WEF_央行数字货币（CBDC）技术考虑因素（英）-27页_2mb

CBDC Technology Considerations Summary

Core Content

This white paper explores the key technology considerations for the design and implementation of a Central Bank Digital Currency (CBDC), focusing on policy goals, trade-offs, and cybersecurity. It is intended to guide central banks and policymakers in making informed decisions about CBDC development, emphasizing the need for a holistic approach that aligns with both economic and regulatory objectives.

Main Policy Goals and Technical Design Considerations

The white paper outlines eight distinct policy goals for CBDC and the corresponding technical design considerations:

1. Continued access to central bank money

   • CBDC should offer "cash-like" features such as wide acceptance, instant settlement, 24/7/365 availability, and offline capabilities.
   • Compatibility with existing point-of-sale hardware is essential to encourage adoption.
   • Privacy considerations should align with those of other payment technologies.

2. Financial inclusion

   • CBDC should be low-cost, with transparent and minimal fees for users.
   • Accessibility and convenience are key, including support for various devices and technologies.
   • Interoperability with existing payment systems and integration with digital identity programs can enhance access.
   • Financial and digital literacy initiatives by the public sector can support broader adoption.

3. Payment system efficiency (domestic or cross-border)

   • CBDC can improve domestic payment efficiency by reducing intermediaries and enabling faster settlement.
   • For cross-border payments, interoperability with foreign CBDCs or payment systems is critical.
   • Technical considerations include high transaction throughput, scalability, and continuous service availability.

4. Payment system safety and resilience

   • Strong cybersecurity measures, including monitoring and upgrades, are essential.
   • Redundancy in data and hardware, along with continuous syncing, improves system resilience.
   • Offline functionality is important for backup in case of service failures.
   • Architectural design (e.g., two-tiered systems) can enhance resilience but may also introduce dependencies.

5. Mitigation of currency substitution risk

   • CBDC should be low-cost and widely accessible to reduce the likelihood of substitution with foreign digital currencies.
   • Strong trust and perceived reliability are necessary for adoption.
   • Public education campaigns and privacy measures can help build confidence.

6. Improvement of payments and banking competitiveness

   • CBDC should offer competitive features such as low cost, high usability, and interest-bearing capabilities.
   • Open-source design can invite private sector innovation and participation.
   • A two-tiered model may limit CBDC's ability to challenge private-sector dominance if the same entities manage both CBDC and traditional accounts.

7. Monetary policy implementation

   • CBDC can support monetary policy through interest rate transmission mechanisms.
   • However, its implementation for this purpose alone may not be feasible due to policy complexities and limitations.
   • Interest-bearing CBDC could influence bank behavior, but risks such as disintermediation must be managed.

8. Household fiscal transfers

   • CBDC can be used for efficient and secure fiscal transfers, such as government subsidies or social welfare payments.
   • This requires robust security, scalability, and user-friendly design to ensure reliable and transparent distribution.

Key Technology Trade-offs

• DLT-based CBDC: Offers benefits like transparency and security but may introduce complexity and scalability challenges.
• Privacy vs. Efficiency: Privacy-enhancing techniques can improve security but may reduce transaction efficiency due to computational overhead.
• Regulatory Compliance vs. Cross-border Efficiency: Compliance with international regulations can hinder the speed and cost of cross-border payments.
• Monetary Sovereignty vs. Competition: CBDC can support monetary sovereignty but may struggle to compete with private-sector offerings unless it provides superior functionality or remuneration.

Cybersecurity Considerations

• Credential theft and loss: Robust authentication and secure storage mechanisms are necessary to protect user access.
• Privileged users: Access controls must be in place to prevent misuse by users with elevated privileges.
• Denial of service (DoS) attacks: Systems must be resilient to such attacks, especially given the large number of users and endpoints.
• Double spending: Preventive mechanisms must be in place to ensure transaction integrity.
• Quantum computing threats: Future-proofing against potential cryptographic vulnerabilities is important.

Conclusion

CBDC development requires careful consideration of both policy and technical aspects. While it can support various goals such as financial inclusion, payment efficiency, and monetary policy, its success depends on aligning with the specific needs of a jurisdiction, ensuring strong cybersecurity, and maintaining technical stability and resilience. The white paper also highlights the importance of user-centric design, interoperability, and regulatory alignment in achieving these objectives.

References

• Bank of England: "Central Bank Digital Currency: Opportunities, challenges and design" (March 2020)
• Bank for International Settlements (BIS): "The technology of retail central bank digital currency" (March 2020)
• Group of Central Banks: "Central bank digital currencies: foundational principles and core features" (2020)
• Additional resources: Bank of Canada, GSMA, Federal Reserve Bank of Kansas City, Harvard Kennedy School, Atlantic Council GeoTech Center

This white paper serves as a foundational guide for CBDC design and implementation, encouraging collaboration between public and private stakeholders.