2022-10-16-普华永道-2022年度全球央行数字货币指数报告（英文版）_70页_8mb

PwC Global CBDC Index and Stablecoin Overview 2022 Summary

Core Content

The PwC Global CBDC Index and Stablecoin Overview 2022 provides a comprehensive analysis of the development and maturity of central bank digital currencies (CBDCs) and stablecoins. It highlights the growing interest in CBDCs across the globe, the increasing role of stablecoins in financial ecosystems, and the challenges and opportunities associated with both.

Main Points

• CBDC Maturity: Over 80% of central banks are considering or have launched CBDCs, either for retail or wholesale use. CBDCs are measured via a synthetic index capturing progress and stance on development.

• Stablecoin Overview: Stablecoins are digital currencies backed by fiat or other assets, offering many of the same utilities as CBDCs. However, they are not fully state-backed. The report outlines the criteria for evaluating stablecoins, emphasizing transparency, collateralization, and auditability.

• Political and Economic Context: CBDCs are seen as a means to enhance financial inclusion, reduce transaction costs, and improve cross-border payments. The report notes that while some countries like the UK remain skeptical, others like the Eurozone and China are actively progressing with their CBDC initiatives.

• PwC's Role: PwC offers a broad range of expertise in blockchain, digital trust, and risk management, supporting central banks in their CBDC development.

Key Insights

CBDC Index Overview

• The CBDC Index evaluates central banks based on three factors: project status, central bank speech stance, and public interest proxy.

• Project Status: Accounts for 75% of the index. It tracks development stages (research, pilot, production) and simulates progress based on the duration of pilot projects.

• Speech Stance: Captures central bankers' recent opinions, indicating future project directions and legal considerations. It accounts for 17%.

• Public Interest Proxy: Measures public sentiment using Google Trends (for non-China projects) and Baidu Index (for China projects). It accounts for 8%.

Retail CBDC Top 10

• New Entries: Nigeria, Jamaica, and Thailand have entered the top 10.

• Exits: Cambodia and Ecuador have exited due to reclassification or project cancellation.

• Nigeria (eNaira): Launched in October 2021, it is a two-tiered hybrid CBDC. It has 666k wallets, 700k app downloads, and 35k+ transactions as of December 2021. It aims to improve financial inclusion and support a sustainable payment system.

• The Bahamas (Sand Dollar): Launched in October 2020, it is the first CBDC globally. It is accessible via mobile apps and physical cards. The CBDC supports micro-loans, secure transactions, and financial inclusion.

• Mainland China (Digital Yuan/e-CNY): Launched in 2020, it is the first major economy to pilot a CBDC. It is currently being tested in 12 cities, with plans to expand further. The project has four wallet tiers and is expected to support monetary sovereignty and internationalization of the yuan.

Wholesale CBDC Top 10

• New Entries: Saudi Arabia and Switzerland have entered the top 10.

• Exits: The UK and Eurozone have exited due to their focus on retail CBDCs and existing settlement systems.

• Wholesale CBDCs: Aim to streamline security token post-trade operations and improve market efficiency. Some central banks are exploring DLT-compatible alternatives to wholesale CBDCs.

Three Trends to Watch in 2022

1. Global CBDC Projects Continue at Pace: Over 80% of central banks are exploring CBDCs, with several live or near-live projects.

2. User Stories Begin to Emerge: Live CBDCs in Nigeria, The Bahamas, and China are showing early adoption and integration into financial ecosystems.

3. Technology Decisions Are Made: Central banks are making key decisions on ledger type, blockchain use, and identity integration, with a focus on interoperability and ESG alignment.

Stablecoin Framework

• Stability Mechanism: Stablecoins are backed by fiat or other assets on a one-to-one basis. They allow a bridge between traditional finance and digital technologies.

• Transparency and Collateralization: It is crucial to demonstrate that the stablecoin is appropriately collateralized and externally audited to ensure trust and reliability.

• Regulatory Challenges: Stablecoins face cross-jurisdictional regulatory issues, as evidenced by the Diem project and its eventual sale to Silvergate.

Conclusion

The PwC report underscores the increased global interest in CBDCs and stablecoins, highlighting their potential to transform financial systems, enhance inclusion, and reduce transaction costs. While CBDCs are seen as a state-backed solution, stablecoins offer private-sector alternatives with unique benefits. The report also stresses the importance of regulatory frameworks, transparency, and technological decisions in shaping the future of digital currencies.