法兰西银行：批发型中央银行数字货币实验报告（EN）_22页_5mb

Summary of Banque de France's Wholesale CBDC Experiments

Core Content

The Banque de France launched a wholesale CBDC (W-CBDC) experimentation programme in 2020 to explore the potential of issuing a new form of central bank money (CeBM) on distributed ledger technology (DLT) for wholesale payments, including cross-border and cross-currency transactions, as well as securities settlement. The goal of the experiments was to understand the technical and operational feasibility of W-CBDC, assess its benefits and risks, and complement the Eurosystem's work on a retail CBDC.

Main Use Cases

2.1 Safeguarding the Anchoring Role of CeBM in Tokenised Financial Markets

The experiments aimed to ensure that CeBM remains the cornerstone of financial stability in the context of tokenised financial markets. Key findings include:

• Settlement in CeBM: A W-CBDC can be used to settle tokenised financial instruments in CeBM, preserving the safety and efficiency of the financial system.
• Reduction of Settlement Risk: By enabling atomic delivery-versus-payment (DvP) procedures on DLT, W-CBDC can reduce counterparty risk and ensure secure settlement.
• Integration with Existing Systems: The Banque de France tested the integration of DLT-based settlement with existing systems like TARGET2-Securities (T2S), demonstrating the feasibility of combining both technologies.
• Smart Contracts: The use of smart contracts enabled the issuance and management of W-CBDC tokens, as well as the implementation of DvP for tokenised instruments.

2.2 Enhancing Cross-Border and Cross-Currency Payments

The experiments also explored the potential of W-CBDC to improve cross-border and cross-currency payment systems. Key findings include:

• Interoperability: A W-CBDC could be part of multi-CBDC (mCBDC) arrangements, which would help simplify and enhance the efficiency of cross-border transactions.
• Efficiency and Cost Reduction: By leveraging DLT, cross-border payments could be faster, cheaper, and more transparent, addressing current inefficiencies in the system.
• Global Coordination: The report highlights the importance of international coordination to ensure that CBDC systems are interoperable and can support seamless cross-border transactions.

Key Technical Findings

3.1 Central Bank Control Over W-CBDC on DLT

The Banque de France demonstrated that central banks can retain control over W-CBDC issued on DLT through the use of nodes with specific privileges. This control is essential to ensure that the central bank can manage the issuance, circulation, and settlement of W-CBDC while maintaining its role as the anchor of the financial system.

3.2 Diverse DLT Options for W-CBDC Implementation

The experiments tested various DLT technologies, including public and private blockchains, and showed that different technical options are available for implementing W-CBDC. This diversity allows for flexibility in design and deployment, depending on the specific needs and regulatory environment.

Open Questions and Future Work

The report identifies several open questions that require further exploration:

• Access to CeBM: The potential for W-CBDC to increase access to CeBM for financial intermediaries could have significant macroeconomic implications.
• Technology Choice: The selection of the most appropriate DLT technology for W-CBDC implementation remains an open issue, as different options may have varying impacts on financial stability and monetary policy.
• Interoperability: Ensuring that W-CBDC systems can interoperate with existing financial infrastructure and other CBDCs is crucial for the success of cross-border payments.

The Banque de France's experiments suggest that further research and development are needed to fully understand the implications of W-CBDC and to address the technical and regulatory challenges associated with its implementation.

Conclusion

The experimentation programme provides valuable insights into the potential of W-CBDC to support the secure development of tokenised financial markets and improve cross-border payment systems. It highlights the importance of central bank control, interoperability, and the role of DLT in enabling new functionalities and use cases for CeBM. While the results are promising, they also underscore the need for continued research, international coordination, and careful consideration of the broader implications of CBDCs on financial stability and monetary policy.