Una mirada a la evidencia internacional en la emisión de bonos digitales

This document investigates the activity in the issuance of tokenized bonds, its conditions, and implications. The issuance of digital bonds is part of different public-private initiatives aimed at exploring the benefits and challenges of tokenization for the financial system. Although tokenization is still in an incipient stage, more recently, these initiatives have gained greater dynamism. The evolution of technology is implying a profound transformation of the financial system, not only for end users, but also payment systems and their infrastructures, redefining financial intermediation processes and the role of intermediaries. The issuance of digital bonds is framed in this context. Tokenization offers the potential for significant efficiency gains, through cost reduction and process acceleration, as well as reducing the risks present in current infrastructures. Experimental results confirm this potential. However, scaled adoption of tokenization raises several challenges and policy implications. The concentration of digital bond issuances in areas with greater legal and regulatory developments highlights the importance of achieving an adequate balance between promoting financial innovation and ensuring market integrity, financial stability, and investor protection. Interoperability emerges as a crucial factor to be addressed to avoid the risk of market fragmentation. Equally relevant will be providing a means of secure settlement.