{"id":106402,"date":"2026-05-13T00:11:27","date_gmt":"2026-05-12T22:11:27","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=106402"},"modified":"2026-05-12T11:06:21","modified_gmt":"2026-05-12T09:06:21","slug":"larry-fink-vysvetluje-ze-financni-system-se-restartuje-tokenizace-je-ustrednim-bodem-nove-infrastruktury-a-tvori-jeden-ze-tri-piliru-digitalnich-penez","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/05\/13\/larry-fink-vysvetluje-ze-financni-system-se-restartuje-tokenizace-je-ustrednim-bodem-nove-infrastruktury-a-tvori-jeden-ze-tri-piliru-digitalnich-penez\/","title":{"rendered":"Larry Fink vysv\u011btluje, \u017ee finan\u010dn\u00ed syst\u00e9m se restartuje \u2013 tokenizace je \u00fast\u0159edn\u00edm bodem nov\u00e9 infrastruktury a tvo\u0159\u00ed jeden ze t\u0159\u00ed pil\u00ed\u0159\u016f digit\u00e1ln\u00edch pen\u011bz"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<div class=\"elementor-element elementor-element-1fb4c2c elementor-widget elementor-widget-theme-post-content\" data-id=\"1fb4c2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<p><strong><span dir=\"auto\">\u201eNejde jen o to, aby se zem\u011b p\u0159izp\u016fsobila st\u00e1vaj\u00edc\u00edmu finan\u010dn\u00edmu syst\u00e9mu. Jde o vybudov\u00e1n\u00ed modern\u00ed finan\u010dn\u00ed infrastruktury od z\u00e1klad\u016f,\u201c \u0159\u00edk\u00e1 Larry Fink.<\/span><\/strong><\/p>\n<p><em><span dir=\"auto\">N\u00e1sleduj\u00edc\u00ed zpr\u00e1va by m\u011bla vyj\u00edt v nejnov\u011bj\u0161\u00edm \u010d\u00edsle \u010dasopisu Revive The Table<\/span><\/em><span dir=\"auto\">\u00a0.<\/span><\/p>\n<p><span dir=\"auto\">N\u00e1\u0161 \u201ep\u0159\u00edtel\u201c Larry Fink je zp\u011bt, aby n\u00e1m p\u0159ipomn\u011bl, \u017ee glob\u00e1ln\u00ed finan\u010dn\u00ed syst\u00e9m proch\u00e1z\u00ed rychl\u00fdmi zm\u011bnami, jejich\u017e j\u00e1drem je tokenizace. Gener\u00e1ln\u00ed \u0159editel spole\u010dnosti BlackRock (kter\u00e1 v sou\u010dasn\u00e9 dob\u011b spravuje aktiva v hodnot\u011b p\u0159es 14 bilion\u016f dolar\u016f; t\u00e9m\u011b\u0159 trojn\u00e1sobek HDP N\u011bmecka, t\u0159et\u00ed nejv\u011bt\u0161\u00ed ekonomiky sv\u011bta) a spolup\u0159edseda Sv\u011btov\u00e9ho ekonomick\u00e9ho f\u00f3ra ned\u00e1vno vydal sv\u016fj \u201eV\u00fdro\u010dn\u00ed dopis p\u0159edsedy investor\u016fm 2026\u201c. Leto\u0161n\u00ed dopis se zam\u011b\u0159uje na dlouhodob\u00e9 investov\u00e1n\u00ed, \u0161ir\u0161\u00ed \u00fa\u010dast na trhu a transforma\u010dn\u00ed potenci\u00e1l tokenizace; mechanismy, o kter\u00fdch v\u011b\u0159\u00ed, \u017ee podpo\u0159\u00ed v\u011bt\u0161\u00ed finan\u010dn\u00ed inkluzi a odpov\u011bdnost mlad\u0161\u00edch generac\u00ed, kter\u00e9 se pot\u00fdkaj\u00ed s prosazen\u00edm se po cel\u00e9m sv\u011bt\u011b.<\/span><\/p>\n<p><span dir=\"auto\">D\u0159\u00edve jsme se zab\u00fdvali jeho dopisem z roku 2025 s n\u00e1zvem \u201eDemokratizace investov\u00e1n\u00ed\u201c, v n\u011bm\u017e Fink podrobn\u011b popsal, co je tokenizace, jak rozd\u011bl\u00ed investice a vlastnictv\u00ed a jak je nutn\u00e9 nejprve integrovat digit\u00e1ln\u00ed identity, ne\u017e se projev\u00ed skute\u010dn\u00e9 \u201ev\u00fdhody\u201c tokenizace, jak ji s\u00e1m naz\u00fdv\u00e1. Tokenizace byla tak\u00e9 hlavn\u00edm t\u00e9matem leto\u0161n\u00edho v\u00fdro\u010dn\u00edho zased\u00e1n\u00ed Sv\u011btov\u00e9ho ekonomick\u00e9ho f\u00f3ra v Davosu, kde Fink a mnoho dal\u0161\u00edch host\u016f diskutovali o tzv. \u201enov\u00e9 fyzice pen\u011bz\u201c.<\/span><\/p>\n<p><strong><span dir=\"auto\">Ve sv\u00e9m posledn\u00edm dopise Fink komentoval tokenizaci takto (zv\u00fdrazn\u011bn\u00ed moje):<\/span><\/strong><\/p>\n<p><em><span dir=\"auto\">\u201eTrhy funguj\u00ed, kdy\u017e investo\u0159i v\u011b\u0159\u00ed, \u017ee mohou nakupovat a prod\u00e1vat za spravedlivou cenu. Tato d\u016fv\u011bra pom\u00e1h\u00e1 podnik\u016fm z\u00edskat kapit\u00e1l, kter\u00fd pot\u0159ebuj\u00ed k r\u016fstu, a umo\u017e\u0148uje rodin\u00e1m diverzifikovat sv\u00e9 investice n\u00e1kladov\u011b efektivn\u011b do mnoha r\u016fzn\u00fdch aktiv, ne\u017e aby se spol\u00e9haly pouze na jedno. \u0160ir\u0161\u00ed p\u0159\u00edstup k tomuto syst\u00e9mu \u2013 prost\u0159ednictv\u00edm\u00a0<\/span><strong><span dir=\"auto\">lep\u0161\u00edch technologi\u00ed a finan\u010dn\u00ed gramotnosti<\/span><\/strong><span dir=\"auto\">\u00a0\u2013 by mohl pomoci v\u00edce lidem zapojit se do hospod\u00e1\u0159sk\u00e9ho r\u016fstu. Postupem \u010dasu by tyto stejn\u00e9 technologick\u00e9 pokroky mohly tak\u00e9 pomoci vytvo\u0159it\u00a0<\/span><strong><span dir=\"auto\">v\u011bt\u0161\u00ed transparentnost<\/span><\/strong><span dir=\"auto\">\u00a0a potenci\u00e1ln\u011b \u0161ir\u0161\u00ed p\u0159\u00edstup k \u010d\u00e1stem soukrom\u00fdch trh\u016f \u2013 oblastem, jako je infrastruktura a soukrom\u00e9 \u00fav\u011bry, kter\u00e9 byly tradi\u010dn\u011b pro v\u011bt\u0161inu individu\u00e1ln\u00edch investor\u016f mimo dosah.