In a recent paper, Agustin Carstens, managing director of the Bank for International Settlements (BIS), and Nandan Nilekani, co-founder of India's Infosys, created the "Financial Internet" (Finternet), a connected financial system. Finternet refers to a series of interconnected systems designed to integrate many financial functions into a single network, lowering the barriers to entry for participants.
The document defines Finternet as "multiple interconnected financial ecosystems, like the internet, designed to empower individuals and businesses by placing them at the center of their financial lives". At its core is tokenization, a technology that can represent RWA and financial assets in a single system managed by smart contracts, enabling operations and transactions that are not possible with today's technology. The paper states that tokenization "fundamentally reshapes the flow of financial transactions" as tokens include "value and regulatory information that is typically recorded in databases".
The CEO of the Bank for International Settlements has coined the term "financial internet" to promote tokenization as a tool to address the shortcomings of today's financial system
2024-04-17 03:45:22
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