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（英）-2024.4-83页

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In collaboration

with Accenture

Modernizing Financial Markets

with Wholesale Central Bank

Digital Currency (wCBDC)

APRIL 2024

INSIGHT REPORT

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Contents

No part of this publication may be reproduced or

transmitted in any form or by any means, including

photocopying and recording, or by any information

storage and retrieval system.

Disclaimer

This document is published by the World Economic

Forum as a contribution to a project, insight area

or interaction. The ﬁndings, interpretations and

conclusions expressed herein are a result of a

collaborative process facilitated and endorsed by

the World Economic Forum but whose results do

not necessarily represent the views of the World

Economic Forum, nor the entirety of its Members,

Partners or other stakeholders.

Images: Getty Images, Midjourney, Unsplash

Foreword 03

Preface 04

Executive summary 05

Introduction 06

1 Foundational key concepts 07

2 Wholesale ﬁnancial markets use cases 10

3 The digital money continuum 12

4 wCBDC initiatives 16

5 Industry challenges 19

6 Areas of differentiated value 22

7 Persistent industry challenges 41

8 Trade-offs and considerations 58

9 RTGS systems 62

10 Alternative payment instruments 64

11 Multi-token and multi-system future 73

Conclusion 75

Contributors 76

Endnotes 79

Modernizing Financial Markets with Wholesale Central Bank Digital Currency 2

Contents

Foreword Over 98% of the global economy’s central

banks are researching, experimenting, piloting or

deploying central bank digital currency (CBDC)

to determine how to modernize the capabilities

of and improve access to central bank money

(CeBM).1 An opportunity exists to make use

of ongoing innovations in CeBM to modernize

wholesale ﬁnancial markets by enhancing

systemically important payments between

institutions. These markets demand secure

and efﬁcient settlement infrastructure from

participants to promote ﬁnancial stability, enable

domestic and international trade, and create

economic opportunities.

Central banks are modernizing real-time gross

settlement (RTGS) systems –the predominant

wholesale funds transfer system – and wholesale

CBDC (wCBDC) represents an opportunity

to address existing and emerging industry

challenges across interbank payments and

securities transactions. Meanwhile, non-CBDC

payment instruments are arriving on the scene

– reserves-backed digital currencies (RBDCs),

deposit tokens (DTs) and ﬁat-backed stablecoins

(FBSs). These instruments are continually

challenging our collective view of digital money.

With this backdrop and a recent survey ﬁnding

that there could be 24 live CBDCs by 2030, the

importance of clarifying the role of CeBM and

wCBDC in the next generation of wholesale

ﬁnancial markets is underscored, and this

report intends to deliver upon that goal.2 Central

banks, commercial banks and ﬁnancial market

infrastructures (FMIs) like custodians, depository

institutions, exchanges, clearinghouses and

settlement agents seek to better understand

wCBDC’s value proposition.

In this context, the World Economic Forum

has collaborated with Accenture to articulate

how a wCBDC might provide differentiated

value. We took a holistic view of the relevant

industry challenges to produce practical insights

for policy-makers and the private sector’s

planning efforts to realize the full potential of

wCBDC, if pursued. Importantly, deep public-

private sector collaboration is necessary to

modernize wholesale ﬁnancial markets securely

and efﬁciently.

David Treat

Senior Managing Director,

Innovation Incubation

Group Lead, Accenture

Drew Propson

Head, Technology and

Innovation in Financial

Services, World

Economic Forum

98%

of global central banks are

exploring CBDC to enhance CeBM

access and modernization.

live CBDCs are projected by 2030,

underscoring the need to deﬁne CeBM

and wCBDC’s roles in future wholesale

ﬁnancial markets.

wCBDC represents an opportunity

to address challenges in interbank

payments and securities.

Modernizing Financial Markets with Wholesale Central Bank Digital Currency 3

Contents

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IncollaborationwithAccentureModernizingFinancialMarketswithWholesaleCentralBankDigitalCurrency(wCBDC)APRIL2024INSIGHTREPORTThisreportisinteractiveLookoutforthisiconforpagesthatcanbeinteractedwithToensureinteractivecapability,pleasedownloadandopenthisPDFwithAdobeAcrobat.Contents©2024WorldEconomicForu...

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