【SSRN】央行数字货币的采用：来自中国的证据_28页_957kb

Summary of "Adoption of Central Bank Digital Currencies: Evidence from China"

Core Content

This paper provides an empirical analysis of the adoption of China's Central Bank Digital Currency (CBDC), known as e-CNY, following its launch and promotion in pilot regions. It is one of the earliest and most comprehensive studies on the topic, offering insights into the challenges and future directions of CBDC implementation globally.

Main Points

1. Global CBDC Development

• Over 93% of 86 surveyed central banks are involved in CBDC initiatives.
• 25% are piloting retail CBDCs.
• CBDCs are digital versions of fiat currencies with varying roles and designs across countries.

2. China's CBDC (e-CNY)

• China is a pioneer in CBDC research, starting in 2014.
• e-CNY is designed as a legal tender, backed by the People's Bank of China (PBOC).
• It follows a two-tier system:
  • Tier 1: PBOC issues e-CNY to commercial banks with 100% reserve.
  • Tier 2: Commercial banks distribute e-CNY to the public.
• PBOC does not charge fees to tier-two institutions, and these institutions cannot charge users.
• e-CNY supports smart contract features for automated transactions.

3. User Adoption and Behavior

• Despite strong promotion, individual users continue to prefer existing electronic payment apps like Alipay and WeChat Pay.
• e-CNY adoption remains limited compared to traditional payment methods.
• Users are reluctant to switch due to privacy concerns, habit, and lack of perceived benefits.

4. Empirical Evidence and Limitations

• Empirical studies on CBDC are scarce due to limited data.
• The paper provides unique empirical findings from China's e-CNY pilot.
• Some studies show that non-interest-bearing CBDCs may crowd out bank deposits if they lack complementary financial services.
• CBDC adoption is influenced by trust, knowledge, interest rates, and privacy.

5. Challenges and Future Directions

• CBDCs face challenges such as privacy, security, and regulatory compliance.
• International payments and settlements with CBDCs are complex due to regulatory and technical differences.
• China plans to expand e-CNY as a general payment tool domestically and internationally.
• The paper emphasizes the need for further empirical research and practical testing to understand the long-term effects of CBDCs.

Key Information

4 Rounds of e-CNY Pilots

• 1st Round (Dec 2019): Shenzhen, Chengdu, Suzhou, Xiong’an, Winter Olympics.
• 2nd Round (Oct 2020): Hainan, Shanghai, Changsha, Xi’an, Qingdao, Dalian.
• 3rd Round (Mar 2022): Beijing, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing, Jinhua, Zhangjiakou.
• 4th Round (Dec 2022): Guangdong, Jiangsu, Hebei, Sichuan, Jinan, Nanning, Fangchenggang, Kunming, Xishuangbanna.

e-CNY Usage Statistics (as of August 2024)

• Total e-CNY transactions: 6,600 billion yuan.
• Cumulative number of transactions: 950 million.
• Total e-CNY wallets created: Over 35,000.
• Number of enterprises accepting e-CNY: Over 2,000.
• Individual e-CNY balance: Average of 11.78 yuan per wallet.
• Total M0 (cash): 10.54 trillion yuan.
• e-CNY share of M0: Only 0.16%.

Key Features of e-CNY

• Small amount anonymity, large amount traceability.
• No interest-bearing for individuals.
• Not anonymous from the PBOC and authorized entities.
• Smart contract functionality for automated transactions.

Conclusion

The paper highlights the limited adoption of e-CNY among individual users and the challenges in promoting it as a mainstream payment tool. It also discusses the theoretical and empirical implications of CBDCs on monetary policy and financial systems, emphasizing the need for further research and policy refinement. China's experience with e-CNY is seen as a reference point for other countries exploring CBDCs.