尽管承诺到2030年，但仍承诺取消16万亿美元的价值

缺乏强大的生态系统，流动性，行业标准化和法律清晰度是防止令牌化的关键障碍之一

The Organisation for Economic Co-operation and Development (OECD) has released a report highlighting the top eight obstacles hindering the widespread adoption of tokenization.

经济合作与发展组织（OECD）发布了一份报告，该报告强调了阻碍令牌化广泛采用的前八个障碍。

Despite ambitious projections from industry experts, such as BCG's estimate that tokenization could unlock $16 trillion in value by 2030, the sector's growth has been limited. More recent estimates, like McKinsey's $2 trillion, have also fallen short of expectations.

尽管行业专家的雄心勃勃的预测，例如BCG估计令牌化可能会在2030年释放16万亿美元的价值，但该行业的增长受到限制。最近的估计，例如麦肯锡的2万亿美元，也没有达到预期。

The OECD, an intergovernmental organization dedicated to promoting world trade and economic development, examined the challenges faced by tokenization efforts globally.

经合组织是一个致力于促进世界贸易和经济发展的政府间组织，研究了全球令牌化工作所面临的挑战。

At the forefront of these hurdles is the lack of liquidity and a cohesive ecosystem. The report notes that tokenization initiatives lack a critical mass of investors, leading issuers to hesitate in committing to tokenizing assets.

这些障碍的最前沿是缺乏流动性和凝聚力的生态系统。该报告指出，令牌化计划缺乏关键的投资者，使发行人犹豫不决地致力于建立令牌资产。

This creates a cyclical conundrum, as investors also hesitate to engage with tokenized assets due to the absence of liquidity. To address this challenge, the OECD suggests the need for a catalyst, such as sovereign bond issuances on a public blockchain.

这创造了一个周期性的难题，因为由于没有流动性，投资者还犹豫不决地参与令牌资产。为了应对这一挑战，经合组织建议需要催化剂，例如公共区块链上的主权债券发行。

However, financial institutions have largely dominated the issuance landscape, and in most cases, the clients are fellow banks.

但是，金融机构在很大程度上占据了发行格局，在大多数情况下，客户是同伴。

Expanding on this initial challenge, the OECD highlights the lack of scale as another impediment to widespread adoption.

经合组织扩大了这一最初的挑战，重点介绍了缺乏规模作为广泛采用的另一个障碍。

Once again, scale can only be achieved by transitioning from pilots to live products, which hinges on increasing investor participation.

再一次，只能通过从飞行员到现场产品来实现规模，这取决于增加投资者的参与。

A more unique challenge lies in the absence of payments integrated into blockchains. The OECD believes that tokenized money, such as central bank digital currencies (CBDCs), facilitates delivery-versus-payment (DvP), enabling on-chain payment.

一个更独特的挑战在于没有集成到区块链中的付款。经合组织认为，诸如中央银行数字货币（CBDC）等令牌货币有助于交付交付付款（DVP），从而实现了链付款。

This challenge is linked to the use of private networks and permissioned blockchains in tokenization. A public decentralized blockchain, like BSV, would offer seamless and instant payments using BSV as a Bitcoin-based stablecoin.

这一挑战与在令牌化中使用专用网络和权限的区块链有关。像BSV这样的公共分散区块链将使用BSV作为基于比特币的Stablecoin提供无缝和即时付款。

However, even in such a scenario, the OECD notes that participants would still face “counterparty and liquidity risks.”

但是，即使在这种情况下，经合组织也指出，参与者仍然会面临“交易对手和流动性风险”。

"As such, an ideal payment instrument for DvP would be wholesale CBDC…Tokenised deposits (tokenised commercial bank money) could also be an alternative. In the future, a common interface for CBDCs and tokenised assets could be envisaged by central banks,” the report adds.

“因此，DVP的理想支付工具将是批发CBDC…令牌的存款（令牌商业银行货币）也可能是另一种选择。将来，CBDCS和CBDCS和sokenise Assets的常见界面可能会由中央银行设想。”报告补充说。

Other challenges include the lack of custodians for tokenized assets, the presence of multiple blockchain networks, a lack of interoperability among these networks, and a global standard for tokenization.

其他挑战包括缺乏令牌化资产的托管人，多个区块链网络的存在，这些网络之间缺乏互操作性以及全球令牌化标准。

Legal issues also present challenges. For example, most jurisdictions have not yet legally recognized tokens as tantamount to legal ownership of the underlying assets.

法律问题也带来了挑战。例如，大多数司法管辖区尚未在法律上承认代币是符合基础资产的合法所有权。

Efforts are underway to address these challenges. Luxembourg recently passed Blockchain Law 4, which simplifies the process of issuing and managing tokenized securities.

正在努力应对这些挑战。卢森堡最近通过了区块链法第4条，这简化了发行和管理令牌证券的过程。

One of the key amendments eliminates the requirement for a central securities depository (CSD). The law introduces the concept of a control agent who issues the token, maintains custody and oversees its reconciliation.

关键修正案之一消除了中央证券存储（CSD）的要求。法律介绍了签发令牌，维护监护权并监督其和解的控制代理的概念。

Despite the obstacles, market experts remain optimistic about the transformative potential of tokenization in the financial industry.

尽管存在障碍，但市场专家仍对金融行业中令牌化的变革潜力保持乐观。

“By tokenizing those assets, it enables natural efficiency. It may even be bigger than the internet. It's fundamentally rethinking the way the markets work,” said Rob Krugman, chief digital officer at Broadridge (NASDAQ: BR).

“通过对这些资产进行统治，它可以自然效率。它甚至可能比互联网更大。这从根本上重新考虑了市场的运作方式。

The fintech giant has tokenized trillions of dollars in repos over the years but has yet to fully integrate blockchain.

这家金融科技巨头多年来已经将数万亿美元的存储库付诸实践，但尚未完全整合区块链。

Watch: Tokenized was built with blood, sweat and tears

手表：象征化是用鲜血，汗水和眼泪建造的