世界经济论坛-中央银行和分布式分类帐技术：中央银行今天如何探索区块链？（英文）-2019.4-14页_477kb

Central Banks and Distributed Ledger Technology: Summary

Core Content

This document explores how central banks globally are researching and experimenting with blockchain and distributed ledger technology (DLT) to enhance financial systems, address inefficiencies, and prepare for future monetary innovations. It highlights the diverse approaches and objectives of central banks in leveraging DLT, with a particular focus on central bank digital currency (CBDC) and its potential applications.

Main Views

Central banks are exploring DLT for various purposes, including:

• Research and experimentation: Many central banks are actively researching DLT, with some having started as early as 2014. The scope and depth of these efforts vary, with some conducting pilots and others merely monitoring developments.
• Early implementations: A few central banks have already deployed DLT in their operations. For example, the Bank of France has fully implemented a blockchain-based system for SEPA Credit Identifiers (SCIs) using the MADRE project.
• CBDC use cases: Central banks are exploring both retail and wholesale CBDCs, each with different applications and target audiences. Retail CBDC aims to replace or complement physical cash, while wholesale CBDC focuses on interbank payments and securities settlement.
• DLT applications beyond CBDC: Central banks are also testing DLT in areas such as payment system resiliency, bond lifecycle management, KYC/AML processes, trade finance, cash supply chain management, and information exchange.

Key Information

1. Research and Experimentation

• At least 40 central banks are researching or experimenting with CBDC and DLT.
• Project Jasper (Bank of Canada), Project Ubin (MAS), and Project Stella (ECB & BOJ) are notable multi-central bank collaborations.
• R3's Corda, Hyperledger Fabric, Quorum, and Ethereum are popular blockchain platforms used by central banks.
• The Bank of France has implemented a full blockchain solution for SEPA Credit Identifiers (SCIs) through Project MADRE, using smart contracts to automate the process.

2. CBDC and Its Applications

• Retail CBDC is designed for general public use, enabling peer-to-peer transactions and potentially replacing cash.
• Wholesale CBDC is used by commercial banks and clearing houses for more efficient interbank operations.
• The money flower is a conceptual model that categorizes different forms of money, including CBDC and private cryptocurrencies.

3. Benefits and Risks of Retail CBDC

4. CBDC Design and Implementation Trade-offs

• Availability: CBDC can be made available to the public (retail) or restricted to commercial banks (wholesale).
• Distribution and storage: Options include direct central bank accounts, commercial bank intermediaries, or government-issued debit cards.
• Interest payments: Whether to pay interest on CBDC can influence its attractiveness and impact on commercial banks.
• Transaction anonymity: Balancing privacy with the ability to monitor and regulate financial activities.
• Account and transaction limits: Implementing restrictions to prevent risks such as bank runs or money laundering.

5. Focus of Wholesale CBDC Research

• Research is primarily focused on cross-border interbank payments and securities trading and settlement.
• Project Stella (ECB & BOJ), Project Ubin (MAS), and BLOCKBASTER (Deutsche Bundesbank) are key initiatives exploring these areas.
• Delivery versus payment (DvP) is a critical application where payments and asset delivery occur simultaneously, reducing settlement risk and increasing efficiency.

6. CBDC and Geopolitical Considerations

• CBDC may play a role in geopolitical maneuvering, offering countries an alternative to foreign-dominated payment systems.
• It can support financial inclusion, payment efficiency, and banking system stability in underbanked regions.

Conclusion

Central banks are at varying stages of DLT adoption, with some already deploying it in real-world scenarios. While CBDC offers significant potential for improving financial systems, it also presents risks that require careful evaluation. The research and experimentation phase is ongoing, and central banks are balancing innovation with stability, privacy, and regulatory concerns. As the technology matures, the role of CBDC in the global financial landscape may become more defined.