From the use of metal coins to the dematerialization of money, the advent of distributed ledger technology (DLT) and tokenisation arguably represents the next stage in the evolution of money and the payments ecosystem. As noted in the PRA’s Dear CEO letter dated 6 November 2023, we are now seeing “innovations in the forms of digital money and money-like instruments available to retail customers”, including fiat-referencing stablecoins, e-money and tokenised deposits - this document sets out a short comparative guide, including what these innovations are, how they may be used in practice, as well as an overview of the regulatory framework.
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