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201e\u00a0<\/span><strong><span dir=\"auto\">Polovina sv\u011btov\u00e9 populace m\u00e1 ve sv\u00e9m chytr\u00e9m telefonu digit\u00e1ln\u00ed pen\u011b\u017eenku.<\/span><\/strong><span dir=\"auto\">\u00a0P\u0159edstavte si, \u017ee byste s tout\u00e9\u017e digit\u00e1ln\u00ed pen\u011b\u017eenkou mohli dlouhodob\u011b investovat do \u0161irok\u00e9 \u0161k\u00e1ly spole\u010dnost\u00ed \u2013 stejn\u011b snadno jako odes\u00edl\u00e1n\u00ed plateb.\u00a0<\/span><strong><span dir=\"auto\">Tokenizace by mohla pomoci urychlit tuto budoucnost modernizac\u00ed z\u00e1klad\u016f finan\u010dn\u00edho syst\u00e9mu \u2013 usnadn\u00ed vyd\u00e1v\u00e1n\u00ed investic, obchodov\u00e1n\u00ed s nimi a zv\u00fd\u0161\u00ed jejich dostupnost.<\/span><\/strong><span dir=\"auto\">\u00a0\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201e[\u2026] [Indie] tak\u00e9 nab\u00edz\u00ed ponau\u010den\u00ed pro dal\u0161\u00ed f\u00e1zi rozvoje tr\u017en\u00ed infrastruktury:\u00a0<\/span><strong><span dir=\"auto\">tokenizaci \u2013 zaznamen\u00e1v\u00e1n\u00ed vlastnick\u00fdch pr\u00e1v v digit\u00e1ln\u00edch \u00fa\u010detn\u00edch knih\u00e1ch za \u00fa\u010delem sn\u00ed\u017een\u00ed t\u0159en\u00ed, sn\u00ed\u017een\u00ed n\u00e1klad\u016f a urychlen\u00ed vypo\u0159\u00e1d\u00e1n\u00ed.<\/span><\/strong><span dir=\"auto\">\u00a0Indick\u00fd syst\u00e9m nen\u00ed zalo\u017een na blockchainov\u00e9 infrastruktu\u0159e \u2013 ve skute\u010dnosti se do zna\u010dn\u00e9 m\u00edry vydal jinou cestou. Ale p\u0159esn\u011b o to jde. Jeho \u00fasp\u011bch ukazuje, \u017ee nov\u00e9 finan\u010dn\u00ed struktury nez\u00e1vis\u00ed na jedin\u00e9 technologii. Usp\u011bj\u00ed, kdy\u017e politika, technologie a p\u0159ijet\u00ed jdou ruku v ruce.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eEkonomiky, kter\u00e9 vybudovaly modern\u00ed finance \u2013 Spojen\u00e9 st\u00e1ty, Spojen\u00e9 kr\u00e1lovstv\u00ed, EU \u2013 nyn\u00ed pracuj\u00ed na modernizaci zaveden\u00fdch syst\u00e9m\u016f, aby mohly tradi\u010dn\u00ed a digit\u00e1ln\u00ed trhy koexistovat. Vzhledem k vybudov\u00e1n\u00ed nejhlub\u0161\u00edch kapit\u00e1lov\u00fdch trh\u016f na sv\u011bt\u011b m\u016f\u017ee b\u00fdt p\u0159echod pozvoln\u011bj\u0161\u00ed. C\u00edl by v\u0161ak m\u011bl b\u00fdt stejn\u00fd: usnadnit lidem investov\u00e1n\u00ed do r\u016fstu jejich zem\u011b.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201ePen\u011b\u017eenka v chytr\u00e9m telefonu, kter\u00e1 v\u00e1m umo\u017e\u0148uje investovat, je sama o sob\u011b pozoruhodn\u00e1. Sv\u011bt investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed se v\u0161ak v\u00fdrazn\u011b roz\u0161\u00ed\u0159\u00ed, a\u017e se finan\u010dn\u00ed investice stanou digit\u00e1ln\u011b nativn\u00edmi. Dluhopis, kter\u00fd vlastn\u00edte, je st\u00e1le dluhopisem \u2013 ale m\u016f\u017ee se efektivn\u011bji pohybovat v r\u00e1mci modern\u00ed infrastruktury.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201e\u010casem by to mohlo umo\u017enit, aby jedna regulovan\u00e1 digit\u00e1ln\u00ed pen\u011b\u017eenka dr\u017eela nejen platebn\u00ed z\u016fstatky, ale \u0161irokou \u0161k\u00e1lu finan\u010dn\u00edch aktiv.