2024-11-17-IMF-中央银行数字货币_进展和进一步考虑（英）_24页_372kb

报告摘要

Central Bank Digital Currency: Progress and Further Considerations Summary

Core Content

The IMF has released a Staff Report on Central Bank Digital Currency (CBDC), highlighting recent global developments and summarizing the main takeaways from the second wave of CBDC virtual Handbook chapters, which will be published in November 2024. The report outlines key policy considerations and challenges related to CBDC, including its positioning in the payments landscape, cyber resilience, adoption strategies, data privacy, monetary policy implications, and cross-border payment capabilities.

Main Points and Key Information

1. CBDC Interest and Development Status

Global Interest: Over 94% of central banks surveyed by the BIS are exploring CBDC, with up to fifteen CBDCs likely to be issued by 2030.
Current Launches: Only three CBDCs have been officially launched so far: the Sand Dollar (Bahamas), eNaira (Nigeria), and Jam-Dex (Jamaica), though adoption remains low.
Pilot Projects: Several countries, including China, India, the Philippines, and others, are running retail CBDC (rCBDC) pilots. The ECB is advancing the digital euro project, moving into the preparation phase in 2023.

2. Positioning CBDC in the Payments Landscape

Comparison with FPS and E-money: CBDC is a form of central bank money, while FPS (Fast Payment Systems) and e-money are private liabilities. CBDC can enhance trust, preserve choice, and improve interoperability between public and private payment systems.
Design Considerations: CBDC systems are designed with all three components—payment instrument, infrastructure, and payment scheme—in mind, allowing for greater flexibility and efficiency.
Adoption Strategy: A holistic approach is necessary to evaluate the existing payment landscape, including card schemes and automated clearing houses, and to determine the most suitable path for CBDC development.

3. Cyber Resilience of the CBDC Ecosystem

Cyber Risks: CBDC is vulnerable to sophisticated cyber-attacks, and its ecosystem may expose new risks not typically seen in other digital payment systems.
Three Risk Perimeters:
- The currency itself throughout its lifecycle (creation, storage, dissemination, destruction).
- Transactions involving the movement of currency between individuals and merchants.
- User data collected by CBDC systems, which must be protected both in transit and at rest.
Resilience Requirements: A secure, scalable, and flexible infrastructure is essential for CBDC, with cybersecurity as a core component.
Challenges for EMDEs: Emerging market and developing economies (EMDEs) may face more significant challenges due to outdated IT systems and limited skilled resources.

4. CBDC Adoption and Incentives

Adoption Barriers: The "chicken-and-egg" problem exists, where consumer adoption depends on merchant participation and vice versa.
Strategic Elements: Adoption requires a strategic approach involving regulation, education/communication, design, and incentives.
Importance of Collaboration: CBDC adoption is not guaranteed and depends on a combination of factors, including public engagement, stakeholder involvement, and appropriate regulatory frameworks.

5. Data Use and Privacy Protection

Data Collection: CBDC can create a "digital trail" of transactions, which may have economic value but also privacy risks.
Privacy Balance: Central banks must balance data utility with privacy protection, considering legal, regulatory, and user preferences.
Technological Solutions: CBDC can be designed with Privacy Enhancing Technologies (PETs) to better meet user privacy needs than private digital payment systems.

6. Monetary Policy Implications

Impact on Liquidity: CBDC can affect reserve balances, liquidity forecasts, and market rates, potentially complicating monetary policy operations.
Mitigation Strategies: Central banks can adapt monetary operations through fine-tuning and increased liquidity provision. Access criteria and transaction limits can also influence the impact of CBDC on monetary policy.

7. Cross-Border Payments with Retail CBDC

Design Considerations: To support cross-border payments, CBDC systems should consider access, communication, currency conversion, compliance, and settlement.
International Collaboration: Enabling cross-border use of CBDC requires international cooperation to maximize efficiency and minimize risks.

Conclusion and Next Steps

The second wave of Handbook chapters addresses key analytical and operational questions raised by central banks.
The six Fintech Notes cover topics such as CBDC objectives, cyber resilience, adoption strategies, data privacy, monetary policy implications, and cross-border payments.
The IMF continues to support CBDC exploration through capacity development (CD) missions, with over 50 countries requesting assistance.
The report emphasizes that CBDC exploration is a dynamic and evolving process, and findings may be updated as new knowledge emerges.

Key Partners and Initiatives

BIS Innovation Hub (BISIH): Conducts technical explorations and supports cross-border CBDC projects like mBridge and Project Rialto.
World Bank: Provides analytical support and technical assistance, as well as engages in experimentation with DLT and wCBDC in capital markets.
Japan: A major partner and donor for the second wave of Handbook chapters.

Glossary Highlights

rCBDC (Retail CBDC): Designed for general public use, supporting monetary sovereignty and trust.
wCBDC (Wholesale CBDC): Used for large-value transactions and settlement of tokenized assets.
PETs (Privacy Enhancing Technologies): Technologies that help protect user data in CBDC systems.
FPS (Fast Payment Systems): Infrastructure for rapid, efficient payments between private entities.
DLT (Distributed Ledger Technology): A core technology for many CBDC designs, offering transparency and security.