深度-FinTech研究所-数字美元：私人货币和央行货币在支付数字化中的发展（英文）-2021.6-12页_169kb

Summary of Private Money and Central Bank Money as Payments Go Digital: an Update on CBDCs

Core Content

The Federal Reserve is increasing its focus on Central Bank Digital Currencies (CBDCs) in response to the growing role of digital private money in the U.S. payments system. This shift is driven by technological advancements, the pandemic's impact on payment behavior, the potential use of foreign CBDCs in cross-border transactions, and concerns about financial exclusion.

Main Points

1. Digital Payments and Private Money

• Technology platforms are developing stablecoins, which are digital assets tied to traditional stores of value such as fiat currencies or gold.
• Stablecoins may introduce consumer protection and financial stability risks due to their potential volatility and lack of legal tender status.
• The network externalities of digital payments could lead to fragmentation if private money becomes dominant in consumer transactions.

2. Pandemic Impact on Payments

• The pandemic accelerated the migration to digital payments, especially contactless transactions.
• It also highlighted the importance of cash and the challenges of reaching unbanked and underbanked populations through digital means.
• The FedNow Service, an instant payments infrastructure, is being developed to provide ubiquitous access to efficient payment systems.

3. Benefits of CBDC

• A digital dollar could reduce counterparty risk, enhance financial stability, and improve access to safe central bank money.
• It may also increase efficiency in payments, clearing, and settlement by reducing operational frictions and enabling faster fund access.
• CBDC could lower transaction costs and promote competition in the payments market.

4. Cross-Border Payments

• Cross-border payments are a key use case for CBDCs due to their complexity, cost, and opacity.
• CBDCs may help reduce intermediation chains, but international collaboration will be necessary to set standards and prevent illicit activity.
• The U.S. must be involved in shaping global CBDC standards due to the dollar's role as a reserve currency.

5. Financial Inclusion

• 5.4% of U.S. households lack access to bank accounts, and 18.7% are underbanked.
• CBDC could help increase access to digital payments and reduce transaction costs for these groups.
• The Federal Reserve is exploring CBDC design features that could improve access for vulnerable populations and is working with public-private partnerships to promote financial inclusion.

6. Technology and Policy Research

• The Federal Reserve is conducting multidisciplinary research on the technological and policy implications of CBDCs.
• The FedNow Service is a key initiative to provide instant payment capabilities.
• The Project Hamilton by the Boston Fed and MIT is testing a hypothetical CBDC platform and aims to release a white paper documenting its capabilities and an open source license.

7. Banking and Digital Assets

• Supervised banking institutions are experimenting with new technologies to enhance operations and meet client demands.
• Digital assets pose risks including cybersecurity threats, price volatility, and compliance challenges.
• The Federal Reserve is working with regulators to identify gaps in oversight and develop common frameworks.

8. Public Engagement and Policy Objectives

• The Federal Reserve plans to publish a discussion paper this summer to solicit public feedback on CBDCs.
• The paper will address payment systems, financial inclusion, data privacy, and information security.
• The goal is to ensure a safe, inclusive, efficient, and innovative payments system that works for all Americans.

Key Information

• Stablecoins may not offer the same level of protection as traditional bank deposits.
• CBDCs could reduce counterparty risk and financial instability.
• FedNow Service is expected to be operational in two years and will support instant payments.
• Project Hamilton is testing CBDC feasibility and will release a white paper next quarter.
• Financial inclusion remains a central objective, with CBDC potentially playing a role in reaching unbanked populations.
• International collaboration is essential for standard setting and cross-border CBDC use.
• Privacy and financial integrity are critical considerations in CBDC design, requiring digital identity verification and anti-money laundering measures.

Conclusion

The Federal Reserve is actively researching and engaging with the public on CBDCs, recognizing their potential to improve efficiency, enhance financial inclusion, and maintain stability in the evolving digital payments landscape. While the risks of private digital money are acknowledged, the focus remains on ensuring that CBDCs complement, rather than replace, existing payment systems and support inclusive and secure financial services for all Americans.