【IMF】中央银行数字货币：进展和进一步考虑-2024.11_24页_382kb

Central Bank Digital Currency (CBDC) – Progress and Further Considerations

Core Content

This document outlines the progress and further considerations in the development of Central Bank Digital Currencies (CBDCs) as of November 2024, based on a second wave of IMF staff research and analysis. It emphasizes the need for careful, methodical exploration of CBDCs, highlighting the importance of addressing key policy questions and operational challenges. The report also underscores the role of the IMF in supporting CBDC initiatives through its CBDC Virtual Handbook, which is designed to be a "living" reference for policymakers and experts across both advanced economies (AEs) and emerging market and developing economies (EMDEs).

Main Topics and Key Findings

1. Positioning CBDC in the Payments Landscape

• Retail CBDC (rCBDC) is positioned as a form of public money that can address issues like monetary sovereignty, trust in domestic money, and interoperability.
• It is distinct from Fast Payment Systems (FPSs) and e-money networks, which are private payment instruments.
• Central banks should evaluate existing payment systems and consider how CBDC can complement or improve them.
• The coexistence of CBDC, FPSs, and e-money is possible, and strategies should take a holistic view of the payment landscape.
• Some countries may prioritize CBDC as a flagship project, while others may observe due to constraints.

2. Cyber Resilience of the CBDC Ecosystem

• Cyber resilience is essential for maintaining trust in CBDC systems, especially given the potential for sophisticated cyber-attacks.
• The CBDC ecosystem includes three main risk elements: the currency itself, transactions, and user data.
• The system must be designed with a secure, flexible, and scalable infrastructure that supports cyber security at its core.
• Emerging Market and Developing Economies (EMDEs) may face greater challenges in securing CBDC ecosystems due to outdated IT systems and limited technical capacity.
• The use of new technologies such as Distributed Ledger Technology (DLT) and Artificial Intelligence (AI) introduces complex cyber risks that must be managed carefully.

3. CBDC Adoption

• Adoption of CBDC is not guaranteed and requires a strategic approach.
• Adoption hurdles include the "chicken-and-egg" problem, where consumer and merchant participation are interdependent.
• Four key elements must be considered for successful adoption: regulation, education/communication, design, and incentives.
• The IMF has supported several countries with capacity development (CD) initiatives, with over 50 nations requesting assistance in CBDC exploration.

4. Data Use and Privacy Protection

• CBDC can generate a digital trail of data, which may have economic value but also pose privacy risks.
• Privacy Enhancing Technologies (PETs) can be integrated into CBDC design to better balance data utility and privacy.
• CBDC offers an opportunity to improve data privacy compared to private digital payment systems through robust institutional arrangements and technological solutions.

5. Implications for Monetary Operations

• CBDC could affect monetary policy transmission, liquidity management, and interest rate control.
• It may alter reserve balances and influence short-term interest rates, requiring central banks to adapt their operations.
• Fine-tuning operations and increasing liquidity to the banking sector can help mitigate these effects.
• Access criteria, transaction limits, and holding sizes can also influence CBDC's impact on monetary policy.

6. Cross-Border Payments with Retail CBDC

• Designing CBDC systems with cross-border implications in mind is crucial to avoid the need for future redesign.
• Five key elements should be considered: access, communication, currency conversion, compliance, and settlement.
• International collaboration is necessary to achieve efficiency gains in cross-border payments while managing risks.

Key Considerations

• Country-specific approaches are needed due to varying economic and regulatory environments.
• Collaboration with the private sector and international partners is vital for successful CBDC implementation.
• Transparency and public engagement are critical for building trust and ensuring smooth adoption.
• Privacy and security must be addressed through appropriate technological and institutional measures.
• Adaptability of CBDC systems is necessary to evolve alongside the digital payment landscape.

Conclusion and Next Steps

The IMF continues to play a pivotal role in guiding the global CBDC exploration process through its Virtual Handbook and capacity development initiatives. The second wave of Handbook chapters aims to address key analytical and operational questions raised by central banks. The Government of Japan is a major supporter of these efforts. The findings presented are preliminary and may be updated as new knowledge and experiences emerge.

References

• BIS (Bank for International Settlements)
• ECB (European Central Bank)
• e-CNY (Digital Yuan)
• ECCB (Eastern Caribbean Central Bank)
• IMF (International Monetary Fund)
• RBI (Reserve Bank of India)
• SNB (Swiss National Bank)
• World Bank

Annex

• Updated CBDC Virtual Handbook Topics include: positioning CBDC, cyber resilience, adoption strategies, data use and privacy, monetary operations, and cross-border payments.