世界经济论坛-数字货币治理联盟白皮书系列（英）-2021.11-223页_23mb

Summary of the Digital Currency Governance Consortium White Paper Series

Core Content

The Digital Currency Governance Consortium (DCGC), a global initiative led by the World Economic Forum, aims to address the governance challenges and opportunities associated with central bank digital currencies (CBDCs) and stablecoins. The series comprises eight white papers that explore regulatory, value proposition and technological aspects of digital currencies, with the goal of providing a neutral, objective and analytical framework for policymakers and industry stakeholders.

Main Focus Areas

1. Regulatory Choices

• Paper 1 discusses the role of the public sector and public-private cooperation in the development and regulation of digital currencies, emphasizing the need for collaborative frameworks to manage risks and harness benefits.
• Paper 2 highlights regulatory and policy gaps in the oversight of digital currencies. It identifies inconsistencies and lacks in regulatory frameworks, and proposes ways to close these gaps to ensure responsible innovation and consumer protection.

2. Value Proposition for the Underserved

• Paper 4 examines the value proposition of stablecoins for financial inclusion, assessing whether they can provide accessible and stable financial services to underserved populations.
• Paper 5 explores the use of blockchain-based digital currencies in cross-border aid disbursement, analyzing current efforts and potential benefits for humanitarian and development initiatives.

3. Technology Choices

• Paper 6 evaluates privacy and confidentiality options for CBDCs, considering technical approaches to protect user data while maintaining necessary transparency.
• Paper 7 defines interoperability in the context of digital currencies and outlines high-level design principles for enabling seamless interaction between different digital currency systems.
• Paper 8 considers key technical design choices for CBDCs, including security, scalability, and user experience, which are critical for their successful implementation.

Key Information

• The DCGC includes over 85 organizations from the public, private, civil society and academic sectors.
• CBDCs are being explored by more than 70% of central banks, with examples like China's DC/EP and the Bahamas' Sand Dollar.
• Stablecoins, while offering price stability, often lack sufficient regulatory oversight and consumer protection.
• The white papers are structured into three thematic categories: Regulatory Choices, Value Proposition for the Underserved, and Technology Choices.
• The series draws on multi-stakeholder engagement, including workshops, interviews, and research conducted over an 18-month period.
• The DCGC collaborates with international bodies such as the FSB, FATF, and BIS, and aims to complement their efforts in digital currency governance.

Key Issues and Questions Addressed

• How can public-private cooperation support the responsible development of digital currencies?
• What regulatory gaps exist in the oversight of digital currencies, and how can they be addressed?
• What are the key consumer protection risks associated with digital currencies and how should they be mitigated?
• Can stablecoins and blockchain-based payments effectively support financial inclusion and efficient cross-border transactions?
• What privacy and confidentiality mechanisms are technically feasible for CBDCs?
• What does interoperability mean for digital currencies, and what are the design principles to achieve it?
• What technical considerations should be taken into account when designing a CBDC?

Contributors and Reviewers

The white paper series was developed through collaborative efforts involving numerous experts from the public and private sectors, including:

• Steering Committee Members: Mark Carney, Benoit Cceuré, Meltem Demirors, Hikmet Ersek, Jacob A. Frenkel, Glenn H. Hutchins, Paula Ingabire, Eric Jing, Eva Kaili, Charlotte Hogg, Alfred F. Kelly, H.M. Queen Maxima of the Netherlands, Michael Miebach, Zhu Min, Sara Pantuliano, Marcus Pleyer, Anne Richards, Dan Schulman, Tharman Shanmugaratnam.
• Contributors: Includes experts from PayPal, Standard Chartered Bank, Mastercard, Visa, cLabs, BBVA, Accenture, Ripple, and others.
• Reviewers: A wide range of policy advisors, legal experts, and technology professionals provided critical feedback on the drafts.

Conclusion

The DCGC white paper series serves as a comprehensive guide for understanding the governance, regulation, and technology of digital currencies. It aims to inform and guide policymakers and industry leaders in making responsible and informed decisions as digital currencies become more integrated into the global financial system. The series emphasizes the importance of multi-stakeholder collaboration, regulatory consistency, and technological innovation to ensure the safe and inclusive development of digital currencies.