芬兰银行：关于央行数字货币的意见-47页_1mb

Central Bank Digital Currency (CBDC) Summary

Core Content

This document provides an in-depth analysis of the potential reasons, technical and organisational aspects, legal framework, and macroeconomic, monetary, and financial consequences of issuing a Central Bank Digital Currency (CBDC). The report is structured into four main parts and distinguishes between wholesale CBDC (for financial institutions) and retail CBDC (for the general public).

Main Reasons for Issuing a CBDC

1.1.1 Reasons for issuing a retail CBDC

• Ensure universal access to central bank currency in digital form: A retail CBDC would offer a safe and liquid payment instrument, similar to cash, and could serve as a public alternative to private digital solutions.
• Lower costs: It could reduce the costs of cash management for the central bank and the banking sector, as well as for consumers, by eliminating the need for physical cash handling and reducing time spent on cash-related activities.
• Allow hoarding: A retail CBDC could fulfill the role of a store of value, potentially replacing some demand for fiat currency, especially for high-denomination notes.
• Respond to issuance of a CBDC by another central bank: To maintain technological leadership and prevent substitution of the euro by other currencies, especially in the context of global stablecoins.
• Satisfy demand for anonymous transactions: A value-based retail CBDC could offer anonymity, similar to cash, which is important for certain users.
• Slow the growth of cryptoassets and safeguard monetary sovereignty: By providing a secure and stable alternative, a CBDC could reduce reliance on volatile cryptocurrencies and protect monetary sovereignty.

1.1.2 Would a retail CBDC be a substitute for or complement cash in circulation?

• Substitute for cash demand outside the euro area: Non-residents may substitute digital euro for cash if they hold it for precautionary reasons.
• Substitute for domestic demand for high-denomination banknotes: In a negative interest rate environment, the substitution effect could be significant due to lower holding costs.
• Substitute for domestic demand for small and medium denominations: Limited research exists, but there is potential for substitution in small-value transactions.
• Likely scale of substitution: In the short/medium term, a CBDC is expected to act as a complement to cash, but may become a substitute in the long run.

Technical and Organisational Aspects

2.1 At the launch stage

• Strict security objectives: CBDC issuance must meet high security standards.
• Pricing of CBDC use: To ensure a level playing field, CBDC use may be priced.
• Blockchain use:
  • For a wholesale CBDC, blockchain could enhance transparency and reduce settlement costs.
  • For a retail CBDC, blockchain may be less relevant due to user preferences or technical limitations.
• Account-based vs. token-based models:
  • An account-based model is more flexible and could better support smart contracts, but may lead to higher resource losses for banks.
  • A token-based model is more akin to a digital complement to banknotes and is less resource-intensive.

2.2 Under a permanent regime

• Intraday wholesale CBDC market: Changes in CBDC holdings during central bank closure could create an intraday market for wholesale CBDC.
• Monetary base expansion: A retail CBDC could increase the monetary base and make its demand more volatile.
• Interest rate implications: If a retail CBDC is not remunerated, it could raise the effective lower bound of interest rates to zero. Remuneration at the deposit facility rate or slightly lower could affect bank profitability and monetary policy transmission.

Legal Framework

3.1 Could the ECB issue a CBDC?

• The European treaties do not explicitly provide for the ECB to issue a CBDC.
• CBDC issuance would need to be integrated into existing legal provisions unless it is considered a technical procedure for standard tasks.
• Legal tender status: Only banknotes and coins are currently legal tender in the euro area. A retail CBDC could be considered legal tender if it is equivalent to a digital form of banknote or if the ECB commits to exchanging it for fiat currency.

3.2 Legal tender status

• A retail CBDC with legal tender status or backed by an exchange commitment could help maintain the link between public and private money.
• This would enhance confidence in the financial system and ensure that private money can be converted to central bank money.

Macroeconomic, Monetary and Financial Consequences

4.2 Monetary policy consequences

• Monetary policy implementation: A retail CBDC could enable more efficient monetary policy transmission.
• Monetary policy transmission: If a retail CBDC is remunerated, it could allow policy rates to pass through more swiftly to lending rates.
• Impact on bank profitability: A retail CBDC could reduce the profitability of the banking sector if it is remunerated at a lower rate than deposits.

4.3 Impact on the financial system

• Impact on the banking system: A retail CBDC could increase the monetary base and reduce the demand for banknotes, potentially affecting the banking sector's role.
• Impact on financial stability: A retail CBDC might lead to more frequent bank runs due to its safety and liquidity, but it could also help shield the economy from financial crises.
• Innovation and productivity: A wholesale CBDC could stimulate innovation and productivity in the financial sector by enabling efficient settlement of tokenised assets.

Key Information

• A retail CBDC is a digital form of central bank money, available to all, and could serve as a complement to cash.
• A wholesale CBDC is intended for financial institutions and could support the settlement of tokenised assets.
• Security and privacy are critical considerations, with a retail CBDC potentially offering more privacy than an account-based model.
• The legal tender status of a retail CBDC is a key factor in maintaining the link between public and private money.
• The economic impact of a CBDC could include reduced transaction costs, increased productivity, and a stronger international role for the euro.
• The monetary base could expand with a retail CBDC, and the effective lower bound of interest rates may rise if the CBDC is not remunerated.
• Data privacy and AML/CFT compliance are essential for a retail CBDC.
• Competition in the payments market could increase with a retail CBDC, especially for non-bank payment service providers.

Conclusion

The report outlines the potential benefits, costs, and challenges of introducing a CBDC in the euro area, emphasizing the need for careful consideration of its design, legal status, and impact on the financial system and monetary policy. It concludes that a CBDC could enhance financial inclusion, reduce transaction costs, and support innovation, but its implementation must be balanced with the risks it may pose to the banking sector and the importance of maintaining monetary sovereignty.