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Contributions to Finance & Accounting  ·  Springer

Tokenisationof Money

From Fiat Currencies to Stablecoins

Edited by

Selim Yazıcı  ·  C. Coşkun Küçüközmen  ·  Michael Salmony

30+
Contributors
5
Parts
28
Chapters
20+
Institutions
Published bySpringer

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About the Book

A New Era of Digital Finance

This book offers a holistic approach to understanding the “Why,” “What,” and “How” of tokenized money — examining its necessity, functionality, and implementation across the global financial system.

It covers Central Bank Digital Currencies (CBDCs), private stablecoins, decentralized finance (DeFi), and regulatory frameworks, with global case studies from Asia, Europe and beyond.

Critical insights are provided including opposing views, risks, and the broader impact of digital money on financial stability, sovereignty, and innovation.

🏢

Finance Professionals

Practical use cases, adoption strategies, and real-world implementation insights.

⚖️

Policy Makers

Governance, legal frameworks, and global regulatory practices for digital money.

🌎

Global Perspectives

Case studies: e-CNY, Cambodia’s Bakong, Japan’s DCJPY, Digital Euro and more.

🎓

Academics

A structured framework for fintech, monetary policy, and digital finance courses.

Editorial Board

Meet the Editors

Book Structure

Table of Contents

INTRODUCTION
Selim Yazıcı, С. Coşkun Küçüközmen, Michael Salmony

PART I: WHY DO WE NEED ANOTHER FORM OF MONEY?

1.1 The Main Stages in the History of Money
Jean-Michel Godeffroy
1.2 Tokenised Deposits: The Commercial Bank Money Upgrade in a Digital Economy
Haluk İnanmış
1.3 Tokenization of Securities
Michael Juul Rugaard
1.4 Tokenization of Liquid Investable Assets - Equities, Bonds & Funds
Emrah Ahi
1.5 Tokenisation of Illiquid Assets
Levent Güntay

PART II: WHAT IS TOKENISED MONEY?

2.1 CBDC-A Solution Looking for a Problem?
Michael Salmony
2.2 The Retail Central Bank Digital Currency (CBDC) Landscape
John Kiff
2.3 Taler as a Synthetic Central Bank Digital Currency
Christian Grothoff, Mikolai Gütschow, Valentin Seehausen
2.4 Retail Central Bank Digital Currencies: An Inevitable Innovation for the Stability of the Monetary System in the Digital Age
Inutu Lukonga
2.5 Commercial Bank Money Token (CBMT)
Claus George
2.6 Stablecoin Use Cases and Adoption from the End-User Point of View
Sebnem Elif Kocaoglu Ulbrich

PART III: HOW TO IMPLEMENT TOKENISED MONEY?

3.1 Mapping the Stablecoin Ecosystem: Taxonomy, Stakeholders, and Systemic Interdependencies
Selim Yazıcı
3.2 Stablecoin Business Models: Current and Future Analysis
Haluk İnanmış
3.3 Offline-Capable Central Bank Digital Currencies as a Key Enabler of a Resilient Digital Payment System
Wolfram Siedemann, Lars Hupel, Paula Martins
3.4 The Legal and Governance Framework of Stablecoins: International Standards and Jurisdictional Divergences
Feride İmal
3.5 Regulatory Approaches of Stablecoins
John Hee Jung Ho
3.6 Will Tokenized Money Transform Wholesale and B2B Payments?
Erin McCune
3.7 The "Productization" of Money and Its Impact at the Point of Sale
Thibault Pele
3.8 The Case for a Stablecoin Clearing System: Enabling Ubiquity Through Market Structure Evolution
Tony McLaughlin, Michael Salmony
3.9 Adoption by Design for Digital Currency Systems
Gabriel R. Bizama
3.10 From Stability Guardians to Innovation Architects: The Transformation of Monetary Authorities in the Digital Age
Kamila Nigmatulina, Kyeyoung Shin, Pinar Ozcan

