Introduction

Legal Literacy- In recent years, the world has witnessed a major transformation in the global financial system through the presence of decentralized digital currencies. It was initially pioneered by a digital currency calledBitcoin. In a decentralized and unregulatedpeer to peer (p2p) ecosystem, the main obstacle to creating digital currency istrust , also calledThe Byzantine General’s Problem.[1]as an example of how we can trust an unregulated system to work well withouterror orfraudso that it can createtrust againstuserwho use the system. The presence of regulators regulates not only making rules but also as supervisors in commercial activities so that these activities can be carried out fairly and regularly, thereby protecting the interests of consumers or business actors who run the system. The presence ofBitcoinin 2009 through the publicationresearch paperentitledBitcoin: A peer to peer electronic cash system written by a person with the pseudonym Satoshi Nakamoto.[2]Bitcoinitself was created with a technology calledBlockchainusing cryptographic technology to store value in data blocks and distribute it into an ecosystem where every data input into the block will be verified by allminerso that the data in the block is transparent and accountable. This scheme is able to build trust among the public that a system operating without regulation can run transparently and perform economic functions like a conventional banking system supervised by regulators.[3]This is evidenced by the emergence of various decentralized financial activitiesDecentralized Finance(DeFi) as of July 2025 the DeFi market size is around 139.74 billion USD.[4]as well as the tokenization process for real-world assets (real-world assets), such as Government Bonds and other financial instruments, According to the reportMcKinsey & Companyin the summer of 2024, the financial products most likely to be tokenized by 2030 are cash and deposits, bonds, loans, and ETFs. This estimate is compiled from various sources to project how large the real-world asset tokenization market will be (real-world asset) and what types of financial products are most likely to adopt it. Since 2024, the topic of tokenization onblockchainhas received widespread attention, although estimates of its market value vary widely between sources, as the financial industry seeks ways to improve technology and respond to increasing regulatory pressures.[5]The development of blockchain technology that offers a monetary system through decentralized and unregulated digital currencies is encouraging central banks to respond by issuing Central Bank Digital Currencies (CBDC). CBDCs are official digital currencies issued by central banks and are under government regulation.