The IMF Is Right About Tokenisation but Misses the Point

The IMF suggests tokenisation is a structural shift in financial architecture that could amplify financial instability, proposing wholesale CBDCs (wCBDC) as safe settlement assets to maintain institutional control. In contrast, Bitfinex Securities argues that tokenisation's true value lies in redistributing control from intermediaries to asset holders through real-time settlement and asset portability, which may actually reduce concentrated risk by allowing continuous adjustments.