The Bank for International Settlements (BIS) has voiced its support for centralised alternatives to cryptocurrencies, calling them a “flawed system”. Instead, the BIS supported the idea of “tokenisation”, or the conversion of other assets and money into digital tokens that can be traded on platforms. The decentralised nature of cryptocurrencies, often praised for its anonymity and trading freedom, makes it organisationally unstable, according to the BIS. The BIS stated that tokenisation offers the promise of a “major leap” in the financial system, and called it the next logical step in the digital transfer and record keeping of assets.