\u00a0<\/span><strong><span dir=\"auto\">V jedn\u00e9 pen\u011b\u017eence by n\u011bkdo mohl dr\u017eet burzovn\u011b obchodovan\u00e9 fondy (ETF), digit\u00e1ln\u00ed eura, tokenizovan\u00e9 dluhopisy a zlomkov\u00e9 pod\u00edly aktiv, kter\u00e9 byly d\u0159\u00edve nedostupn\u00e9<\/span><\/strong><span dir=\"auto\">\u00a0\u2013 od infrastruktury a\u017e po soukrom\u00e9 \u00fav\u011brov\u00e9 fondy. Sn\u00ed\u017een\u00edm minim\u00e1ln\u00edch investi\u010dn\u00edch \u010d\u00e1stek a\u00a0<\/span><strong><span dir=\"auto\">usnadn\u011bn\u00edm rozd\u011blen\u00ed aktiv na men\u0161\u00ed jednotky<\/span><\/strong><span dir=\"auto\">\u00a0m\u016f\u017ee tokenizace otev\u0159\u00edt dve\u0159e v\u00edce investor\u016fm. Mohla by tak\u00e9 investor\u016fm usnadnit p\u0159\u00edstup k informac\u00edm a hlasov\u00e1n\u00ed jako akcion\u00e1\u0159i. C\u00edlem nen\u00ed novinka. Jde o to poskytnout st\u0159adatel\u016fm jednodu\u0161\u0161\u00ed a bezprobl\u00e9mov\u011bj\u0161\u00ed zp\u016fsob, jak se pod\u00edlet na trz\u00edch a budovat bohatstv\u00ed.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eJak jsme s Robem Goldsteinem psali na konci lo\u0148sk\u00e9ho roku, v\u011b\u0159\u00edme, \u017ee tokenizace je zhruba tam, kde byl internet v roce 1996.\u00a0<\/span><strong><span dir=\"auto\">Nenahrad\u00ed st\u00e1vaj\u00edc\u00ed finan\u010dn\u00ed syst\u00e9m p\u0159es noc. P\u0159edstavte si m\u00edsto toho most, kter\u00fd se stav\u00ed z obou stran \u0159eky a setk\u00e1v\u00e1 se uprost\u0159ed.<\/span><\/strong><span dir=\"auto\">\u00a0Na jedn\u00e9 stran\u011b jsou tradi\u010dn\u00ed instituce. Na druh\u00e9 stran\u011b jsou inov\u00e1to\u0159i zam\u011b\u0159en\u00ed na digit\u00e1ln\u00ed technologie: emitenti stablecoin\u016f, fintech spole\u010dnosti, ve\u0159ejn\u00e9 blockchainy. \u00dalohou tv\u016frc\u016f politik je pomoci tento most vybudovat co nejrychleji a nejbezpe\u010dn\u011bji.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eKl\u00ed\u010dov\u00e1 bude konzistence. M\u00edsto vytv\u00e1\u0159en\u00ed zcela nov\u00e9ho souboru pravidel pro digit\u00e1ln\u00ed trhy\u00a0<\/span><strong><span dir=\"auto\">bychom m\u011bli aktualizovat ta st\u00e1vaj\u00edc\u00ed, aby tradi\u010dn\u00ed a tokenizovan\u00e9 trhy mohly spolupracovat.<\/span><\/strong><span dir=\"auto\">\u00a0Tokenizace tak\u00e9 pot\u0159ebuje ochrann\u00e1 opat\u0159en\u00ed, jako jsou jasn\u00e1 opat\u0159en\u00ed na ochranu kupuj\u00edc\u00edch, aby se zajistila bezpe\u010dnost a transparentnost tokenizovan\u00fdch produkt\u016f, p\u0159\u00edsn\u00e9 standardy rizika protistrany, aby se zabr\u00e1nilo \u0161\u00ed\u0159en\u00ed \u0161ok\u016f, a\u00a0<\/span><strong><span dir=\"auto\">ov\u011b\u0159ov\u00e1n\u00ed digit\u00e1ln\u00ed identity, aby se \u0159e\u0161ila rizika spojen\u00e1 s neleg\u00e1ln\u00edm financov\u00e1n\u00edm.<\/span><\/strong><span dir=\"auto\">\u00a0Lid\u00e9 tak mohou obchodovat a investovat se stejnou jistotou, jakou maj\u00ed p\u0159i platb\u011b kartou nebo bankovn\u00edm p\u0159evodu.\u201c<\/span><\/em><\/p>\n<p><strong><em><span dir=\"auto\">\u201eNejde jen o to, aby se zem\u011b p\u0159izp\u016fsobila st\u00e1vaj\u00edc\u00edmu finan\u010dn\u00edmu syst\u00e9mu. Jde o vybudov\u00e1n\u00ed modern\u00ed finan\u010dn\u00ed infrastruktury od z\u00e1klad\u016f.\u201c<\/span><\/em><\/strong><\/p>\n<p><span dir=\"auto\">A\u010dkoli Fink tvrd\u00ed, \u017ee Indie se (zat\u00edm) nevydala cestou komplexn\u00ed tokenizace, indick\u00e1 vl\u00e1da p\u0159edlo\u017eila sv\u016fj prvn\u00ed ofici\u00e1ln\u00ed n\u00e1vrh z\u00e1kona o tokenizaci, kter\u00fd nasti\u0148uje, jak budou tokeny regulov\u00e1ny, v\u010detn\u011b stablecoin\u016f a \u0159ady dal\u0161\u00edch t\u0159\u00edd aktiv, jako jsou nemovitosti, komodity, emisn\u00ed povolenky a du\u0161evn\u00ed vlastnictv\u00ed. Indie tak\u00e9 za\u010d\u00e1tkem tohoto roku zavedla potravinov\u00e9 pouk\u00e1zky zalo\u017een\u00e9 na CBDC v r\u00e1mci nov\u00e9ho programu p\u0159\u00edd\u011blov\u00e9ho syst\u00e9mu potravin, kter\u00e9 se vkl\u00e1daj\u00ed p\u0159\u00edmo do digit\u00e1ln\u00edch identifika\u010dn\u00edch pen\u011b\u017eenek.<\/span><\/p>\n<p><span dir=\"auto\">Fink a dal\u0161\u00ed z\u00e1stupci pr\u016fmyslu chv\u00e1lili Indii a ozna\u010dili ji za zemi, \u00fadajn\u011b druhou nejlidnat\u011bj\u0161\u00ed na sv\u011bt\u011b, za uk\u00e1zkov\u00fd p\u0159\u00edklad transformace. Na Sv\u011btov\u00e9m ekonomick\u00e9m f\u00f3ru v Davosu v lednu Fink argumentoval, \u017ee tokenizace v\u0161ech aktiv a jejich um\u00edst\u011bn\u00ed na univerz\u00e1ln\u00ed blockchain by ukon\u010dilo korupci.<\/span><\/p>\n<p><em><span dir=\"auto\">\u201eV\u011b\u0159\u00edm, \u017ee trend sm\u011brem k tokenizaci,\u00a0<\/span><strong><span dir=\"auto\">sm\u011brem k decimalizaci<\/span><\/strong><span dir=\"auto\">\u00a0, je nezbytn\u00fd.