【世界经济论坛】用批发中央银行数字货币（wCBDC）实现金融市场现代化_84页_19mb

Summary of "Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)"

Core Content

This report explores the potential of wholesale central bank digital currency (wCBDC) to modernize financial markets, particularly interbank payments and securities transactions. It highlights the importance of wCBDC in addressing systemic challenges and enhancing the efficiency and security of financial infrastructure. The report is a collaborative effort between the World Economic Forum and Accenture, aiming to provide insights for policymakers and the private sector to realize the full potential of wCBDC.

Main Points

1. Global Adoption of CBDC

• Over 98% of central banks are researching or piloting CBDC to improve access to central bank money (CeBM).
• It is projected that 24 live CBDCs may exist by 2030, emphasizing the need to define the role of CeBM and wCBDC in the future financial landscape.

2. What is wCBDC?

• wCBDC is a tokenized form of CeBM, designed for interbank payments and securities transactions.
• It is intended to be used by commercial banks, financial institutions, and possibly global corporations.

3. Key Use Cases for wCBDC

• Interbank Payments:
  • Domestic payments (single or two-party settlements).
  • Cross-border payments via novembre accounts or central bank accounts.
• Securities Transactions:
  • Delivery versus payment (DvP) for securities settlement.
  • Use of CeBM as collateral or intraday liquidity.
  • Facilitation of post-trade operations.

4. The Digital Money Continuum

• A classification of digital money, including:
  • Public money: Central bank money (CeBM), such as RTGS systems and wCBDC.
  • Private money: Includes reserves-backed digital currencies (RBDCs), deposit tokens (DTs), and fiat-backed stablecoins (FBSs).
• CeBM is considered the most suitable for systemically important transactions due to its low credit and liquidity risk, settlement finality, and role in financial stability.

5. Tokenization and Its Benefits

• Tokenization allows for the creation of digital tokens representing assets, enabling secure, efficient, and programmable transactions.
• It provides:
  • Proof of value: Verified through digital tokens.
  • Proof of ownership: Encoded in digital tokens.
  • Proof of transaction: Recorded on a shared system.

6. Current wCBDC Initiatives

• Project mBridge (BIS Innovation Hub): Expanding to 25 central banks, with real-value transactions already occurring.
• Switzerland issued a live wCBDC in December 2023 to settle digital bond transactions.
• Singapore plans to pilot a wCBDC in 2024 to support domestic interbank payments.
• The European Central Bank (ECB) is testing wCBDC on distributed ledger technology (DLT) for securities and FX transactions.

7. Industry Challenges

• Disparate settlement cycles: May increase settlement, counterparty, and technology risk.
• Operational risk and settlement failures: Caused by data quality issues, limited interoperability, and manual processes.
• Growing FX settlement risk: Due to limited PvP arrangements and increased use of non-CLS currencies.
• No tokenized credit risk-free settlement medium: Need for tokenized cash to support tokenized assets.
• Instant settlement could increase liquidity risk: Rapid settlements may raise liquidity demands.
• Disjointed regulatory interoperability: Divergent policies create jurisdictional inconsistencies.
• Slow cross-border payments in high-risk regions: De-risking and cost-cutting measures are limiting correspondent banks, thus accessibility.

8. Persistent Challenges

• The legal and regulatory framework for wCBDC is still incomplete.
• Private-sector solutions may evolve alongside wCBDC, and regulatory outcomes will shape the future mix of payment instruments.
• Modernization of RTGS systems and legacy infrastructure is essential, and wCBDC systems will coexist with these.

9. Considerations and Trade-offs

• The value proposition of wCBDC depends on policy choices and market adoption.
• A holistic approach is necessary to ensure secure and efficient modernization of wholesale financial markets.
• Deep public-private collaboration is key to realizing the full potential of wCBDC.

Conclusion

The report emphasizes that wCBDC can modernize and enhance financial markets by providing differentiated value in interbank payments and securities transactions. It calls for action to address persistent challenges, such as liquidity management, compliance by design, and interoperability, to ensure responsible and secure financial infrastructure. Ultimately, the global dialogue and collaboration between policymakers, financial institutions, and the private sector are crucial to shaping the future of digital payments.