By Amol Agrawal, The writer teaches at the National Institute of Securities Markets

French writer Jean-Baptiste Alphonse Karr in 1849 wrote that “the more things change, the more they remain the same”. In a way, he summed up much of human history—we think we have progressed, yet the core foundations remain the same. We are witnessing a similar change in the financial system with tokenisation; yet at its core, nothing changes.

The International Monetary Fund’s (IMF) magazine Finance and Development (F&D) is based on the theme of tokenisation of finance. It has also released a dictionary to simplify terms in this new world of finance, and it defines finance token as a “unique digital representation of ownership of a financial (money or bonds) or real asset (commodities) that exists on

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