According to Cointelegraph, Tony Mcraughlin, managing director of transaction banking at Citibank, said digital currencies are the battleground for another current paradigm-shifting format war. Digital currencies themselves are still undergoing significant evolution along three lines: financial institutions, fintech and crypto. Tokenization will play an important role in determining the ultimate victor of the digital currency format war. Issues surrounding government regulation and asset liability may be the deciding factors in the digital currency format war. Building a financial services infrastructure on tokens is preferable to a current account-based model. A world of tokens may be more programmable than a world of traditional, siloed financial infrastructures. tony Mcraughlin urges financial services stakeholders to consider moving to a token-based system so that their digital currencies benefit from programmability, always-on, etc.