观察家研究基金会-印度中央银行数字货币的拟议架构（英）-2021.12-47页_10mb

报告摘要

Summary of "A Proposed Architecture for a Central Bank Digital Currency for India"

Core Content

This paper explores the concept of a Central Bank Digital Currency (CBDC) for India, arguing that existing cryptocurrency architectures do not adequately replicate the properties of paper currency. It emphasizes the importance of retaining the core characteristics of fiat money in a digital form, particularly its role as a medium of exchange, store of value, and unit of account. The paper also discusses the limitations of cryptocurrencies like Bitcoin and highlights the need for a CBDC that is both functional and socially accepted.

Main Views on the Origin of Money

The Economist's View

Transactional Cost Minimisation: Karl Menger proposed that money emerged to reduce transaction costs in barter systems.
Commodity Money: Commodity money arises as an equilibrium outcome when agents choose optimal trading strategies.
Fiat Money: Fiat money is a welfare-enhancing medium of exchange under certain conditions.
Interest and Time Value: Interest is a key component of money's role as a store of value, and models like the overlapping generations model attempt to explain this.
Conclusion: Money is a social convention, and its evolution is tied to economic rationality and transactional efficiency.

The Anthropologist's View

Social Institution: Money is not just a technical device but a fundamental social institution.
Non-Commercial Exchanges: Anthropologists like Mauss argue that money evolved from non-commercial exchanges, such as gift-giving, which served moral and social purposes.
Debt Obligations: The role of debt in enabling accounting and settlement is a significant factor in the evolution of money.
Conclusion: The state, as the largest debtor, must be the sole issuer of fiat currency to maintain control over its own debt obligations.

Key Features of CBDC Proposed for India

Denominational Aspect: The proposed CBDC retains the denominational structure of paper currency, allowing for the exchange of digital cash in specific units.
Anonymity: Unlike cryptocurrencies, CBDC would allow peer-to-peer transfers with a degree of anonymity, similar to paper currency.
No Third-Party Verification: CBDC transactions would not require third-party validation, making them more efficient and user-friendly.
Integration with Existing Systems: CBDC would co-exist with existing digital money forms, such as bank deposits, and not replace them.
Controlled Issuance: The issuance process is controlled by the central bank, ensuring stability and trust in the currency.

Limitations of Cryptocurrencies

Third-Party Verification: Cryptocurrencies require third-party verification, which increases transaction costs and delays.
Valuation Issues: Cryptocurrencies are not classified as financial assets or cash, and their valuation is based on cost and impairment, not on intrinsic value.
AML/CFT Challenges: The decentralized nature of cryptocurrencies makes it difficult to enforce anti-money laundering regulations.
Scalability Concerns: Cryptocurrencies face significant scalability issues due to their transactional and computational limitations.
High Volatility: The price of Bitcoin is highly volatile, making it unsuitable as a stable medium of exchange or store of value.

CBDC Proposals: Three Variants

Account-Based CBDC: Users open accounts with the central bank and transfer values between them. It is interest-bearing and suitable for retail and broader use.
Token-Based CBDC: Similar to cash, it is a "general purpose" digital token representing a specific value in the existing currency unit. It is non-interest bearing and allows peer-to-peer transfers.
Wholesale CBDC: A restricted-access digital token for large-scale transactions, such as interbank settlements and securities trading.

Conclusion

Fiat Currency Superiority: Fiat currency is more suitable as a medium of exchange due to its social acceptance, controlled issuance, and lower transaction costs.
CBDC as a Viable Alternative: The paper proposes a CBDC that retains the properties of paper currency, including anonymity and denominational structure.
Technological Feasibility: The digital currency can be implemented using mobile phone systems or smart cards, and the Reserve Bank of India is expected to introduce it by the end of 2021.
Policy Implications: A CBDC could provide the central bank with additional policy instruments to stabilize the economy, especially in the context of negative interest rates.

Key Information

Current CBDC Interest: 60% of central banks are experimenting with CBDC, up from 42% in 2019.
India's CBDC Plan: The Reserve Bank of India plans to introduce CBDC by the end of 2021, though the format is yet to be specified.
Risks of Cryptocurrencies: High volatility, scalability issues, and regulatory challenges make them unsuitable as a replacement for fiat money.
Economic Impact of CBDC: Some studies suggest that CBDC could increase GDP and provide a countercyclical policy tool.

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