Quel support monétaire pour accompagner la « tokenisation » financière ?

Nicolas Barbaroux and Jean Barthélemy

Revue française d'économie, 2023, vol. Vol XXXVIII, issue 4, 113-148

Abstract: Financial tokenisation, broadly defined as the registration and transfer of rights and values within a digital, distributed and decentralized system, calls for new forms of money. Tokenization promises to improve the efficiency of financial exchanges and to provide fertile ground for financial innovation. However, for this innovation to reap its full benefits, it needs a compatible form of money: A “tokenized money”. Three candidates are often mentioned: stablecoins, tokenized bank deposits and interbank central bank digital currency (CBDC). This article assesses these candidates according to three criteria: the degree of monetary fragmentation, the financing of the economy and the ethics of money. Based on these criteria, this article argues in favor of a dual approach, founded on the coexistence of at least two forms of money: a private one - tokenized bank deposits, for instance - and a public one - interbank CBDC.

Date: 2023
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