This paper examines the proposition put forward in Tony McLaughlin’s paper ‘The Regulated Internet of Value’ and considers the practical implications of a generalised approach to tokenisation of regulated liabilities. To map a practical way forward, the paper starts with where we are and looks at the landscape in front of us
A debate has arisen whether CBDC should be tokenised or account based. Token enthusiasts imply that their preference is special and different. This note explores the point of view.