A new structure does not change the underlying asset Capital-market innovation can make issuance, ownership records and settlement more efficient. It cannot by itself make a weak project generate dependable cash. For businesses considering investment opportunities across BRICS markets, the starting point should remain the asset's economics, governance and investor rights. Technology can improve how those elements are administered, but it should not obscure them behind a new label or an apparently convenient trading interface. The BIS's 2025 monetary-system analysis discusses tokenisation and its potential applications in securities markets. BIS tokenisation analysis. The discussion describes possibilities for financial infrastructure; it is not an endorsement of a particular token, platform or…