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eJe ironick\u00e9, \u017ee dv\u011b rozv\u00edjej\u00edc\u00ed se ekonomiky jsou sv\u011btov\u00fdm l\u00eddrem v tokenizaci a digitalizaci sv\u00fdch m\u011bn. Jsou to\u00a0<\/span><strong><span dir=\"auto\">Braz\u00edlie a Indie<\/span><\/strong><span dir=\"auto\">\u00a0. Mysl\u00edm, \u017ee v tomto ohledu mus\u00edme dos\u00e1hnout velmi rychl\u00e9ho pokroku.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eSn\u00ed\u017eili bychom poplatky. Dos\u00e1hli bychom v\u011bt\u0161\u00ed demokratizace sn\u00ed\u017een\u00edm dal\u0161\u00edch poplatk\u016f, kdybychom m\u011bli v\u0161echny investice na tokenizovan\u00e9 platform\u011b, kter\u00e1 by se dala p\u0159epnout z tokenizovan\u00e9ho fondu pen\u011b\u017en\u00edho trhu na akcie a dluhopisy a zp\u011bt.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201e\u00a0<\/span><strong><span dir=\"auto\">M\u00e1me sd\u00edlen\u00fd blockchain. Mohli bychom omezit korupci.<\/span><\/strong><span dir=\"auto\">\u00a0Tak\u017ee bych tvrdil, \u017ee i kdy\u017e m\u016f\u017eeme m\u00edt v\u00edce z\u00e1vislost\u00ed na jednom blockchainu, o \u010dem\u017e bychom mohli v\u0161ichni diskutovat, transakce budou pravd\u011bpodobn\u011b zpracov\u00e1v\u00e1ny bezpe\u010dn\u011bji ne\u017e kdykoli p\u0159edt\u00edm.\u201c<\/span><\/em><\/p>\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\"><iframe loading=\"lazy\" title=\"PANELOV\u00c1 DISKUSE: BlackRock, ECB a Citadel varuj\u00ed, \u017ee si trhy kv\u016fli americk\u00e9mu dluhu zahr\u00e1vaj\u00ed s ohn\u011bm | AC1G\" src=\"https:\/\/www.youtube.com\/embed\/-GqbDLviIFc?feature=oembed\" width=\"800\" height=\"450\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/figure>\n<p><span dir=\"auto\">Indick\u00fd syst\u00e9m digit\u00e1ln\u00ed identifikace Aadhaar je nicm\u00e9n\u011b tak \u00fa\u010dinn\u00fd v identifikaci v\u0161ech ob\u010dan\u016f, \u017ee n\u011bkte\u0159\u00ed nazna\u010duj\u00ed, \u017ee zem\u011b by nemusela tokenizovat v\u0161echno, proto\u017ee identifika\u010dn\u00ed syst\u00e9m funguje tak dob\u0159e, \u017ee vl\u00e1da a RBI v\u011bd\u00ed, co lid\u00e9 d\u011blaj\u00ed.<\/span><\/p>\n<p><span dir=\"auto\">Toto ozn\u00e1men\u00ed bylo provedeno b\u011bhem T\u00fddne Mezin\u00e1rodn\u00edho m\u011bnov\u00e9ho fondu (MMF) a Sv\u011btov\u00e9 banky, kter\u00fd po\u0159\u00e1dala Atlantick\u00e1 rada, v prezentaci s n\u00e1zvem \u201eJak tokenizace pen\u011bz ovlivn\u00ed mezin\u00e1rodn\u00ed m\u011bnov\u00fd syst\u00e9m\u201c.<\/span><\/p>\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\"><iframe loading=\"lazy\" title=\"Jak tokenizace pen\u011bz ovlivn\u00ed mezin\u00e1rodn\u00ed m\u011bnov\u00fd syst\u00e9m\" src=\"https:\/\/www.youtube.com\/embed\/ZZX4sTQN9GQ?feature=oembed\" width=\"800\" height=\"450\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/figure>\n<p><span dir=\"auto\">Siddharth Tiwari z Banky pro mezin\u00e1rodn\u00ed platby (BIS), zn\u00e1m\u00e9 jako \u201ecentr\u00e1ln\u00ed banka centr\u00e1ln\u00edch bank\u201c, vysv\u011btlil, pro\u010d jsou digit\u00e1ln\u00ed identity tak d\u016fle\u017eit\u00e9 v kontextu CBDC, tokenizace, stablecoin\u016f a bezhotovostn\u00edch plateb.<\/span><\/p>\n<p><strong><span dir=\"auto\">Tiwari uvedl n\u00e1sleduj\u00edc\u00ed (zv\u00fdrazn\u011bn\u00ed moje):<\/span><\/strong><\/p>\n<p><em><span dir=\"auto\">\u201eMysl\u00edm si tedy, \u017ee v Indii\u00a0<\/span><strong><span dir=\"auto\">byl internet pou\u017eit k digitalizaci platebn\u00edho syst\u00e9mu \u2013 ne k jeho tokenizaci, ale k jeho digitalizaci.<\/span><\/strong><span dir=\"auto\">\u00a0Je to docela sofistikovan\u00fd syst\u00e9m. Je\u00a0<\/span><strong><span dir=\"auto\">k dispozici 24 hodin denn\u011b, 7 dn\u00ed v t\u00fddnu, 365 dn\u00ed v roce. Funguje okam\u017eit\u011b. Je zdarma<\/span><\/strong><span dir=\"auto\">\u00a0. Je p\u0159\u00e1telsk\u00fd k velk\u00fdm technologick\u00fdm firm\u00e1m a finan\u010dn\u00edm technologi\u00edm, na rozd\u00edl od \u010c\u00edny, kde existuje konkurence mezi Alipay, WeChat Pay a PBC.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eA\u00a0<\/span><strong><span dir=\"auto\">je to vypo\u0159\u00e1d\u00e1no v r\u00e1mci regula\u010dn\u00edho syst\u00e9mu ve fiat m\u011bn\u011b<\/span><\/strong><span dir=\"auto\">\u00a0. A je to prvn\u00ed p\u0159\u00edklad velk\u00fdch fintech spole\u010dnost\u00ed, jako jsou Google Pay, Apple Pay a WhatsApp Pay, kter\u00e9 se vypo\u0159\u00e1daly v r\u00e1mci regula\u010dn\u00edho syst\u00e9mu. A jsou s t\u00edm velmi spokojen\u00e9. Jsou s t\u00edm nesm\u00edrn\u011b spokojen\u00e9.