IMF-分布式账本技术在支付和结算领域的实验研究（英文）-2021.3-22页_1mb

报告摘要

Summary of "Distributed Ledger Technology Experiments in Payments and Settlements"

Core Content

This Fintech Note by the International Monetary Fund (IMF) explores the role of Distributed Ledger Technology (DLT) in payments and settlements systems. It provides an overview of experiments and research conducted by central banks and the private sector, highlighting both the potential benefits and the challenges associated with implementing DLT in financial infrastructure.

Main Objectives

To evaluate the feasibility of DLT for payments and settlements.
To identify key risks and issues that need further attention.
To discuss the implications for international standards and the monetary system.
To provide a balanced view of practical implementation and long-term benefits.

Key Points

Distributed Ledger Technology (DLT) Overview

DLT allows entities to conduct transactions without a central authority.
DLT networks can be permissioned (controlled) or public.
The consensus mechanism and transaction validation are central to DLT functionality.
Smart contracts and token-based systems are key components in DLT applications.
DLT is seen as a potential platform for the next generation of payment systems, enabling real-time settlement, global reach, and enhanced integration.

Experiments and Research

Large-value payment systems (LVPS): Experiments have shown DLT's technical feasibility but noted limitations in privacy, processing capacity, and cost-benefit analysis.
Securities settlement systems: DLT is considered highly suitable for post-trade processing, with some projects aiming for production implementation.
Cross-border payments: DLT-based solutions like CBDC, JPM Coin, and Utility Settlement Coin (USC) are being explored to improve speed, security, and interoperability.
Current systems are mostly batch-based with T+2 or T+3 settlement cycles, while DLT aims for real-time and 24/7/365 operations.

Key Risks and Challenges

Liquidity risks: Real-time settlement may increase liquidity needs, but simulation models suggest current liquidity can be forecasted.
Credit risks: DLT may conflict with traditional credit risk management, as settlement finality and interbank delays could impact credit exposure.
Operational risks: DLT systems require trust in validator nodes, which is not a problem in permissioned networks.
Interoperability issues: DLT implementations may lead to fragmentation, especially if not aligned with international standards.
Privacy concerns: Some DLT protocols, like Bitcoin's, lack the necessary privacy for large-value payments.

Implications for International Standards

The PFMI and FMIs may need to redefine standards to accommodate new DLT-based risks.
Interoperability and security are critical for ensuring that DLT systems can be integrated with existing financial infrastructure.
Cost-recovery pricing should be transparent and include operational and investment costs.

Potential Impact on the International Monetary System

DLT could enable global, real-time, and efficient payment and settlement systems.
It may reduce technical and financial risks in cross-border transactions.
A common and coordinated strategy among central banks, financial institutions, and regulators is essential to avoid fragmentation and ensure system stability.

Conclusion

DLT experiments have demonstrated the technical feasibility of using this technology in payments and settlements, but they have also highlighted important challenges. The focus has been on privacy, liquidity, credit, and interoperability. While DLT can offer significant improvements in efficiency, transparency, and security, its implementation requires careful risk management, regulatory alignment, and cost analysis. The transition to DLT-based systems may require changes in market structures, settlement conventions, and system rules. The IMF emphasizes the need for stakeholder consultation and policy consideration to ensure that DLT's potential is realized in a safe and efficient manner.