普华永道：2022年度全球央行数字货币指数报告_70页_3mb

PwC Global CBDC Index and Stablecoin Overview 2022 Summary

Core Content

The PwC Global CBDC Index and Stablecoin Overview 2022 provides an in-depth analysis of the progress and development of Central Bank Digital Currencies (CBDCs) and stablecoins globally. It outlines the maturity levels of CBDC projects, the evolving role of stablecoins, and the broader implications of these technologies on financial systems and economies.

Main Points

1. CBDC Maturity and Adoption

• CBDCs are being actively developed by over 80% of central banks globally, with some already launched or in active pilot phases.
• Three live retail CBDCs exist: The Bahamas (Sand Dollar), Nigeria (e-Naira), and China (e-CNY).
• Nigeria launched e-Naira in October 2021, aiming to increase financial inclusion from 64% to 95%.
• China has the largest CBDC pilot, with 12 cities participating in the digital yuan (e-CNY) project, which is expected to expand further.
• Jamaica plans to launch its CBDC, Jam-Dex, in April 2022, using a non-blockchain platform.
• The UK has not pursued a wholesale CBDC due to the existence of RTGS systems, and the Eurozone is not included in the wholesale index due to its focus on retail CBDCs.

2. Stablecoins: A Complementary Tool

• Stablecoins are digital currencies that are pegged to assets (e.g., fiat, crypto, or other collateral) and serve as a bridge between traditional financial systems and digital technologies.
• They offer key benefits such as transmissibility, continuous settlement, traceability, cross-border interoperability, low transaction fees, and programmability.
• Five categories of stablecoins are identified: fiat-backed, crypto-backed, algorithmic, security-backed, and other asset-backed coins.
• Regulatory challenges are significant, as stablecoins must maintain transparency, collateralization, and auditability to ensure trust and stability.
• Geopolitical implications include the ability to deny transactions linked to sanctioned entities, enhancing financial control.

3. Index Methodology

• The CBDC Index is a synthetic measure of central banks’ progress and stance on CBDC development.
• It is technology-agnostic, focusing on the project status, central bank speech stance, and public interest (measured via Google Trends or Baidu Index).
• Project status accounts for 75% of the index, with more advanced stages receiving higher scores.
• Speech stance accounts for 17%, reflecting the central bank’s future intentions and legal considerations.
• Public interest accounts for 8%, indicating potential private sector engagement and support.

Key Insights

Retail CBDCs

• The Top 10 retail CBDCs have seen significant changes in 2022, with Nigeria, Jamaica, and Thailand entering the list and Cambodia, Ecuador, and Turkey exiting.
• Nigeria's e-Naira is a hybrid two-tiered system, where the Central Bank of Nigeria (CBN) issues the currency and relies on private sector actors for distribution and usage.
• The Bahamas' Sand Dollar is a fully state-backed CBDC, with all residents able to access it through mobile apps or payment cards.
• China's e-CNY is the most extensive CBDC pilot, with over 261 million wallets and 13.7 billion total transactions reported as of February 2022.
• Jamaica's Jam-Dex is expected to be a non-blockchain CBDC, designed to integrate with existing payment systems.

Wholesale CBDCs

• The Top 10 wholesale CBDCs have remained relatively stable compared to 2021, with Saudi Arabia and Switzerland entering the list and UK and Eurozone exiting.
• Germany is exploring trigger solutions as an alternative to wholesale CBDCs, aiming to integrate with existing RTGS systems.
• Interoperability across G7 and G20 countries is a key focus for future CBDC development.

Trends to Watch

• Global CBDC development continues at a rapid pace, especially in developing countries where financial inclusion is a primary goal.
• User stories are emerging from live or near-live CBDC projects, showing how these currencies are being used in daily transactions.
• Technology decisions are critical, with central banks considering the use of ledgers, distributed ledgers, and blockchain for future CBDCs.
• CBDCs and stablecoins are both being evaluated for their ability to enhance financial inclusion, reduce transaction costs, and improve cross-border payments.

Conclusion

The report highlights the growing importance of digital currencies in reshaping financial ecosystems. CBDCs are seen as a means to improve financial inclusion, efficiency, and security, while stablecoins provide a flexible, semi-state-backed alternative that bridges traditional and digital finance. PwC emphasizes the need for regulatory clarity, technological alignment, and transparent frameworks to ensure the successful and secure deployment of these digital assets.