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【英文】BIS报告:中央银行数字货币的崛起:动因、途径和技术(44页)

英文研究报告 2020-09-07 1 管理员

An alternative is to base access on so-called  digital tokens. 19 This allows for value-based payment options, for example pre-paid  CBDC banknotes that can be exchanged both physically and digitally. Yet this also  brings new risks of illicit activity and counterfeiting.  Closely tied to the domestic access framework is the fourth design choice, the  use of CBDC for cross-border payments, which relates to the retail and wholesale  interlinkages in a CBDC’s design and its accessibility for residents vs non-residents. Token-based domestic access would naturally be open to anyone, including nonresidents. But central banks may allow for use by non-residents. Graph 7 classifies the attributes of ongoing retail CBDC projects. Among the retail  CBDC projects in our sample, we find a wide variety of approaches to architecture,  infrastructure, access and cross-border (retail or wholesale) interlinkages. On  architecture, we find four central banks considering a Direct model (often to enhance  financial inclusion). Seven are considering the Hybrid or Intermediated options (in some cases alongside a Direct option), and a larger group has not yet specified the  architecture. No report examined in this study indicates that a central bank is pursuing  the Indirect/Synthetic architecture.

Central banks choose these different attributes of CBDCs in line with the unique needs  of their jurisdictions, but there may nonetheless be common features across  countries. 20 In this light, we have also performed simple probit regressions for three  of the four attributes (Table 5; moreover, a figure in the online annex represents this  graphically). Indicators were chosen based on the statistical significance of differences  between the projects; the top three are presented in each case. Because of the lack  of variation in our sample regarding cross-border interlinkages, these differences are  not presented.  For the architecture, one may expect that the Direct or Hybrid and Intermediated  options would be more likely in economies that are less developed or have less financial inclusion. In fact, we find the opposite: likely due to the influence of the  Nordic countries, Canada and China, we find that it is higher-income jurisdictions,  with greater account access and government effectiveness, that are more likely to  choose a Direct or Hybrid and Intermediated architecture – at least in research work  to date. Less developed countries have generally not specified their chosen  architecture.  Regarding infrastructure, we expect that DLT – originally designed to substitute for  trusted intermediaries – is more attractive in jurisdictions in which authorities are  perceived to be less effective. This difference is not statistically significant. Some  central banks do note explicitly that DLT presents no fundamental advantages when using a centralised issuance system (NBU (2019)). On the other hand, countries  researching or piloting DLT are more dependent on inward remittance flows than  countries researching or piloting conventional architectures.

【英文】BIS报告:中央银行数字货币的崛起:动因、途径和技术(44页)

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资源名称:【英文】BIS报告:中央银行数字货币的崛起:动因、途径和技术(44页)


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