Capgemini-建立央行数字货币-中央银行和商业银行未来的增长机会（英）-2023.5-30页_1mb

BUILDING CENTRAL BANK DIGITAL CURRENCY: GROWTH OPPORTUNITIES AHEAD FOR CENTRAL AND COMMERCIAL BANKS

Introduction

• CBDC development persists despite the crypto winter.
• CBDCs serve as a key element in the ongoing transformation of digital financial ecosystems.
• Balance, business-focused views of CBDC developments and implications for banking provided.

What is CBDC?

• CBDC: Digital liability of the central bank, universally available and backed by central bank reserves.
• Key difference from other digital currencies:

• Uniqueness: Universally available, centrally issued, relies on the state.
• Value: Stable and underpins the value of national fiat.
• Issuance: Central Bank approved and backed.
• Form: Fully-backed digital liability.
• Access: Full accessibility across society.

Real-World Use Cases

• Retail Use Cases: Focuses on efficiency, inclusion, affordability, and social benefits like the secure e-Yuan (China) and Sand Dollar (Bahamas).
• Wholesale Use Cases: Enhances efficiency, interoperability between ecosystems (e.g., mBridge project).
• Dual Approach: Long-term possibility exists for both retail and wholesale application within a unified payment infrastructure.

Core CBDC Dimensions & Principles
A CBDC must balance key and important objectives:

1. Maintain Financial Stability: Provides a safe platform; mitigates bankruptcy/delay; secure by design.
2. Lower Transaction & Operational Costs: Reduces cross-border payment transaction costs and physical currency printing/storage fees.
3. Improve Payment Efficiency: Instant payments boost speed and capability.

Operating Models
Three main operating designs:

1. Direct / Single-Tier: Central Bank does everything (often difficult in the short term).
2. Indirect / Two-Tier: Central Bank uses private sector intermediaries (e.g., like traditional banking) to distribute/deliver CBDC.
3. Hybrid / Intermediated: Use of intermediaries for retail transactions with claims to the central bank (largely adopted in pilots due to lower disruption).

Key CBDC Design Considerations
Almost 30 distinct guiding principles tackle numerous aspects including:

• Value vs. Risk: Regularly weigh benefits vs. risks (e.g., DLT vs. Private Tech).
• Operating Model vs. Liability: Who bears the liability and who owns what?
• Accessibility vs. Legitimacy: Ensure universal access while preventing illicit use.
• Identity vs. Privacy: Regulatory KYC needed vs. user privacy protection.
• Coexistence vs. Complexity: Needs compatibility with existing systems.

CBDC Development Status

Over 110 countries globally are researching/developing/have launched/are preparing phased development (approx. 95% of global GDP). Leaders include China (e-CNY), Bahamas (Sand Dollar), Jamaica (eCurrency Mint), Nigeria (ongoing), and pilots are expanding in the G7 and others like India, US, UK (Wholesale focus).

CBDC Impacts on Commercial Banking

• Retail: Competition increases; shifts payment flows; may see deposits shrink if consumers move to safe CBDC. Banks need to innovate for fee-free payments and better customer experience.
• Wholesale: Opportunity for cost reduction in cross-border payments via tailored solutions. Encourages adoption through efficiency gains.
• Strategic Focus: Banks can leverage CBDC to develop new digital products and services, integrating ecosystems for trade finance, supply chain, and FX.
• Balance Sheet Interest: Potential risks exist if CBDC competition draws deposits and weakens lending capacity due to regulatory capital requirements.

Conclusion

• The CBDC landscape is rapidly evolving and varied.
• It holds immense potential for improving payment systems, enhancing financial inclusion, and supporting sustainability.
• Implementation requires careful strategy considering trade-offs, stakeholder trust, ecosystem integration, and clear separation of responsibilities between central banks and private entities.

Initial findings suggest that CBDC offers significant opportunities but requires careful management to ensure stability and avoid replicating existing inefficiencies.