Historical Context and Key Features of Digital Money Tokens

Digital money tokens have attracted the attention of financial institutions, central banks, regulators, international associations and fintechs. Their research and experimentation with digital money tokens has included creating innovative technical and operational frameworks. In this paper, we present a 'money tree' which places this recent concept of digital money tokens into a historical context by illustrating their evolution from more traditional forms of money. We then identify key features of digital money tokens with options and examples. We hope this paper will be of interest to the financial services industry and we look forward to feedback.