CBDC：货币体系的机遇（英文版）_31页_2mb

Summary of CBDCs: An Opportunity for the Monetary System

Core Content

Central Bank Digital Currencies (CBDCs) are digital representations of central bank money, offering advantages such as settlement finality, liquidity, and integrity. They are positioned as an advanced form of money for the digital economy, capable of enhancing the efficiency, convenience, and safety of payment systems.

Key Takeaways

• CBDCs as Digital Money: CBDCs are a direct liability of the central bank and can be designed for either financial intermediaries (wholesale CBDCs) or the general public (retail CBDCs).
• Public Interest Focus: Digital money should be designed to serve the public interest, including ensuring fair competition, innovation, and data privacy.
• Impact of Payment Systems: The benefits of new payment technologies depend on the underlying competitive structure and data governance. Open platforms and CBDCs are more likely to foster a virtuous circle of innovation and access.
• Cross-Border Payments and Data Governance: CBDCs built on digital identification can improve cross-border payments and reduce currency substitution risks. However, data silos and market concentration can lead to anti-competitive practices and reduced privacy.
• Role of Big Tech in Payments: The entry of big tech firms into financial services raises concerns about data privacy, market dominance, and the potential for higher fees and reduced competition.

Current Forms of Digital Payments

• High Costs: Despite technological advancements, digital payment options such as credit and debit cards remain expensive for merchants, often exceeding the cost of cash.
• Unequal Access: Universal access to digital payment services is still lacking in many countries, particularly among lower-income individuals, the homeless, migrants, and other vulnerable groups.
• Consumer Trust: Consumers generally trust traditional financial institutions more than big tech firms when it comes to safeguarding their data. This trust is a key factor in data governance and privacy considerations.

Central Bank as a Public Good Provider

• Trust in Currency: The foundation of the monetary system is trust in the currency, which is rooted in confidence in the central bank.
• Central Bank Roles: Central banks play four key roles in the monetary system:
  1. Providing the unit of account.
  2. Ensuring finality in wholesale payments through their balance sheets.
  3. Supplying sufficient liquidity to maintain the smooth functioning of the payment system.
  4. Overseeing the integrity and competitiveness of the payment system.

Wholesale CBDCs

• Functionality: Wholesale CBDCs are intended for interbank and wholesale transactions, functioning similarly to central bank reserves.
• Conditionality: They can introduce conditional payment instructions, enhancing the delivery-versus-payment mechanism and enabling programmable money.
• Project Helvetia: This experiment by the BIS Innovation Hub Swiss Centre, SIX Group AG, and the Swiss National Bank demonstrated the feasibility of settling digital assets using CBDCs, highlighting both functional and legal robustness.

Retail CBDCs

• Two Variants: Retail CBDCs come in two forms:
  • Token-Based Access: Allows anonymous, password-like digital signature access.
  • Account-Based Access: Requires user identification and is more suitable for monitoring illicit activity while preserving privacy through appropriate design.
• Public Interest: Retail CBDCs can enhance access and competition in the payments industry, ensuring a level playing field and promoting innovation.

APIs and Payment Interoperability

• API Functionality: APIs enable secure and standardised data exchange between service providers and users, ensuring transparency and reducing risks.
• Interoperability: APIs promote interoperability by allowing different providers to access and share data, such as account information and payment initiation, which supports open banking and enhances user experience.
• Level Playing Field: By enabling fair access to data and services, APIs help maintain a competitive environment and foster innovation in the payments sector.

International Dimension of CBDCs

• Cross-Border Payments: Multi-CBDC arrangements can improve cross-border payments by enabling the sharing of digital IDs across borders.
• International Cooperation: The success of cross-border CBDCs depends on international cooperation and alignment with global standards to ensure interoperability and trust.

Conclusion

CBDCs represent a transformative opportunity for the monetary system, offering the potential to enhance access, reduce costs, and ensure data privacy and governance. Their design and implementation must prioritize openness, competition, and user protection to avoid the risks of market concentration and data silos. The integration of APIs and digital identification schemes can further support the development of a robust and inclusive digital monetary ecosystem.