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candidate_metadata: candidate_id: “C00787” title: “IMF tokenization paper asks whether deposit tokens could circulate more freely - Ledger Insights - blockchain for enterprise” source_name: “ledgerinsights.com” source_domain: “www.ledgerinsights.com” url: “https://www.ledgerinsights.com/imf-tokenization-paper-asks-whether-deposit-tokens-could-circulate-more-freely/” canonical_url: “https://www.ledgerinsights.com/imf-tokenization-paper-asks-whether-deposit-tokens-could-circulate-more-freely/” published: “2026-07-03” collected: “2026-07-30T23:59:57Z” query: “tokenized deposits bank-issued digital money” snippet: “짧지만 IMF 논문의 토큰화 예금 유통 모델, 중개자별 KYC 책임, 래핑된 예금 구조를 일관되게 요약한 실질적 본문이다.” candidate_id: “C00787” title: “IMF tokenization paper asks whether deposit tokens could circulate more freely - Ledger Insights - blockchain for enterprise” source_url: “https://www.ledgerinsights.com/imf-tokenization-paper-asks-whether-deposit-tokens-could-circulate-more-freely/” canonical_url: “https://www.ledgerinsights.com/imf-tokenization-paper-asks-whether-deposit-tokens-could-circulate-more-freely/” source_domain: “www.ledgerinsights.com” source_type: “article” author: “Ledger Insights” published: “2026-07-03” collected: “2026-07-30” original_language: “english” registered_by: “hermes” registered_at: “2026-07-30T23:59:57Z” collector_note: “Source-success source_html; body review LLM_REVIEW INCLUDE; source artifact SHA-256 3dd1de86ad53f0798601d3185dd075ba5dd061f1bb295f5effcf2a89e8d0e96a; extracted body SHA-256 40b4d035973de92f57fa77325194e607085eb180b72927de5e408138a6cf6946.”
IMF tokenization paper asks whether deposit tokens could circulate more freely - Ledger Insights - blockchain for enterprise
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A new note from the IMF provides an articulate overview of tokenization, as well as posing some hard questions to regulators. The paper was authored by departing IMF Financial Counsellor Tobias Adrian, Yaiza Cabedo and Tommaso Mancini-Griffoli, who now heads the BIS Innovation Hub. One of the most thought provoking sections explores how tokenized deposits or deposit tokens could be distributed. Today blockchain-based deposits involve a direct relationship between the token holder and the issuing bank who performs KYC. The authors outline two other hypothetical models. One involves banks distributing tokens via a wholesale provider, who then circulates them to individual wallets and performs KYC (model B). In this case the tokens are still the liability of the bank. Another option (model C) essentially involves wrapped deposits. An intermediary, likely a non-bank, acquires the deposit tokens and issues their own token backed by the bank tokens, while also performing KYC on token holders. In that case, the new tokens are not a bank liability, and this model is possible today, although we’re not aware of any implementations. Article continues …