英国央行-CBDC的平台模型（英文）-57页_1mb

Central Bank Digital Currency (CBDC) Summary

Core Content

The Bank of England is exploring the concept of Central Bank Digital Currency (CBDC) as part of its long-term strategy to support monetary and financial stability in an increasingly digital economy. This discussion paper outlines the opportunities, challenges, and design considerations for introducing a CBDC in the UK.

Main Objectives and Principles

• Maintaining Monetary and Financial Stability: The Bank's primary objective is to ensure the stability of the financial system and the economy. CBDC must be designed to support this mission.
• Resilience and Innovation: CBDC should be reliable, resilient, fast, efficient, and open to innovation and competition.
• Complementing Existing Systems: CBDC would complement, not replace, cash and commercial bank deposits. It would be denominated in pounds sterling and directly convertible with physical cash and bank deposits.

Opportunities for CBDC

• Resilient Payments Landscape: CBDC could support a more resilient and efficient payments system, especially as the use of cash declines and new forms of money emerge.
• Enhanced Access: CBDC would allow households and businesses to access a risk-free form of central bank money directly, improving the inclusivity of the payments system.
• Private Sector Involvement: The private sector could play a key role in developing and providing CBDC services, including overlay services that add functionality beyond the core CBDC platform.
• Programmable Money: CBDC could enable new features such as smart contracts and micropayments, which could transform how payments are made and managed.
• Cross-Border Payments: A domestic CBDC could support better cross-border payment systems in the future.

Challenges and Risks

• Disintermediation Risks: If significant deposit balances move into CBDC, it could impact the balance sheets of commercial banks and the Bank of England, as well as the credit supply to the economy.
• Monetary Policy Implications: The introduction of CBDC could affect how the Bank implements monetary policy and supports financial stability.
• Regulatory and Compliance Considerations: CBDC would need to comply with anti-money laundering (AML), counter-terrorism financing (CFT), and sanctions regulations.
• Privacy and Data Protection: The design of CBDC must balance the need for transparency with the protection of user privacy.

CBDC Platform Model

• Technology Infrastructure: The Bank would provide a secure and resilient technology platform, potentially using a core ledger system.
• Decentralisation and Resilience: While the Bank does not assume CBDC must be built on Distributed Ledger Technology (DLT), it could incorporate elements of decentralisation and smart contract technology to enhance functionality.
• Functionality and User Experience: The platform would offer the minimum necessary functionality for CBDC payments and allow for future extensions.
• Regulation and Supervision: Private sector entities providing CBDC services would be subject to appropriate regulation and supervision.

Design Considerations

• Provision Model: The responsibilities for providing CBDC could be shared between the public and private sectors, with trade-offs to consider regarding resilience, competition, and interoperability.
• Functional Design: CBDC must provide clear utility and benefit to users, including user-friendly interfaces and privacy features.
• Economic Design: Key aspects include access, remuneration, limits, and convertibility. These choices will significantly influence the role of CBDC in the economy and its impact on financial stability.

Next Steps

• Further Research and Dialogue: The Bank intends to engage with various stakeholders, including the payments industry, technology providers, financial institutions, and other central banks, to evaluate the benefits and risks of CBDC.
• Key Questions for Research: The paper outlines several key questions for further exploration, including the impact of CBDC on payments, monetary and financial stability, and the broader economy.

Conclusion

This discussion paper is not a final decision on whether to introduce CBDC, but rather a starting point for further research and debate. The design of CBDC must carefully consider its role in supporting the Bank's objectives, its potential benefits, and the risks it may introduce. The Bank encourages public and stakeholder feedback on these matters.

Key Points

• CBDC is a new form of central bank money that could be used by households and businesses.
• It is not a replacement for cash or commercial bank deposits but a complementary form of money.
• CBDC would be denominated in pounds sterling and directly convertible with existing forms of money.
• The Bank is exploring a platform model for CBDC, which would allow private sector participation.
• CBDC could enhance the resilience and efficiency of the payments system.
• It may also help address some risks associated with privately issued money, such as stablecoins.
• The design of CBDC involves three main areas: provision, functionality, and economic design.
• Technology choices will have a significant impact on the functionality and risks of CBDC.
• The Bank is seeking input from the public and stakeholders to inform its decision-making process.