亚开行-近期央行数字货币在亚洲的发展及其启示（英）-2023.8-82页_1mb

Summary: Recent Central Bank Digital Currency Developments in Asia and Their Implications

1. Introduction and Core Objectives

• Analyzes CBDC developments in Asia-Pacific, assessing risks, opportunities, and potential for improving cross-border payments and financial inclusion.
• Explores various CBDC models and definitions, detailing Asian countries leading in implementation.
• Addresses motivations for launching CBDCs (efficiency, inclusion, monetary sovereignty) and design considerations like technology choice and user accessibility.

2. Definition of CBDC

• A central bank digital currency (CBDC) is a digital form of fiat currency issued by a central bank as a liability on its balance sheet.
• Key features:
  • Direct liability of the central bank.
  • Denominated in the national unit of account.
  • Designed to be widely available (retail) or restricted (wholesale) for use.

3. Opportunities of CBDCs

For Developing Economies

• Enhance financial inclusion: Enable access to payment systems for the unbanked and underbanked.
• Reduce remittance costs: Lower fees for cross-border money transfers.

For Advanced Economies

• Improve payment systems: Enable faster, cheaper, and real-time transactions.
• Support innovation: Combat monopolistic private payment providers; foster new business models.

4. Risks of CBDCs

Main Concerns

• Bank disintermediation: CBDCs may分流 funds from commercial banks, affecting credit availability.
• Technical vulnerabilities: Cybersecurity risks, privacy issues, and system failures.
• Currency substitution: Risk of digital dollarization or loss of monetary sovereignty.
• Financial stability: Vulture funds for cryptocurrencies, contagion risk, and systemic runs.

5. Recent Developments in Asia

• Asian central banks are at the forefront with:
  • Cambodia: Bakong (retail payment system anchored by CBDC)
  • People’s Republic of China: e-CNY (pilot phase; exploring two-tier hybrid model)
  • Singapore: Project Ubin (DLT-based CBDC trials)
  • Thailand: Project Inthanon-LionRock (cross-border CBDC experiments)
• Interoperability focus: Projects like Dunbar and mBridge explore multi-country CBDC cooperation.

6. Motivations and Considerations

Objectives

• Efficiency: Reduce costs in cross-border payments and settlement.
• Financial inclusion: Lower barriers to entry in payment systems.
• Data privacy: address anonymity needs.

Design Factors

• Technology choice: DLT vs conventional systems.
• Access models: Direct or intermediated (two-tier systems).
• Trade-offs: Balancing between user convenience and security.

7. Global Context

The report acknowledges that cross-border settlements remain complex due to divergent payment systems, legal barriers, and compliance issues. Global-level collaboration is needed for interoperability and standardization. Emerging technologies also include stablecoins, posing policy challenges.

8. Conclusion and Implications

• Prerequisites for success:
  • Robust digital infrastructure.
  • Collaboration between public and private sectors.
  • Fintech literacy and a digitally-inclusive population.
• Strategic focus: Asia's experience underlines the role of CBDC in driving the digital economy, managing risks, and tackling financial inclusion.