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201e[\u2026] Tak\u017ee to nen\u00ed ani tak ot\u00e1zka rozvojov\u00fdch zem\u00ed nebo vysp\u011bl\u00fdch ekonomik.\u00a0<\/span><strong><span dir=\"auto\">Jde o to, zda m\u00e1te historii finan\u010dn\u00edch transakc\u00ed.<\/span><\/strong><span dir=\"auto\">\u00a0M\u016f\u017eete poskytnout z\u00e1ruku?\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eA tyto probl\u00e9my jsou v Indii stejn\u00e9 ji\u017e 10 let. Rozd\u00edl mezi mu\u017ei a \u017eenami, vzd\u011blan\u00fdmi a nevzd\u011blan\u00fdmi, obyvateli m\u011bst a venkova, zam\u011bstnan\u00fdmi a nezam\u011bstnan\u00fdmi \u2013 p\u0159\u00edstup k finan\u010dn\u00edmu syst\u00e9mu klesl na jednotkov\u00e9 \u010d\u00edslo, co\u017e je nejv\u011bt\u0161\u00ed pokles za posledn\u00edch mo\u017en\u00e1 100 let. A to je obrovsk\u00e9.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eDnes bych si mohl jednodu\u0161e vyt\u00e1hnout mobiln\u00ed telefon \u2013 je kompatibiln\u00ed \u2013 p\u0159ev\u00e9st v\u00e1m n\u011bjak\u00e9 pen\u00edze a vy byste je dostali za m\u00e9n\u011b ne\u017e vte\u0159inu. V Singapuru je to stejn\u00e9. Mysl\u00edm, \u017ee guvern\u00e9r zde \u0159ekl, \u017ee na maloobchodn\u00ed \u00farovni nesleduj\u00ed tokenizaci, proto\u017ee drobn\u00ed investo\u0159i nebudou p\u0159ech\u00e1zet mezi tokenizovan\u00fdmi vklady a t\u00edm, co ji\u017e dr\u017e\u00ed.\u201c<\/span><\/em><\/p>\n<p><span dir=\"auto\">Hung Tran z Atlantick\u00e9 rady zopakoval Tiwariho body a zd\u016fraznil, \u017ee digit\u00e1ln\u00ed identifikace je kl\u00ed\u010dov\u00e1 pro fungov\u00e1n\u00ed tohoto syst\u00e9mu, zejm\u00e9na s ohledem na potenci\u00e1ln\u00ed tokenizaci ekonomiky na \u00farovni maloobchodu. Tran dodal:<\/span><\/p>\n<p><em><span dir=\"auto\">\u201ePokud v\u00edm, kl\u00ed\u010dov\u00fdm p\u0159edpokladem pro fungov\u00e1n\u00ed tohoto syst\u00e9mu UPI v Indii je\u00a0<\/span><strong><span dir=\"auto\">digit\u00e1ln\u00ed identita, kter\u00e1<\/span><\/strong><span dir=\"auto\">\u00a0byla v Indii zavedena jako ve\u0159ejn\u00fd statek a vy\u017eaduje dvoufaktorov\u00e9 ov\u011b\u0159ov\u00e1n\u00ed. To znamen\u00e1, \u017ee\u00a0<\/span><strong><span dir=\"auto\">ka\u017ed\u00fd m\u00e1 nyn\u00ed jak\u00fdsi digit\u00e1ln\u00ed identifika\u010dn\u00ed prvek.\u201c<\/span><\/strong><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eBanky se p\u0159i takov\u00fdch transakc\u00edch c\u00edt\u00ed bezpe\u010dn\u011b, proto\u017ee v\u011bd\u00ed, \u017ee se skute\u010dn\u011b jedn\u00e1 o jejich z\u00e1kazn\u00edka a \u017ee se skute\u010dn\u011b jedn\u00e1 o p\u0159\u00edjemce, kter\u00e9mu chce tento z\u00e1kazn\u00edk poslat pen\u00edze.\u00a0<\/span><strong><span dir=\"auto\">Bez tohoto syst\u00e9mu digit\u00e1ln\u00ed identifikace je proto t\u011b\u017ek\u00e9 si p\u0159edstavit, \u017ee by n\u011bco takov\u00e9ho fungovalo<\/span><\/strong><span dir=\"auto\">\u00a0. A tuto digit\u00e1ln\u00ed identifikaci pravd\u011bpodobn\u011b nelze snadno p\u0159en\u00e9st do jin\u00fdch zem\u00ed, proto\u017ee tam p\u0159evl\u00e1daj\u00ed jin\u00e9 kulturn\u00ed a spole\u010densk\u00e9 hodnoty a lid\u00e9 s n\u00ed nemus\u00ed souhlasit. Existuj\u00ed tedy dal\u0161\u00ed po\u017eadavky.\u201c<\/span><\/em><\/p>\n<p><span dir=\"auto\">Tran pokra\u010doval s t\u00edm, \u017ee identity \u2013 tedy my sami \u2013 budou tokenizov\u00e1ny za 15 let.<\/span><\/p>\n<p><em><span dir=\"auto\">\u201eBIS se zab\u00fdv\u00e1 n\u011b\u010d\u00edm, \u010demu se \u0159\u00edk\u00e1\u00a0<\/span><strong><span dir=\"auto\">jednotn\u00e1 \u00fa\u010detn\u00ed kniha<\/span><\/strong><span dir=\"auto\">\u00a0. To n\u00e1s vrac\u00ed na za\u010d\u00e1tek t\u00e9to konverzace: pokud m\u00e1te 10 a 90 procent,\u00a0<\/span><strong><span dir=\"auto\">pro\u010d to cel\u00e9 netokenizovat? Tokenizovat ve\u0159ejn\u00e9 fondy, CBDC, bankovn\u00ed vklady, akciov\u00fd trh<\/span><\/strong><span dir=\"auto\">\u00a0, aby mohly slou\u017eit jako z\u00e1stava k p\u016fj\u010dov\u00e1n\u00ed. A pokud se touto cestou vyd\u00e1te, jakmile bude v\u0161e tokenizov\u00e1no, bude to extr\u00e9mn\u011b efektivn\u00ed.