国际清算银行-央行数字货币：持续的政策视角（英）-2023.5-10页

Central Bank Digital Currencies: Summary of Ongoing Policy Perspectives

Background

Most central banks are exploring central bank digital currencies (CBDCs), with over a quarter involved in concrete pilots or development efforts. The motivation stems from the role of central bank money as a public good and an opportunity for innovation in the monetary system. In 2021, a group of central banks and the Bank for International Settlements continued collaborative analysis based on foundational principles and reports from 2020 and 2021. To date, no jurisdiction has issued a retail CBDC, emphasizing that issuance and design are sovereign decisions based on national circumstances.

Key Messages

• Public engagement in CBDC development requires diverse stakeholder interactions, including approaches like bilateral exchanges, forums, and open consultations, tailored to different purposes.
• Private sector innovation is seen as vital for CBDC success; central banks may vary in their approach, from defining specific use cases to allowing sector-wide innovation within principles.
• Legal issues, such as classification, authorization, privacy, and non-resident access, are complex and jurisdiction-specific, potentially requiring legislative changes.
• CBDC ecosystems must involve broad participation from public and private stakeholders to benefit end users, with various business models considered for incentives and adoption rates.
• Risk management for CBDC includes tools like holding limits or pricing controls to handle stress scenarios, balancing adoption and financial stability.
• Technological design considers interoperability with existing payment systems and evaluates blockchain's potential for functionality, though it is not deemed essential; scalability and post-quantum cryptography are key concerns.

Additional Insights

Annexes provide details on engagement strategies, key legal issues, tools for managing stress, and implications of blockchain technology, underscoring the need for international collaboration and careful policy development.