization is among the FSB's regulatory priorities for 2024.
印度在擔任 G20 主席國期間推動了全球加密貨幣監管,並表示支持 FSB 關於全面國際監管框架的提議。值得注意的是,代幣化是 FSB 2024 年的監管重點之一。
Meanwhile, the BIS continues to drive tokenization-related projects through its Innovation Hub, collaborating with several of the world's central banks to explore the technology's potential.
同時,國際清算銀行繼續透過其創新中心推動與代幣化相關的項目,與世界多家央行合作探索該技術的潛力。
In parallel with these discussions, the tokenization of real-world assets (RWAs) is rapidly gaining momentum and could revolutionize how we invest in everything from real estate to government bonds. According to a report by Tren Finance, the RWA sector could experience a 50x growth by 2030, with a projected market value between $4 trillion and $30 trillion. This transformation would drastically reshape traditional financial markets, making processes faster, cheaper, and more transparent through the use of blockchain technology.
在這些討論的同時,現實世界資產(RWA)的代幣化正在迅速發展,並可能徹底改變我們從房地產到政府債券等各種領域的投資方式。根據 Tren Finance 的報告,到 2030 年,RWA 產業可能會成長 50 倍,預計市場價值將在 4 兆至 30 兆美元之間。這種轉變將徹底重塑傳統金融市場,透過使用區塊鏈技術使流程更快、更便宜、更透明。
“The integration of traditional finance with blockchain technology is not just a trend but a fundamental shift towards a more accessible, efficient, and dynamic financial ecosystem,” the Tren Finance report stated.
Tren Finance 報告指出:“傳統金融與區塊鏈技術的融合不僅是一種趨勢,而且是向更便捷、更高效、更有活力的金融生態系統的根本轉變。”
While still in its early stages, the movement is gaining steam. Stablecoins currently dominate the RWA market, valued at $185 billion, but tokenized treasuries and securities account for only $2.2 billion on-chain. However, notable projects like the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024, have already seen $514 million in assets on Ethereum, signaling growing institutional interest.
雖然仍處於早期階段,但該運動正在獲得動力。穩定幣目前主導 RWA 市場,價值 1,850 億美元,但代幣化國債和證券在鏈上僅佔 22 億美元。然而,像 2024 年 3 月推出的貝萊德美元機構數位流動性基金 (BUIDL) 這樣的著名項目已經在以太坊上看到了 5.14 億美元的資產,這表明機構興趣不斷增長。
Nevertheless, experts are optimistic. The Tren Finance report predicts that RWAs will become a core component of financial markets by 2030, capturing a significant share of global markets and opening up more inclusive investment opportunities.
儘管如此,專家們還是持樂觀態度。 Tren Finance 報告預測,到 2030 年,風險加權資產將成為金融市場的核心組成部分,佔據全球市場的重要份額,並帶來更具包容性的投資機會。
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