By Michael Scott
The panel drawing Circle chief executive, industry personalities, and transport minister in Finland unanimously agreed that tokens dominance is looming. The panelists in the event held in Davos, Switzerland, admitted that the world economy would witness increasing tokens, as revealed by blockchain industry personalities.
The discussion featured wide-ranging subjects, including foreign exchange, electricity, and carbon credits. Besides housing, the panel discussed government bonds and assets that will leverage blockchain-based trading.
Optimism in Tokenized Economy
The event dubbed Tokenized Economies, Coming Alive attracted Finish Minister Communications Minister Timo Harraka. The forum that began on January 17 was flagged by various chief executives led by Jeremy Allaire from Circle, Jirayut Srupsrisopa of Bitkup Capital, and Yield Guild Games co-founder Beryl Li.
Srupsrisopa lauded the central banks’ efforts to introduce digital currencies (CBDC). In particular, he indicated that Thailand’s central bank plans to implement CDBC. Nonetheless, the CBDC would target the Thai baht wholesale market within the initial three months of 2023. The move prompted the Singaporean through its Monetary Authority to streamline the remittances by relying on the new currency.
Investment Token Licensing
In his address, Srupsrisopa revealed the Thai government’s critical milestone in delivering an investment token license distinct from the current crypto license. The new license will allow entrepreneurs to tokenize most of the values, including carbon credit trading, electricity units, and government bonds. Srupsrisopa portrayed tokenization as the basis for establishing a digital economy.
Harakka triggered the advocacy of self-custody platforms that allows users to control their data and crypto assets. He portrayed the centrality of self-custody as demonstrated in Finland when MyData.org was established in 2014.
The Finnish minister indicated that the entity empowers users to exercise rights to ownership and control over personal data. Nevertheless, Harakka lamented that the majority prioritized privacy over secure data ownership. He added that such eventualities made the projects suffer the delay in gaining traction.
Potential of Tokenizing Proprietary Loyalty
Responding to an inquiry by an attendee on what the panelist believed would create the exciting tokenized element, Circle’s chief executive Allaire stated the potential of proprietary loyalty points. In particular, Allaire indicated that brands should consider tokenizing proprietary loyalty systems into blockchain applications. Its achievement would involve converting the closed-loop system into an interoperable open-loop system.
The participants, comprising business executives, global leaders, and cultural trend-setters, portrayed optimism in tokenized assets. Nevertheless, they considered regulatory clarity as catalysts for realizing a tokenized economy.
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