2022-09-21-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

Central Bank Digital Currency (CBDC)

• Global CBDC Adoption: Over 80% of central banks are exploring or have launched pilot projects for CBDCs, covering both retail and wholesale applications. Countries like Nigeria, The Bahamas, and Mainland China are at the forefront with live or near-live retail CBDCs.
• Key Developments:
  • Nigeria (e-Naira): Aims to boost financial inclusion and GDP growth; designed on principles of inclusivity and efficiency.
  • The Bahamas (Sand Dollar): Focuses on secure transactions, reduced costs, and enhanced financial inclusion.
  • Mainland China (Digital Yuan): Large-scale pilot in 12 cities, with plans to expand; emphasizing efficiency and payment system transformation.
• Wholesale CBDC Focus: Projects like mBridge and Project Dunbar are advancing cross-border payment solutions using wholesale CBDCs. Central banks are exploring interoperability, settlement efficiency, and security.
• Regulatory and Political Considerations:
  • The UK and Eurozone are more cautious, citing a lack of compelling use cases for retail CBDCs.
  • Concerns include financial stability, privacy, operational resilience, and the role of CBDCs in monetary policy implementation.

Stablecoin Overview

• Market Growth: Stablecoins, pegged to fiat or other assets, have grown significantly, with a market capitalization approaching $190 billion. Major players include Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).
• Key Trends:
  • Stablecoins bridge traditional finance and cryptoassets, offering stability in volatile markets.
  • Their use cases span capital markets, cross-border payments, and institutional investment.
• Regulatory Challenges:
  • Many stablecoin arrangements lack full regulatory oversight, raising issues around reserve quality, transparency, and systemic risks.
  • Global efforts to establish regulatory frameworks are ongoing, with input from bodies like the FSB, FATF, CPMI, and IOSCO.
  • Recent regulatory moves in the US, EU, and UK aim to create harmonized frameworks to curb risks.

Key Conclusions

• Technology and Interoperability: CBDCs and stablecoins require robust technological infrastructure to ensure security and efficiency.
• Economic and Social Benefits: CBDCs have the potential to enhance financial inclusion, reduce transaction costs, and improve cross-border payments.
• Global Coordination: Successful implementation of CBDCs and stablecoins will depend on international collaboration and regulatory alignment.

PwC’s expertise supports both central banks and private sector entities in navigating these technologies, fostering innovation while ensuring compliance and resilience.