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eA tak\u00e9 to ud\u011bl\u00e1te \u2013 vid\u00edte,\u00a0<\/span><strong><span dir=\"auto\">nepochybuji o tom, \u017ee za 15 let budeme my dva tokenizovan\u00ed<\/span><\/strong><span dir=\"auto\">\u00a0.\u201c<\/span><\/em><\/p>\n<p><span dir=\"auto\">Z\u00e1padn\u00ed vl\u00e1dy ti\u0161e p\u0159ech\u00e1zej\u00ed sv\u00e1 hospod\u00e1\u0159stv\u00ed na tokenizovan\u00fd model a zav\u00e1d\u011bj\u00ed digit\u00e1ln\u00ed identifika\u010dn\u00ed karty.<\/span><\/p>\n<p><span dir=\"auto\">Spojen\u00e9 kr\u00e1lovstv\u00ed ned\u00e1vno ozn\u00e1milo sv\u016fj z\u00e1m\u011br pln\u011b p\u0159ijmout tokenizovanou ekonomiku a Philip Belamant, spoluzakladatel a gener\u00e1ln\u00ed \u0159editel spole\u010dnosti Zilch, aplikace pro digit\u00e1ln\u00ed platby a nakupov\u00e1n\u00ed, po ozn\u00e1men\u00ed uvedl: \u201e\u00a0<\/span><strong><span dir=\"auto\">Um\u011bl\u00e1 inteligence z\u00e1sadn\u011b zm\u011bn\u00ed zp\u016fsob, jak\u00fdm lid\u00e9 spravuj\u00ed pen\u00edze, a prom\u011bn\u00ed<\/span><\/strong><span dir=\"auto\">\u00a0platby z n\u011b\u010deho, co spot\u0159ebitel\u00e9 aktivn\u011b spravuj\u00ed, v\u00a0<\/span><strong><span dir=\"auto\">n\u011bco, co je inteligentn\u011b spravov\u00e1no a optimalizov\u00e1no na pozad\u00ed.<\/span><\/strong><span dir=\"auto\">\u00a0Vzhledem k tomu, \u017ee se to st\u00e1v\u00e1 realitou, je z\u00e1sadn\u00ed, aby se regulace vyv\u00edjela tak, aby podporovala inovace a z\u00e1rove\u0148 zachovala silnou ochranu spot\u0159ebitel\u016f.\u201c<\/span><\/p>\n<p><span dir=\"auto\">Mezit\u00edm v dubnu americk\u00fd ministr financ\u00ed Scott Bessent ozn\u00e1mil, \u017ee prezident Trump pl\u00e1nuje podepsat v\u00fdkonn\u00fd p\u0159\u00edkaz, kter\u00fd by bank\u00e1m na\u0159izoval, aby od z\u00e1kazn\u00edk\u016f vy\u017eadovaly biometrick\u00e9 \u00fadaje a cestovn\u00ed pasy k otev\u0159en\u00ed a veden\u00ed bankovn\u00edho \u00fa\u010dtu \u2013 pod rou\u0161kou boje proti neleg\u00e1ln\u00ed imigraci. Tento pl\u00e1n vych\u00e1z\u00ed z po\u017eadavk\u016f uveden\u00fdch v z\u00e1kon\u011b Genius Act, kter\u00fd Trump podepsal loni, a ve zpr\u00e1v\u011b B\u00edl\u00e9ho domu s n\u00e1zvem \u201ePosilov\u00e1n\u00ed americk\u00e9ho v\u016fd\u010d\u00edho postaven\u00ed v oblasti digit\u00e1ln\u00edch finan\u010dn\u00edch technologi\u00ed\u201c, jej\u00ed\u017e auto\u0159i uv\u00e1d\u011bj\u00ed, \u017ee B\u00edl\u00fd d\u016fm \u201epodporuje my\u0161lenku, \u017ee digit\u00e1ln\u00ed aktiva a technologie blockchain mohou zp\u016fsobit revoluci nejen v americk\u00e9m finan\u010dn\u00edm syst\u00e9mu, ale tak\u00e9 v syst\u00e9mech vlastnictv\u00ed a spr\u00e1vy v cel\u00e9 ekonomice\u201c \u2013 o \u010dem\u017e jsme psali v prvn\u00edm \u010d\u00edsle RTT.<\/span><\/p>\n<p><span dir=\"auto\">To v\u0161e je sou\u010d\u00e1st\u00ed komplexn\u00ed celosv\u011btov\u00e9 iniciativy zam\u011b\u0159en\u00e9 na p\u0159epracov\u00e1n\u00ed a restrukturalizaci glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu. V dubnu napsal gener\u00e1ln\u00ed \u0159editel Sv\u011btov\u00e9ho ekonomick\u00e9ho f\u00f3ra Matthew Blake: \u201eFinan\u010dn\u00ed syst\u00e9m proch\u00e1z\u00ed transformac\u00ed. Z\u00fa\u010dastn\u011bn\u00e9 strany se mus\u00ed p\u0159izp\u016fsobit.\u201c<\/span><\/p>\n<p><em><span dir=\"auto\">\u201eV\u010derej\u0161\u00ed severn\u00ed hv\u011bzda glob\u00e1ln\u00ed finan\u010dn\u00ed harmonie ustoupila dne\u0161n\u00ed realpolitice. Region\u00e1ln\u00ed spolupr\u00e1ce v\u0161ak nemus\u00ed sv\u011bt zcela fragmentovat.\u00a0<\/span><strong><span dir=\"auto\">Trv\u00e1n\u00edm na tom, aby vl\u00e1dy pevn\u011b integrovaly interoperabilitu do architektury finan\u010dn\u00edch syst\u00e9m\u016f,<\/span><\/strong><span dir=\"auto\">\u00a0mohou vedouc\u00ed pracovn\u00edci prom\u011bnit region\u00e1ln\u00ed integraci v odrazov\u00fd m\u016fstek pro obnovenou glob\u00e1ln\u00ed propojenost, sp\u00ed\u0161e ne\u017e aby j\u00ed dovolili zkostnat\u011bt v trvalou slepou uli\u010dku.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eTi, kdo p\u0159izp\u016fsob\u00ed sv\u00e9 obchodn\u00ed modely, politick\u00e9 r\u00e1mce a rizikov\u00e9 p\u0159edpoklady t\u00e9to nov\u00e9 realit\u011b, pomohou\u00a0<\/span><strong><span dir=\"auto\">vytvo\u0159it syst\u00e9m vhodn\u00fd pro multipol\u00e1rn\u00ed sv\u011bt.