Where is Digital Money Heading in 2023


2nd March 2023


| Keith Bear, (University of Cambridge)

| Philip Ennes, (JP Morgan)



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 Payment Systems 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 depositary 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 on-demand:


Session #9 Guests


Keith Bear

Fellow at the Centre for Alternative Finance, Judge Business School, 

University of Cambridge.


Philip Enness

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

JP Morgan






Missed our previous sessions?


You can catch up with The Payment Systems broadcast on-demand. View all episodes >


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