2024-04-29-世界经济论坛-用批发中央银行数字货币（wCBDC）实现金融市场现代化（英）_83页_19mb

Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)

Key Findings and Recommendations

1. Collaborative Efforts: The World Economic Forum and Accenture are collaborating to explore wCBDC’s potential to address ongoing financial market challenges and enhance wholesale financial markets securely and efficiently.

2. Differentiated Value: wCBDC can provide unique value by addressing key challenges, such as:

   • Realizing a global settlement window to harmonize disparate settlement cycles.
   • Mutualizing data sharing to mitigate operational risk and settlement failures.
   • Expanding PvP arrangements to support greater diversity of currencies and regions.
   • Tokenizing credit risk-free settlement media to settle tokenized securities.

3. Industry Challenges: Persistent challenges include:

   • Disparate settlement cycles, operational risks, and FX settlement risk.
   • Liquidity management difficulties and regulatory frictions.
   • Lack of secure interoperability between DLT and conventional systems.

4. Recommendations:

   • Policy-makers, financial institutions, and the private sector should work together to tailor the insights in this report to their jurisdictional and institutional contexts.
   • Continued experimentation is needed to overcome challenges in areas such as liquidity management optimization, regulatory compliance, and interoperability with existing payment systems.
   • Exploration should include who can access CeBM, how to integrate new systems with core banking platforms, and how to balance privacy with regulatory compliance.

5. Multi-Token Future: wCBDC systems can coexist with parallel payment instruments such as reserves-backed digital currencies (RBDCs), deposit tokens (DTs), and fiat-backed stablecoins (FBSs). This diverse ecosystem can unlock opportunities for innovation and efficiency.

6. Trade-offs: Key trade-offs include anonymity (bearer instruments) versus traceability (sight deposits), speed versus liquidity efficiency, and privacy versus regulatory compliance.

7. Ongoing Experimentation: Pilot projects and proof-of-concept experiments in wCBDC are advancing globally, highlighting the need to balance regulatory consistency with innovation and the need to adjust accordingly based on outcomes.

This report serves as a foundational step toward a more efficient, responsible, and secure future for financial markets through the thoughtful implementation and interoperability of wholesale central bank digital currency.