<\/span><\/strong><span dir=\"auto\">\u00a0Ti, kdo se dr\u017e\u00ed zastaral\u00fdch p\u0159edpoklad\u016f, riskuj\u00ed, \u017ee z\u016fstanou pozadu.\u201c<\/span><\/em><\/p>\n<p><span dir=\"auto\">Kl\u00ed\u010dov\u00fdm slovem je \u201einteroperabilita\u201c. Jednotliv\u00e9 zem\u011b se vydaj\u00ed r\u016fzn\u00fdmi cestami: n\u011bkter\u00e9 se budou pro velkoobchodn\u00ed a maloobchodn\u00ed transakce spol\u00e9hat v\u00fdhradn\u011b na CBDC, jin\u00e9 se zam\u011b\u0159\u00ed na stablecoiny, zat\u00edmco dal\u0161\u00ed zavedou hybridn\u00ed syst\u00e9my, kter\u00e9 p\u0159edstavuj\u00ed st\u0159edn\u00ed cestu \u2013 zcela se neopust\u00ed hotovosti, ale zajist\u00ed, aby byla zavedena tokenizovan\u00e1, blockchainov\u00e1 a POS infrastruktura, kter\u00e1 zaru\u010d\u00ed sledovatelnost transakc\u00ed; v\u0161echny tyto r\u016fzn\u00e9 syst\u00e9my v\u0161ak budou schopny harmonicky spolupracovat.<\/span><\/p>\n<p><span dir=\"auto\">Jak vysv\u011btluje spole\u010dnost Fireblocks, kter\u00e1 je pova\u017eov\u00e1na za nejd\u016fv\u011bryhodn\u011bj\u0161\u00ed spole\u010dnost na sv\u011bt\u011b v oblasti infrastruktury digit\u00e1ln\u00edch aktiv a stablecoin\u016f, odkazovala na to, co naz\u00fdv\u00e1 \u201et\u0159i vrcholy m\u011bnov\u00e9ho troj\u00faheln\u00edku\u201c; sest\u00e1vaj\u00edc\u00ed z CBDC, stablecoin\u016f a tokenizovan\u00fdch aktiv.<\/span><\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!mH1X!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3255d410-0d4f-45fc-b730-cf5fdccb5c59_1024x572.webp\" alt=\"\" width=\"764\" height=\"427\" \/><\/figure>\n<p><span dir=\"auto\">Kl\u00ed\u010dem k tomu v\u0161emu je interoperabilita, jak se j\u00ed \u0159\u00edk\u00e1:<\/span><\/p>\n<p><em><span dir=\"auto\">\u201eKl\u00ed\u010dem je zajistit takzvanou\u00a0<\/span><strong><span dir=\"auto\">uniformitu pen\u011bz \u2013<\/span><\/strong><span dir=\"auto\">\u00a0jejich \u00faplnou zam\u011bnitelnost za nomin\u00e1ln\u00ed hodnotu\u00a0<\/span><strong><span dir=\"auto\">\u2013<\/span><\/strong><span dir=\"auto\">\u00a0aby byla zaru\u010dena hladk\u00e1 a d\u016fv\u011bryhodn\u00e1 interakce, jak ji dnes o\u010dek\u00e1v\u00e1me.\u201c<\/span><\/em><\/p>\n<p><em><span dir=\"auto\">\u201eNakonec mus\u00edme p\u0159estat vn\u00edmat tyto t\u0159i formy pen\u011bz jako konkurenty. Jak syst\u00e9m dozr\u00e1v\u00e1, bude jasn\u00e9, \u017ee budou\u00a0<\/span><strong><span dir=\"auto\">koexistovat jako t\u0159i z\u00e1kladn\u00ed kameny nov\u00e9ho troj\u00faheln\u00edku digit\u00e1ln\u00edch pen\u011bz<\/span><\/strong><span dir=\"auto\">\u00a0, stejn\u011b jako je tomu u r\u016fzn\u00fdch forem pen\u011bz dnes.\u201c<\/span><\/em><\/p>\n<p><em><strong><span dir=\"auto\">\u201eInteroperabilita<\/span><\/strong><span dir=\"auto\">\u00a0pom\u016f\u017ee uvolnit potenci\u00e1l\u00a0<\/span><strong><span dir=\"auto\">programovatelnosti<\/span><\/strong><span dir=\"auto\">\u00a0a\u00a0<\/span><strong><span dir=\"auto\">kombinovatelnosti<\/span><\/strong><span dir=\"auto\">\u00a0blockchain\u016f. To n\u00e1m nap\u0159\u00edklad umo\u017en\u00ed naprogramovat tokenizovan\u00fd vklad tak, aby finan\u010dn\u00ed prost\u0159edky byly obchodn\u00edkovi p\u0159evedeny ihned po doru\u010den\u00ed zbo\u017e\u00ed, zat\u00edmco \u0159idi\u010d kur\u00fdra sou\u010dasn\u011b obdr\u017e\u00ed platbu ve stablecoinu dle vlastn\u00edho v\u00fdb\u011bru a programov\u011b vyrovn\u00e1 dlu\u017en\u00e9 \u010d\u00e1stky da\u0148ov\u00fdm \u00fa\u0159ad\u016fm v re\u00e1ln\u00e9m \u010dase ve form\u011b CBDC \u2013 to v\u0161e bez nutnosti ru\u010dn\u00edho odsouhlasov\u00e1n\u00ed.\u201c<\/span><\/em><\/p>\n<p><span dir=\"auto\">V pr\u016fb\u011bhu let a v reakci na ve\u0159ejnou kritiku CBDC se zd\u00e1, \u017ee centr\u00e1ln\u00ed banky, soukrom\u00e9 fintech spole\u010dnosti a korporace se sna\u017e\u00ed zav\u00e9st je\u0161t\u011b kontroln\u011bj\u0161\u00ed a represivn\u011bj\u0161\u00ed syst\u00e9m, ne\u017e byl p\u016fvodn\u011b ozn\u00e1men; syst\u00e9m, kter\u00fd se jev\u00ed jako transparentn\u011bj\u0161\u00ed a spravedliv\u011bj\u0161\u00ed, svobodn\u011bj\u0161\u00ed a f\u00e9rov\u011bj\u0161\u00ed, ale ve skute\u010dnosti je to je\u0161t\u011b sofistikovan\u011bj\u0161\u00ed, gigantick\u00fd syst\u00e9m, kter\u00fd nechceme. Nikdy nezapome\u0148te, \u017ee jsou to ti sam\u00ed lid\u00e9, kte\u0159\u00ed se na v\u00e1s usm\u00edvaj\u00ed a \u0159\u00edkaj\u00ed: \u201eNebudete nic vlastnit a budete \u0161\u0165astn\u00ed.