PART IV: GLOBAL DIGITAL MONEY LANDSCAPE: CURRENT DEVELOPMENTS OVER THE WORLD

4.1 Public and Private Developments Around the World
Mehmet Kerse
4.2 The Pursuit of Resilience in European Retail Payments
Paul Desprairies, Philipp Neubauer
4.3 China's e-CNY: From Wallet Wars to a National Payments Operating System
Zennon Kapron
4.4 Tokenization and the Future Monetary System: DCJPY as Tokenized Deposits in Japan
Hiromi Yamaoka
4.5 Blockchain and QR Codes: Revolutionizing Cross-Border Payments and Financial Inclusion in Southeast Asia - A Case Study of Cambodia's Bakong Project
Victor Yaromin

PART V: CRITICAL VIEWS ON TOKENISED MONEY

5.1 Will Tokenised Money Overthrow Existing Financial Infrastructures? TradFi vs DeFi - Who will Win?
Michael Salmony
5.2 Stablecoins, CBDCs, and the New Geopolitics of Money: From Global Competition to Risks
Feride İmal
5.3 The Stablecoin Paradox: From Decentralized Ideals to Re-Intermediation and Financial Engineering
C. Coşkun Küçüközmen
CONCLUDING SYNTHESIS: PROBABILISTIC SCENARIOS FOR THE FUTURE OF MONEY
Selim Yazıcı, C. Coşkun Küçüközmen, Michael Salmony
Authors

30+ Global Contributors

Scholars, practitioners, and policy experts from leading institutions across the globe.

European Central BankInternational Monetary FundWorld Bank / CGAPUniversity of OxfordStandard CharteredDZ Bank AGGiesecke+DevrientUniversity of BernGNU TalerDigital Currency Forum JapanUniversity of CopenhagenWorldline Financial Services European Central BankInternational Monetary FundWorld Bank / CGAPUniversity of OxfordStandard CharteredDZ Bank AGGiesecke+DevrientUniversity of BernGNU TalerDigital Currency Forum JapanUniversity of CopenhagenWorldline Financial Services
Selim Yazıcı

Istanbul University  EDITOR

C. Coşkun Küçüközmen

Izmir University of Economics  EDITOR

Michael Salmony

Payments Innovation Consulting  EDITOR

Emrah Ahi

Özyeğin University

Gabriel R. Bizama

University of Bern

Paul Desprairies

European Central Bank

Claus George

DZ Bank AG

Jean-Michel Godeffroy

Independent Consultant

Christian Grothoff

Bern Univ. of Applied Sciences & GNU Taler

Levent Güntay

Özyeğin University

Mikolai Gütschow

TUD Dresden & GNU Taler

John Hee Jung Ho

Standard Chartered

Lars Hupel

Giesecke+Devrient Currency Technology

Feride Hilal İmal

Universal Hukuk

Haluk İnanmış

İnted Ltd.

Michael Juul Rugaard

University of Copenhagen

Zennon Kapron

GL Insight

Mehmet Kerse

CGAP / World Bank Group

John Kiff

Kiffmeister LLC

Sebnem Elif Kocaoglu Ulbrich

Contextual Solutions GmbH

Inutu Lukonga

Formerly IMF

Paula Martins

Giesecke+Devrient Currency Technology

Erin McCune

Forte Fintech LLC

Tony McLaughlin

Ubyx Inc.

Philipp Neubauer

European Central Bank

Kamila Nigmatulina

University of Oxford

Pinar Ozcan

University of Oxford

Thibault Pele

Worldline Financial Services

Valentin Seehausen

Digital Euro Association

Kyeyoung Shin

University of Oxford

Wolfram Siedemann

Giesecke+Devrient Currency Technology

Hiromi Yamaoka

Digital Currency Forum Japan

Victor Yaromin

Morozzi Creative Lab

From the Editors & Field

Blog & Articles

Research, commentary and insights from the editorial team and the wider tokenisation community.

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Book Cover

ISBN 978-3-032-22945-8  ·  Springer

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