The Bank for International Settlements said a tokenised unified ledger incorporating central bank money, commercial bank deposits and government bonds will lay the foundations of a tokenised monetary and financial system based on the time-tested principles of sound money.
A special chapter of the BIS's Annual Economic Report 2025 builds on the principles of the unified ledger by laying out a more detailed blueprint for how this concept can combine the "trilogy" of tokenised central bank reserves, tokenised commercial bank money and tokenised government bonds, while maintaining the core elements of a sound monetary system based on trust in central bank money.