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花旗集团前首席执行官敦促美联储采用数字美元

2020-5-18 11:21

 

2008年金融危机期间担任花旗集团首席执行官的潘伟迪呼吁美国联邦储备委员会(美联储,fed)推行一种中央银行数字货币(CBDC)。他强调了分配COVID-19刺激资金的挑战,并提出数字美元将是更好的途径。


潘伟迪在加入花旗集团不到一年的时间里,于2007年迅速晋升为首席执行官。鉴于2008年金融危机的余波,他将自己的五年任期称为“战争”。目前,他经营着一家投资公司Orogen,专注于金融和技术的交叉领域。


潘伟迪在《纽约时报》的交易录中写道:“政府要想发挥其作用,就需要新的基础设施来扮演一个有效、高效的承销商。”他还注意到印度、肯尼亚和新加坡采用了其他现代技术。印度以其国家身份识别系统和相关的无摩擦“了解你的客户”工具而闻名。


我们之前报道过多次努力在美国立法法案中引入数字美元来分配刺激资金。潘迪特写道:“数字货币可以为服务于所有人的基础设施铺平道路,但这取决于政府能否建立一个坚实、实用的基础,以确保每一美元——无论是私人的还是公共的——都流向正确的地方。”


潘伟迪或许巧妙地没有提到中国,中国官方媒体最近提到,即将发行的数字人民币可以用于分发未来的COVID-19救助。

在CBDC的世界里,大规模放贷仍是可行的


这并不是潘伟迪第一次敦促CBDCs的部署。去年,他在英国《金融时报》上发表了一篇文章。在那里,他提出,数字货币“将使我们能够将许多源自实物资产的银行属性分离开来”。


央行经常对CBDC可能导致银行脱媒表示担忧。他们担心,在没有银行的情况下,信贷可能会枯竭,进而影响经济增长。潘伟迪在英国《金融时报》的文章中写道,“金融服务公司仍将发挥重要作用。”以市场为基础的金融公司可以满足贷款需求以及更高的存款利率。他提到的“金融服务公司”可能是经过精心挑选的,不一定是指银行。


他总结道:“央行官员们明白,在这种新架构中释放竞争,将会造成真正的破坏。竞争可以创造一场向顶端的赛跑,也可以创造一场向底部的赛跑。监管机构必须帮助金融体系找到正确的方向。让我们引导创新来支持这个系统,在有人想出如何绕过它之前。”


潘伟迪还提到天秤座,并对天秤座能否带来信任表示怀疑。但在各国央行最近越来越关注零售CBDC的过程中,这一直是一个关键因素。


而在潘伟迪看来,已经有迹象表明,破坏性的去中心化金融公司(deFi)参与了基于稳定货币和加密货币的贷款。而“下注”是另一种赚取数字货币利息的方式。我们最近写了一篇关于德国电信一家子公司计划提供赌注服务的文章,这表明它正在进入主流市场。

 

Vikram Pandit, who was CEO of Citigroup during the 2008 crisis, has called for the U.S. Federal Reserve to pursue a central bank digital currency (CBDC). He highlighted the challenges of distributing COVID-19 stimulus money and suggests that a digital dollar would be a better route. 

Pandit rapidly rose to CEO of Citigroup in 2007 less than a year after he joined. Given the 2008 crisis fallout, he referred to his five your tenure as “war”. Currently, he runs an investment firm Orogen, which focuses on the intersection of finance and technology.

“For the government to fulfill its role, it needs new infrastructure to act as an effective, efficient underwriter,” wrote Pandit in the New York Times’ Dealbook. He also noted the adoption of other modern technologies by India, Kenya and Singapore. India is known for its national identity system and its related frictionless know your customer tools.

We previously reported multiple efforts to introduce a digital dollar in U.S. legislative bills to distribute the stimulus money. “A digital currency could pave the way for an infrastructure that serves everyone, but it depends on a government that can build a solid, utilitarian foundation to ensure that every dollar — private or public — goes to the right place,” wrote Pandit.

Perhaps tactfully, Pandit did not refer to China, where state media recently mentioned that the soon-to-be-released digital yuan could be used to distribute future COVID-19 relief.

Lending at scale is still viable in a CBDC world

This isn’t the first time Pandit has urged the deployment of CBDCs. Last year he penned a piece in the Financial Times (FT). There he argued that digital currencies “would allow us to unbundle many banking attributes that developed from physical assets.”

Central banks often raise concerns about the potential for CBDC to cause bank disintermediation. They worry that in the absence of banks, the availability of credit could dry up, which in turn would impact growth. In the FT piece, Pandit wrote that “financial services companies would still play a significant role. Market-based finance companies could meet the demand for loans as well as higher rates on savings.” His reference to “financial services companies”, may have been chosen carefully and does not necessarily mean banks. 

He concluded: “Central bankers understand that unleashing competition in this new architecture would be truly disruptive. Competition can create a race to the top or a race to the bottom. Regulators must help point the system in the right direction. Let’s direct innovation to support the system before someone figures out how to bypass it.”

Pandit also referred to Libra and raised doubts about whether it would engender trust. But it has been a key factor in the recent increased focus on retail CBDC by central banks.

And to Pandit’s point, there are already signs of disruptive decentralized finance (deFi) firms that are involved in lending based on stablecoins and cryptocurrencies. And “staking” is another way to earn the equivalent of interest on digital currencies. We recently wrote about a Deutsche Telekom subsidiary that plans to offer staking services, showing that it’s reaching the mainstream. 

 

来自: Ledger Insights