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 an analysis of the global development of Central Bank Digital Currencies (CBDCs) and stablecoins. The report outlines the maturity levels of CBDC projects, the potential of stablecoins as a complement to traditional finance, and the strategic implications for central banks and financial systems.

Main Points

Overview of CBDCs

• CBDC Maturity Index: Measures central banks' progress in deploying digital currency, with a focus on both retail and wholesale contexts.
• CBDC Adoption: Over 80% of central banks are either considering or have launched CBDCs. Examples include:
  • The Bahamas and Nigeria with live CBDCs.
  • China with the Digital Yuan (e-CNY) in pilot phase.
  • India and the Philippines with planned launches.
• Key CBDC Trends:
  • The number of live CBDCs and pilot projects has increased.
  • The UK remains skeptical about retail CBDCs, while the Eurozone focuses on retail, not wholesale.
  • The US has prioritized CBDC research and development with a joint assessment due by September 2022.
  • Central banks are increasingly looking to integrate CBDCs into existing financial systems to enhance efficiency and financial inclusion.

Stablecoins

• Definition: Digital currencies collateralised on a one-to-one basis, often by fiat deposits held by regulated custodians.
• Functionality: Offer advantages such as transmissibility, continuous settlement, traceability, and programmability.
• Role: Serve as a bridge between traditional finance and digital technologies, facilitating new use cases.
• Challenges: Regulatory and geopolitical issues, including the ability to deny transactions linked to sanctioned addresses.
• Stablecoin Categories: Identified as five groups, with the report focusing on transparency, collateralisation, and external audit as key criteria.

Key Insights

CBDC Index

• Retail CBDC Top 10:
  • Nigeria, The Bahamas, and Mainland China are among the top countries.
  • Three new entries and three exits compared to 2021.
  • Nigeria's eNaira is a hybrid CBDC, supported by the private sector.
  • The Bahamas' Sand Dollar is accessible via mobile apps and physical cards.
  • China's e-CNY has expanded to 12 cities and is being tested for international use.
• Wholesale CBDC Top 10:
  • The composition has remained stable compared to 2021.
  • Saudi Arabia and Switzerland have moved up in the rankings.
  • The UK and Eurozone are excluded from the wholesale index due to existing systems.
  • Germany is exploring alternative solutions like "trigger solutions" for settlement.

CBDC Development

• Technology: CBDCs are traceable, but the relationship with identity remains to be defined.
• Interoperability: Central banks are urged to align technology across G7/G20 for future compatibility.
• Use Cases: Include financial inclusion, cross-border payments, and ESG integration.
• Index Methodology:
  • Project Status (75%): Tracks development stages (research, pilot, production).
  • Speech Stance (17%): Reflects central bankers' recent public statements.
  • Public Interest (8%): Measured via Google Trends and Baidu Index.

Stablecoin Framework

• Transparency and Collateralisation: Essential for trust, especially for fiat-backed stablecoins.
• External Audit: Recommended to validate continuous backing and ensure public confidence.
• Regulatory Challenges: Cross-border and jurisdictional issues, as seen with the Diem project.

Trends to Watch

1. Global CBDC Projects Continue at Pace: Over 80% of central banks are exploring CBDCs.
2. User Stories Begin to Emerge: Real-world usage in Nigeria, The Bahamas, and China is increasing.
3. Technology Decisions: Central banks are focusing on interoperability and identity integration.

Conclusion

CBDCs and stablecoins are evolving rapidly, with central banks and private entities exploring their potential to enhance financial systems, promote inclusion, and reduce transaction costs. While CBDCs are seen as a state-backed innovation, stablecoins offer a semi-state-backed alternative with unique utility and challenges. PwC emphasizes the importance of transparency, audit, and regulatory alignment in ensuring the success and security of these digital currencies.