Consortium of leading organisations all over Europe publish initiative for a tokenised Europe by 2025
A consortium of leading experts from various organizations across Europe, launched under the leadership of the German Banking Association, the European Commission, and Roland Berger, have released a comprehensive report outlining a plan for a tokenised Europe by 2025. Tokenisation, the process of representing assets in digital form with assignable digital rights, has the potential to revolutionize industries and create new business models across the economy.
The consortium includes with the Governmental Office for Financial Innovation and Digitalisation (SFID), the Liechtenstein Bankers Association (LBA), the National Road Office, VP Bank and Blockchain Founders Group several Liechtenstein stakeholders. For Liechtenstein, this initiative and working together proactively in this area is of particular importance as it has taken a pioneering role with the Liechtenstein Blockchain Law which entered into force January 1, 2020.
The report highlights several barriers to the development of tokenisation in Europe, including a lack of understanding of the technology and a diffuse legal and regulatory framework. However, it also emphasizes the tremendous opportunities that tokenisation presents for increasing efficiency, safety, and trust in the financial markets, as well as creating new services and business models in industries such as supply chains, trade finance, and logistics, with the use of distributed ledger technology and blockchain.
To develop Europe's token economy, the report calls on all stakeholders, regardless of their economic interests, to make a concerted effort in the following fields:
- Education and raising awareness about the potential of tokenisation
- Communication and collaboration between stakeholders
- Legal framework: legislators and regulators will be key to create a simple and harmonised legal framework that facilitates innovation and incentivizes corporates and citizens to further drive tokenisation while maintaining high standards of security and protection.
- Infrastructure: Central banks and other financial institutions should prepare for the tokenisation of assets and put in place the necessary infrastructure.
- Exploration: Financial institutions and companies should explore the possibility of introducing programmable money and identifying opportunities for tokenisation in their business models.
- Adoption: Private citizens will be the main users of tokenisation, their demand can drive companies and governments to adopt and offer relevant solutions.
The report emphasizes the need for a concerted effort in the fields of education, raising awareness, and communication to fully leverage the potential of tokenisation in Europe. They believe that by overcoming these barriers and actively pushing the drivers of tokenisation, Europe can secure its place as a front-runner in the global technological arena and remain competitive in the global economy. The time to act is now - Tokenise Europe 2025!
The full report «Tokenise Europe 2025» can be downloaded here.
Click here for the press release for Liechtenstein and here for the official communication about the initiative.
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