国际清算银行-央行数字货币：持续的政策视角（英）-2023.5-10页

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Central bank digital currencies: ongoing policy perspectives 1

Central bank digital currencies:

ongoing policy

perspectives

May 2023

Bank of Canada Swiss National Bank

European Central Bank Bank of England

Bank of Japan Board of Governors Federal Reserve System

Sveriges Riskbank Bank for International Settlements

Central bank digital currencies: ongoing policy perspectives 1

A group of central banks, together with the Bank for International Settlements, are

working together to explore central bank digital currencies (CBDCs) for the public

(“general purpose” or “retail” CBDC).

Since publishing (i) a report in October 2020

setting out the common foundational principles and core features of a CBDC;

and (ii)

an executive summary

and three detailed reports on system design and

interoperability

, user needs and adoption

and financial stability implications

September 2021, the group has continued to share ideas and perspectives on similar

themes, which are summarised in this note.

Background/motivation

Most central banks are now exploring CBDCs, and more than a quarter of them are

developing or running concrete pilots (Kosse and Mattei (2022)). Many of our

jurisdictions are examining whether there is a need to ensure ongoing retail access to

central bank money at a time of profound, ongoing changes across finance,

technology and society. The motivation for introducing a retail CBDC may rest

primarily on the role of central bank money as a public good. At the same time, the

introduction of a CBDC could be an innovative opportunity for the monetary system.

It is in this context that the central banks contributing to this group have continued

their collaboration to deepen the practical policy and technical analysis of CBDC.

Annex 1 draws out some elements of the discussion in 2022.

Some of the members of this group are approaching a point where they may

decide on whether or not to move to the next stage of their CBDC work. This may

include deeper investment in design decisions relating to technology, end user

preferences and business models, while leaving open the decision on whether to issue

CBDC. To date, none of our jurisdictions have yet decided to proceed with the

issuance of a retail CBDC. CBDC issuance and design are sovereign decisions for

relevant authorities based on their assessments and a jurisdiction’s circumstances.

However, there has been value in working collectively on common issues.

Participating central banks are: the Bank of Canada, the Bank of England, the Bank of Japan, the European

Central Bank, the Board of Governors of the Federal Reserve System, Sveriges Riksbank and the Swiss

National Bank.

Group of central banks, Central bank digital currencies: foundational principles and core features, October

2020.

Group of central banks, Central bank digital currencies: executive summary, September 2021.

Group of central banks, Central bank digital currencies: system design and interoperability, September 2021

Group of central banks, Central bank digital currencies: user needs and adoption, September 2021

Group of central banks, Central bank digital currencies: financial stability implications, September 2021

2 Central bank digital currencies: ongoing policy perspectives

Key messages

Development of CBDC work requires careful consideration and

engagement with a wide range of stakeholders, including the private sector

and legislators.

The experiences of this group indicate that no single form of outreach or engagement

fits all purposes or all stakeholders. Two-way public outreach on CBDCs may take

different forms (eg bilateral engagement, forums, open consultations) and will need

to engage a variety of stakeholder groups. Bilateral exchanges can be used both to

create awareness and understanding, and to gather input from stakeholders.

Established forums can also serve to update stakeholders and develop practical

insights. Open consultations may also be useful for seeking views from a broader

range of industry professionals and the wider public (see Box 1).

Private innovation is seen as an important factor for the long-term success of any

CBDC. Depending on jurisdictional circumstances, central banks may choose to take

different approaches in shaping and guiding private sector propositions for possible

CBDC services and use cases. Some may favour a model where the central bank clearly

defines a scope and practical use case, whereas other central banks might favour

allowing the private sector to innovate within a set of principles and objectives.

Legislators and authorities will need to remain engaged as work on CBDC

progresses. The development of solutions to some of the outstanding legal issues

related to CBDC will largely be a matter of national law and will tend to be highly

dependent on policy choices and the design of a CBDC (see Box 2). The central banks

in this group recognise that no meaningful retail CBDC could be issued without the

support of respective governments.

To successfully meet its public policy objectives, a CBDC ecosystem

should allow a wide range of private and public stakeholders to

participate and, in doing so, deliver services which benefit end users.

The central banks contributing to this report anticipate that any CBDC ecosystem

would involve both the public and private sector. There are a variety of potential CBDC

business models, and central banks may need to understand potential benefits to

stakeholders and the public in each model, including incentives to participants and

value added to end users. They may also need to consider the optimum level of

adoption needed to meet their public policy objectives; for example, certain policy

objectives may only be achieved if CBDC adoption reaches, or exceeds, a certain level.

This may, in turn, influence the functionality, solution design and use cases for CBDC.

Central banks already have expertise in creating and managing a sophisticated

value chain for a mass market retail product – banknotes. While the value chain for

CBDC would be different, some of the expertise in banknotes may be applicable. The

range of digital products and solutions available today provide the central bank with

various options in building the ecosystem: when designing a CBDC system, central

banks could consider which services to procure from the private sector and which

services will require internal development; these decisions would be tailored to

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Centralbankdigitalcurrencies:ongoingpolicyperspectives1Centralbankdigitalcurrencies:ongoingpolicyperspectivesMay2023BankofCanadaSwissNationalBankEuropeanCentralBankBankofEnglandBankofJapanBoardofGovernorsFederalReserveSystemSverigesRiskbankBankforInternationalSettlementsCentralbankdigitalcurrencies:...

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