Where is Digital Money Heading in 2023?

Thursday 2nd March 2023 | 12:00 pm (UK)


Nowadays, it seems everything can be tokenized, from securities to real estate, commodities to equity. More recently, in response to retail CBDCs and stablecoins, tokenising bank deposits has emerged as a new form of money based on commercial bank money.

In Session #9 of the FMI Broadcast, guests Keith Bear (University of Cambridge) and Philip Enness  (JP Morgan)  joined FNA to explore the motivations, benefits, challenges and main issues that arise from the tokenization of bank deposits. We discussed how the issuers of tokenized deposits, namely licensed depositary institutions, could become challenger FMIs aimed at issuing a new form of money.

The session covered:

  • An introduction to the new concept of Tokenized Deposits
  • The advantages and opportunities that Tokenized Deposits offer
  • The risks associated with deposit tokenization and who bears the risk
  • JP Morgan Coin as a live case of deposit tokens
  • Whether deposit tokens are complementary to CBDCs but an answer to stablecoins issued by non-banks
  • Whether licensed depository institutions issuing deposits could be considered as FMIs and whether they should be regulated as banking institutions
  • CDBCs, Stablecoins and deposit tokens, what does the future look like?


Watch now: 

Resources and Links: 

Bank for International Settlements: Committee on Payments and Market Infrastructures: Application of the Principles for Financial Market Infrastructures to stablecoin arrangements Read more > 

Oliver Wyman: Deposit Tokens: A Foundation for Stable Digital Money Read more > 

German Banking Industry Committee: Working Paper on Commercial Bank Money  Read More > 


Session #9 Guests


 Keith Bear

Fellow at the Centre for Alternative Finance, Judge Business School, University of Cambridge.

University of Cambridge


 Philip Enness

Global Head of BD, JPM Coin, J.P.Morgan

JP Morgan






Missed our previous sessions? Watch the series on-demand


The FMI Broadcast: 26th January 2023

The operational Resilience of Decentralised Payment Systems in Wholesale Banking

With: Keith Bear (Cambridge University) and Philip Enness (JP Morgan)

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The FMI Broadcast: 26th January 2023

The operational Resilience of Decentralised Payment Systems in Wholesale Banking

With: Patrick Papsdorf (ECB) and Claudine Hurman (Banque de France)

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The FMI Broadcast: 25th January 2023

A global standard for payment messaging- everything you need to know about ISO 20022

With: Saskia Devolder (SWIFT) and John Jackson (Bank of England)

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The FMI Broadcast: 10th November 2022

The Relevance of Liquidity Savings in a Real-Time world

With: Richard Dzina (The Clearing House) & Stephen Wojciechowicz (Bank of New York Mellon)

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The FMI Broadcast: 22nd September 2022

Saving Liquidity with Cross-Border Payments

With: Jan Schoombee (Fnality International)

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The FMI Broadcast: 30th August 2022

How Challenger FMIs are revolutionizing Cross-Border Payments

With: Phil Mochan (Nomos Digital) and Claudio Cersesani (DGT Solutions)

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The FMI Broadcast: 23rd June 2022

How Challenger FMIs are revolutionizing Cross-Border Payments

With: Kazım Rıfat Ozyılmaz (Arf) and Dave Sissens (RTGS.Global)

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The FMI Broadcast: 25th May 2022

The Bank of England’s RTGS CHAPS Renewal Programme

With: John Jackson (Bank of England) & James Southgate (Bank of England)

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The FMI Broadcast: 27th April 2022

The FMI Ecosystem: Recent Developments and the Road Ahead

With: Dr Kimmo Soramäki (FNA) & Dr Carlos León (FNA)

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