\u201c<\/span><\/p>\n<p><span dir=\"auto\">Zat\u00edmco se masy rozptyluj\u00ed jinde, buduje se nov\u00e1 infrastruktura pro na\u0161e digit\u00e1ln\u00ed zotro\u010den\u00ed. Rok 2026 se r\u00fdsuje jako kl\u00ed\u010dov\u00fd pro tokenizaci a digit\u00e1ln\u00ed identitu\u2026<\/span><\/p>\n<p><strong><span dir=\"auto\">Zdroje:<\/span><\/strong><\/p>\n<ol>\n<li><a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-1\"><span dir=\"auto\">1<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/www.blackrock.com\/corporate\/investor-relations\/larry-fink-annual-chairmans-letter<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-2\"><span dir=\"auto\">2<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/tokenization-blackrocks-larry-fink<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-3\"><span dir=\"auto\">3<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/tokenization-takes-center-stage-at<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-4\"><span dir=\"auto\">4<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/tokenization-how-tokenizing-all-assets<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-5\"><span dir=\"auto\">5<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/www.ledgerinsights.com\/first-tokenization-bill-tabled-in-india-but-legislation-not-proposed-by-government\/<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-6\"><span dir=\"auto\">6<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/india-introduces-monthly-cbdc-based<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-7\"><span dir=\"auto\">7<\/span><\/a><span dir=\"auto\">\u00a0Tamt\u00e9\u017e.<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-8\"><span dir=\"auto\">8<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/www.youtube.com\/live\/ZZX4sTQN9GQ<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-9\"><span dir=\"auto\">9<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/united-kingdom-affirms-plans-to-fully<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-10\"><span dir=\"auto\">10<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/digital-id-treasury-secretary-scott<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-11\"><span dir=\"auto\">11<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/thewinepress.substack.com\/p\/tokenization-trump-administration<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-12\"><span dir=\"auto\">12<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/www.weforum.org\/stories\/2026\/04\/the-financial-system-is-rebooting-stakeholders-must-adapt\/<\/span><br \/>\n<a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email#footnote-anchor-13\"><span dir=\"auto\">13<\/span><\/a><span dir=\"auto\">\u00a0https:\/\/www.fireblocks.com\/blog\/stablecoins-tokenized-deposits-cbdcs<\/span><\/li>\n<\/ol>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-8c57238 quelle dc-has-condition dc-condition-empty elementor-widget elementor-widget-heading\" data-id=\"8c57238\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"font-size: 10pt;\"><a href=\"https:\/\/thewinepress.substack.com\/p\/blackrock-ceo-and-wef-co-chair-says?utm_source=post-email-title&amp;publication_id=832192&amp;post_id=196474745&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=pf6gr&amp;triedRedirect=true&amp;utm_medium=email\" target=\"_blank\" rel=\"nofollow noopener\"><span dir=\"auto\">Zdroj<\/span><\/a><\/span><\/h3>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201eNejde jen o to, aby se zem\u011b p\u0159izp\u016fsobila st\u00e1vaj\u00edc\u00edmu finan\u010dn\u00edmu syst\u00e9mu. Jde o vybudov\u00e1n\u00ed modern\u00ed&#8230;<\/p>\n","protected":false},"author":2,"featured_media":106403,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,59,45],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/106402"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=106402"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/106402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/106403"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=106402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=106402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=106402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}