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Tokenization and the People's Ledger: Two Sides of the Same Coin?
Abstract
This chapter examines the tensions between the tokenization of tangible assets and the concept of the ‘People's Ledger'. The aim is to determine whether both approaches can be viewed as opposing models of a future financial architecture or whether they can complement each other in hybrid forms. Methodologically, the analysis follows an interdisciplinary approach that integrates economic, legal, and political-economic perspectives. First, the functionality and potential of tokenization, along with its associated risks—namely, fragmentation, smart contract vulnerabilities, and cyber risks—are presented. Next, the People's Ledger is discussed as a radical centralization solution that promises stability, inclusion, and public control, but simultaneously harbors risks of power concentration and surveillance. The chapter concludes that neither pure decentralization nor complete centralization is viable. Instead, hybrid models are emerging that combine the efficiency and innovative power of tokenized systems with the stability and democratic legitimacy of public institutions.
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