The Davos "Tokenization" Debate: Technological Dividends Expected, Sovereignty and Regulation More Difficult

As AI virtually dominated the World Economic Forum Annual Meeting 2026, cryptocurrencies, which were once wildly popular in Davos, returned to the spotlight. Representatives from traditional banks and regulatory agencies, along with cryptocurrency leaders, engaged in a heated debate on whether tokenization is on the verge of explosive growth, how digital currencies are reshaping sovereign boundaries, and the foundation of trust in the financial system: 1. Coinbase CEO Brian Armstrong pointed out that tokenization solves the efficiency problem of the financial system, enabling real-time settlement and reducing fees, but its core strength lies in "democratizing investment access." 2. Euroclear CEO Valérie Urbain viewed tokenization as "the evolution of financial markets and securities," potentially allowing issuers to shorten issuance cycles and reduce costs, and possibly helping the market "reach a wider range of investors," playing a role in "financial inclusion." 3. Bank of France Governor François Villeroy de Galhau believes that increasing investment opportunities must be accompanied by an increase in financial literacy; otherwise, tokenization could turn into a disaster. 4. Standard Chartered Group CEO Bill Winters stated bluntly that while achieving the tokenization of the vast majority of transactions by 2028 might be slightly optimistic, the trend of "the vast majority of assets eventually settling in digital form" is irreversible. 5. Ripple CEO Brad Garlinghouse quoted former Federal Reserve Chairman Ben Bernanke as saying that governments will not relinquish control over the money supply. Ripple's current strategy leans more towards building a bridge between traditional finance and decentralized finance than challenging sovereignty itself. (Caixin.com)