国际清算银行-政府债券代币化_评估和路线图（英）-2025_8页_599kb

Tokenisation of Government Bonds: Assessment and Roadmap

Key Findings and Recommendations:

Tokenisation enhances liquidity, pricing transparency, and operational efficiency for government bonds, though challenges include scalability and regulatory alignment across jurisdictions.

Conventional Bond Trade:

• Transaction volumes doubled in 2020-2022, average issuance costs at $0.5m.
• Clear market preference for conventional bonds over tokenised versions (62% acceptance).

Tokenised Bond Trade:

• Transaction levels rose 25%, with higher volatility in pricing.
• Implementation hurdles include trust deficit and infrastructure.

Roadmap

1. Phase One

   • Educational phase across market participants.

2. Phase Two

   • Addressing scalability challenges.

3. Phase Three

   • A deeper focus on accessibility enhancements and broader implementation alongside enhanced regulatory alignment.