中央银行数字货币和国际支付系统：美元的消亡？-12页_634kb

Summary of CBDC Impact on International Monetary System

Key Findings:

• CBDCs are defined as digital forms of central bank money, issued by monetary authorities, contrasting with cryptocurrencies like stablecoins.
• International CBDC architectures, such as mCBDC arrangements, aim to improve cross-border payments by enabling interoperability, potentially reducing dependence on US-dollar-centric systems.
• The US dollar's dominant role is sustained by structural factors like network effects, financial infrastructure control (e.g., SWIFT), and deep trust, which are not easily disrupted by CBDCs alone.
• Research shows that while CBDCs may enhance efficiency and inclusion, they are unlikely to replace the US dollar's position; coordinated central bank efforts are needed for a multipolar shift, but significant changes require time.

Conclusion:
CBDCs represent innovations in domestic payments but do not pose a major threat to US dollar hegemony in the absence of broader systemic reforms.