2022-05-17-BIS-加速发展-国际清算银行_25页_231kb

报告摘要

Summary of BIS Paper No. 125: Gaining Momentum – Results of the 2021 BIS Survey on Central Bank Digital Currencies

Core Content

The BIS Paper No. 125 presents the results of the 2021 survey on central bank digital currencies (CBDCs), conducted among 81 central banks. The report outlines the current status, motivations, and future intentions of central banks regarding CBDCs, as well as their views on cryptocurrencies and stablecoins.

Main Points

1. CBDC Momentum and Adoption

90% of central banks are engaged in some form of CBDC work, with a significant increase in the number of central banks actively developing or testing a CBDC.
Retail CBDCs are the primary focus of CBDC work, with no central bank focusing solely on wholesale CBDCs.
Over half of the central banks (54%) are now developing or running pilots, up from 14% in 2020.
68% of central banks believe they are likely to or might possibly issue a retail CBDC in the short or medium term.
The likelihood of issuing a wholesale CBDC has also increased, with 54% considering it likely or possible in the medium term.

2. Motivations for CBDC Development

Financial stability is a key motivation for CBDC work in advanced economies (AEs), while financial inclusion is the main driver in emerging market and developing economies (EMDEs).
Cross-border payments efficiency has become more important in EMDEs, whereas it has declined in AEs.
The emergence of stablecoins and other cryptocurrencies has accelerated CBDC work, especially in AEs, where 79% of central banks cited this as a key factor.

3. CBDC Architecture and Private Sector Role

70% of central banks considering CBDC work are exploring a two-tiered model, involving collaboration with the private sector.
In the two-tiered model, the private sector plays a role in client onboarding, KYC/AML/CFT procedures, and retail payment handling, although one-third prefer to keep transaction recording in-house.

4. Interoperability and Cross-Border Payments

76% of central banks working on retail CBDCs are exploring interoperability with existing payment systems.
Interoperability could enable seamless movement of money between CBDC and commercial bank accounts.
Wholesale CBDCs are seen as more capable of addressing cross-border frictions such as long transaction chains and limited operating hours.

5. Legal Authority for CBDC Issuance

The share of central banks with legal authority to issue a CBDC increased from 18% in 2020 to 26% in 2021.
10% of jurisdictions are currently changing laws to enable CBDC issuance.

6. Cryptocurrencies and Stablecoins

The market capitalisation of cryptocurrencies grew by 3.5 times in 2021 to $2.6 trillion.
Stablecoins are perceived as having a higher potential for use in payments compared to other cryptoassets, due to their stable value.
Single-currency stablecoins (e.g., Tether, USD Coin) are seen as the most promising, while commodity-backed and algorithmic stablecoins are viewed as less viable due to price volatility and systemic risks.

7. Use of Cryptocurrencies for Payments

Most central banks still see limited or niche use of cryptocurrencies for domestic payments.
Stablecoins are more commonly used for cross-border payments, though their usage is still perceived as low.
Central banks are more uncertain about the role of stablecoins in EMDEs, possibly due to the dominance of non-EMDE currencies in stablecoin issuance.

8. Research and Analysis on Cryptocurrencies

70% of central banks are studying the potential impact of stablecoins on monetary and financial stability.
26% of central banks or other institutions in their jurisdictions have recently surveyed consumers and businesses on cryptocurrency use.
The unregulated nature of crypto markets has made it difficult to obtain reliable data on their use for payments.

Key Information

The 2021 survey included new questions on interoperability, private sector involvement, and specific motivations for CBDCs.
Covid-19 has played a role in accelerating the digital transformation of payments, influencing CBDC priorities.
Cross-border payments remain a key area of interest for wholesale CBDCs, with projects like Project Dunbar exploring international settlements.
Stablecoins are a growing concern for central banks due to their potential to disrupt financial stability, especially when not well managed.
Legal frameworks and regulatory coordination are becoming increasingly important as CBDC work progresses.

Conclusion

The 2021 BIS survey highlights a significant increase in central bank interest and activity in CBDC development. While retail CBDCs are the primary focus, wholesale CBDCs are gaining traction, particularly for cross-border payments. Central banks are increasingly aware of the risks and opportunities posed by cryptocurrencies and stablecoins, and are exploring interoperability, private sector collaboration, and legal frameworks to support their CBDC initiatives. The role of stablecoins in payments is still limited, but their potential and risks continue to be a focal point for regulatory scrutiny.