央行数字货币政策制定者工具包（英文版）_28页_629kb

CBDC Policy-Maker Toolkit Summary

Core Content

The Central Bank Digital Currency (CBDC) Policy-Maker Toolkit is a guide developed by the World Economic Forum to help central banks and policy-makers evaluate and design CBDC systems. It is not an exhaustive document but rather a high-level framework that complements further research and analysis. The toolkit emphasizes a cautious, risk-aware approach to CBDC deployment, considering both the opportunities and challenges associated with its implementation.

Main Viewpoints

• CBDC is a digitized form of sovereign currency, created and issued by the central bank, and is a direct liability of the monetary authority.
• CBDC differs from cryptocurrencies and stablecoins in that it is backed by the state and is not typically considered legal tender.
• CBDC can be implemented using centralized or decentralized technology systems, and policy-makers should evaluate the trade-offs between these options.
• The "case for CBDC" is not yet resolved, with varying assessments of its value depending on the country and its specific economic and financial context.
• Policy-makers should assess CBDC on a case-by-case basis, carefully considering risks, trade-offs, and design choices before deployment.

Key Information

1. CBDC Forms and Use Cases

• Retail CBDC is designed for the general public and can be used for everyday transactions.
• Wholesale CBDC is for financial institutions and used in interbank payments and securities transactions.
• Hybrid CBDC serves as an alternative to full retail or wholesale CBDC and may be used to address market power and payment system stability issues.
• Cross-border CBDC could enable more efficient international payments, bypassing traditional correspondent banking systems.

2. CBDC Evaluation and Design Process

The toolkit outlines a structured process for evaluating and designing CBDC, including:

• Background assessment and project management
• Problem identification and analysis
• Evaluation of the digital payments ecosystem
• Consideration of hybrid CBDC
• Assessment of operational and cybersecurity risks
• Data protection and compliance
• Macro and financial risk evaluation
• CBDC design parameters
• Technology choices and requirements
• Governance strategies
• Implementation strategy

This process emphasizes multistakeholder input, risk awareness, and careful evaluation of alternatives.

3. Opportunities and Challenges

4. CBDC Design Considerations

• Account-based CBDC involves holding CBDC in accounts at the central bank or through intermediaries.
• Token-based CBDC is stored in digital wallets and allows for greater anonymity and fewer user-identity requirements.
• The choice between account-based and token-based models depends on the central bank’s goals, such as financial inclusion, privacy, and regulatory compliance.

5. Two-Tiered CBDC System

A two-tiered system allows commercial banks or other intermediaries to hold and distribute CBDC to end-users. This model can help reduce the operational burden on the central bank and mitigate disintermediation risks. However, it may require 100% reserve backing to maintain its status as a central bank liability.

6. Role of DLT in CBDC

• DLT can be used for decentralized transaction validation, but the central bank would still retain full control over the issuance of CBDC.
• DLT may be suitable for closed, permissioned networks, where a limited number of validated parties operate under a specific consensus algorithm.
• The central bank may choose to remain a validating node or allow regulators and other institutions to participate as observer nodes.

Conclusion

The CBDC Policy-Maker Toolkit is a strategic guide for central banks and policy-makers to navigate the complexities of CBDC deployment. It encourages a comprehensive, risk-aware approach, highlighting the importance of evaluating alternatives, governance strategies, and technology choices. The toolkit supports the development of CBDC systems that are secure, efficient, and aligned with regulatory and financial stability goals, while also acknowledging the potential for innovation and transformation in the financial ecosystem.