新兴市场经济体的央行数字货币.docxVIP

CBDCs in emerging market economies Sally Chen, Tirupam Goel, Han Qiu and Ilhyock Shim Introduction In recent years, in both advanced (AEs) and emerging market economies (EMEs), central banks have become increasingly engaged in projects related to central bank digital currencies (CBDCs) – ie digital money that is denominated in the national unit of account and is a liability of the central bank (BIS (2021)). However, the stage of engagement – research, pilot or launch – varies according to the country. All 26 central banks participating in this meeting (Annex Table A1) are active in CBDC research. Several have progressed to the pilot or proof-of-concept stage (eg Hong Kong SAR, Saudi Arabia, Thailand, the United Arab Emiratis (UAE)). A few are close to launching (eg China’s eCNY), while some do not see a pressing need for a CBDC in the near future (eg Poland, Singapore). This paper begins by discussing the main motivations of EME central banks for CBDC engagement, focusing primarily on the rationale for retail CBDCs. A second section reviews central banks’ main concerns regarding retail CBDCs, including data privacy and data governance. The third section discusses design choices for retail CBDCs that promote central bank objectives while addressing possible concerns. The fourth section discusses the implications of cross-border use of CBDCs and related design considerations. The paper concludes with high-level takeaways. Throughout, the paper draws on survey responses and background papers from the central banks participating in the meeting. Motivations for CBDC issuance The top motivations for CBDC issuance vary across EMEs, with no single factor dominating, as the survey shows (Graph 1). Providing a cash-like digital means of payment, in light of reduced cash usage and an increase in private digital payment services, is the most common consideration. Boosting financial inclusion also ranks high. Other significant considerations include