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国际清算银行和金融稳定委员会呼吁国际领导人更加关注代币化带来的机遇和挑战
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.
国际清算银行和金融稳定委员会强调,鉴于代币化对全球金融的潜在影响,需要更多地关注代币化,这是一种代表实物资产的数字流程。
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.
在定于 10 月 23 日至 24 日举行的 G20 财长和央行行长会议之前,国际清算银行和金融稳定委员会于 10 月 22 日发布了多份出版物,深入探讨了代币化主题。继去年印度担任轮值主席国后,巴西将在 2024 年领导 20 国集团 (G20),数字货币仍然是讨论的关键领域。
Emerging Risks in Tokenization
代币化中的新风险
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.”
尽管国际清算银行和金融稳定委员会独立进行研究,但都得出了相似的结论。虽然代币化已经引起了公众的关注,但它仍然是一种相对不常见的做法,尚未得到充分理解。 FSB 表示,“代币化还没有被广泛接受的定义,而且该术语在各个项目中也没有标准化。”
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.
在评估中,金融稳定委员会确定了与代币化相关的主要风险,包括流动性失衡、对资产质量的担忧以及运营漏洞。然而,金融稳定委员会指出,目前的代币化规模太小,不足以对全球金融稳定构成威胁。
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.
同样,国际清算银行强调,代币化面临与传统金融相同的风险,例如信贷和流动性挑战、托管问题和网络安全威胁。尽管如此,它补充说,随着代币化系统改变市场结构,特别是中介机构角色的变化,这些风险可能会有所不同。
“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.
国际清算银行表示:“由于代币安排对市场结构的影响,这些风险可能会以不同的方式显现,例如,当以前单独的功能合并在一个平台上时,中介机构所扮演的角色会发生变化。”
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.
尽管承认这些挑战,国际清算银行也指出了代币化在提高金融系统安全性和效率方面的潜在好处。这两个组织都建议央行开始探索监管框架来应对这些不断变化的风险。
Growing Global Interest in Tokenization
全球对代币化的兴趣日益浓厚
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.
印度在担任 G20 主席国期间推动了全球加密货币监管,并表示支持 FSB 关于全面国际监管框架的提议。值得注意的是,代币化是 FSB 2024 年的监管重点之一。
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.
与此同时,国际清算银行继续通过其创新中心推动与代币化相关的项目,与世界多家央行合作探索该技术的潜力。
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.
在这些讨论的同时,现实世界资产(RWA)的代币化正在迅速发展,并可能彻底改变我们从房地产到政府债券等各种领域的投资方式。根据 Tren Finance 的一份报告,到 2030 年,RWA 行业可能会增长 50 倍,预计市场价值在 4 万亿至 30 万亿美元之间。这种转变将彻底重塑传统金融市场,通过使用区块链技术使流程更快、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 报告指出:“传统金融与区块链技术的融合不仅是一种趋势,而且是向更便捷、更高效、更有活力的金融生态系统的根本转变。”
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.
虽然仍处于早期阶段,但该运动正在获得动力。稳定币目前主导 RWA 市场,价值 1850 亿美元,但代币化国债和证券在链上仅占 22 亿美元。然而,像 2024 年 3 月推出的贝莱德美元机构数字流动性基金 (BUIDL) 这样的著名项目已经在以太坊上看到了 5.14 亿美元的资产,这表明机构兴趣不断增长。
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.
尽管如此,专家们还是持乐观态度。 Tren Finance 报告预测,到 2030 年,风险加权资产将成为金融市场的核心组成部分,占据全球市场的重要份额,并带来更具包容性的投资机会。
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