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研究发现,58%的央行更喜欢基于令牌的数字货币,71%的央行更喜欢DLT(分布式账簿技术 ...

2020-5-18 11:28

 

《中央银行》杂志最近发布了对央行数字货币的首次调查。它探索了许多设计特性,发现基于令牌的模型是最受欢迎的(58%),在这种模型中,货币将被存储在数字钱包中。这与基于帐户的设计形成了对比。


其中一名受访者指出,他们选择基于令牌的方式,是因为他们希望CBDC类似于现金,而不是银行存款。CBDC设计的一个关键问题是,在每个国家,当地的政策需求将驱动设计。


一些央行寻求解决已经减少的现金使用量,并拓宽支付选择,目前这些选择主要集中在少数私人机构。另一方面,一些人希望鼓励减少对现金的依赖,因为成本或物流方面的挑战,例如在加勒比群岛。这些因素加在一起虽然只占17%,但仍然是最大的驱动力。


排名第二的是三个目标:金融包容、推动创新和提高支付效率。由于政策目标不同,很少有发展中国家会有相似之处。BIS最近发表了一篇关于一些设计考虑的论文。


标记货币对于链上区块链支付非常有用。虽然区块链的交易量仍然相对较低,但金融机构正在实施的一些主要区块链项目正着眼于央行资金的使用。这将需要一种批发的数字货币,而不是面向消费者的零售货币。调查发现,目前的重点是零售数字货币(70%)。


Tokenization非常适合于分布式账本技术(DLT),但是正如中国已经表明的那样,不使用DLT就可以发布一个tokenized CBDC。该调查区分了DLT和区块链,我们认为它们的意思是公共区块链(我们交替使用这两个术语)。71%的人表示他们会考虑使用DLT。只有一个人说他们会考虑区块链。


就担忧而言,最令人担忧的是30%的安全性和隐私,其次是商业银行的非中介化(20%)。与此相类似的是,法规问题是采用的最大障碍,其次是未经验证的技术。


在接受调查的银行中,多达65%的银行正在探索CBDC,但多数银行仍处于初步研究阶段(57%)。一些人(25%的探索者)已经开发出了概念的证明,大约13%的人进行了试点。目前还不清楚,这13%的人是否也认为CBDC是未来两年的五大战略重点。


值得注意的是,该调查是在2月份进行的,当时COVID-19疫情仍集中在东部地区。该调查覆盖了全球46家央行,其中最大的地区代表来自欧洲,共有19位受访者。


CBDC近期的其它调查包括BIS和OMFIF和Ipsos MORI的消费者数字货币态度调查。

 

Central Banking magazine recently published its first survey of central bank digital currencies (CBDC). It explored numerous design features and found that a token-based model is the most popular (58%) where the currency would be stored in a digital wallet. That’s in contrast to an account-based design.

One of the respondents noted that their selection of token-based was because they wanted the CBDC to resemble cash rather than a bank deposit. A key issue with CBDC design is that in each country the local policy requirements will drive the design.

Some central banks seek to address the already reduced cash usage and broaden payment options currently concentrated with a few private players. On the flip side, some want to encourage less dependence on cash because of cost or physical distribution challenges such as in the Caribbean islands. Together these were motivations for just 17% of those surveyed, but still the biggest driver. 

Three purposes had equal second highest scores: financial inclusion, to drive innovation and payments efficiency. As a result of the different policy objectives, very few CBDCs will look alike. The BIS recently published a paper about some of the design considerations.

Tokenized money is very useful for on-chain blockchain payments. While the volumes of blockchain transactions are still relatively low, some of the major blockchain projects being implemented by financial institutions are eyeing the use of central bank money. That would require a wholesale digital currency as opposed to a consumer focused retail one. The survey found that the current emphasis was on retail digital currency (70%).

Tokenization is well suited to distributed ledger technology (DLT), but as China has shown, it’s quite feasible to issue a tokenized CBDC without using DLT. The survey distinguished between DLT and blockchain, where we believe they mean public blockchain (we use the terms interchangeably). 71% said they would consider using DLT. Only one said they’d consider blockchain.

In terms of concerns, the top worry by far was security and privacy at 30%, followed by disintermediation of commercial banks (20%). On a similar tangent, regulatory issues are the biggest barrier to adoption, followed by unproven technology.

As many as 65% of the banks surveyed are exploring CBDC, but most were at the initial research phase (57%). Some (25% of those exploring) have developed proofs of concept and roughly 13% have proceeded to pilots. It’s unclear whether these are the same 13% that said CBDC is a top five strategic priority in the next two years.

It’s important to note that the survey was conducted in February, when the COVID-19 outbreak was still concentrated in the East. The survey covered 46 central banks across the globe, with the largest regional representation from Europe with 19 respondents.

Other recent CBDC surveys include one from the BIS and another on consumer digital currency attitudes from OMFIF and Ipsos MORI.

 

来自: Ledger Insights