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法国央行行长为数字欧元提出了强有力的辩护,他认为现在说有1-2年的时间窗口

2020-9-14 15:08

 

大多数关于央行数字货币(CBDC)的讨论都有些保守。法国央行行长弗朗索瓦·维尔罗伊·德·加尔豪在德国央行虚拟会议上发表了支持数字欧元的有力讲话。“让我说清楚:我们不能让自己在CBDC上落后,”州长说。


他为CBDC的决策提供了一到两年的时间。他的理由是,存在两大风险。大型科技公司和社交网络将创建与公共货币主权相竞争的货币体系。他没有提到Facebook或任何其他网络的名字,但指出欧洲未能创建一个全球性的社交网络。


说得好。大多数西方主流社交网站都来自美国,亚洲也有一些强大的社交网站,比如腾讯的微信和日本的Line。后者由韩国Naver控制,在台湾、泰国和印度尼西亚也有主要业务。但是,即使存在一个欧洲社交网络,各国央行会愿意将主权割让给私人部门吗?


不太可能。但至少他们有监管。


然而,社交网络的结合和国际信用卡网络范围的扩大造成了一种潜在的情况,即非欧洲的私营企业可能控制欧洲支付基础设施的很大一部分。


总督指出,第二个风险是其他国家在没有国际协调的情况下启动CBDC。CBDC可以扩展到发行国的边界之外,还可以设置CBDC模板,包括它如何与私人项目交互,这可能会限制其他CBDC的设计选项。


因此,他提出,一种潜在的零售数字欧元,有强大的私营部门参与,可以解决这些问题,并仍可与欧洲支付倡议(EPI)互操作。他强调,对EPI和数字欧元的支持并不是相互排斥的。今年7月,欧洲16家商业银行推出了EPI,旨在在全欧洲创建一种统一的支付卡和数字钱包解决方案,取代各国的银行卡方案。


我们再次强调,这是迄今为止我们从央行行长那里听到的支持CBDC的最强硬措辞。但法国只是欧盟中的一个国家,尽管是一个强大的国家。


行长还提到了法国银行在大规模CBDC方面的工作,以实现记号化资产的连锁结算。他评论说,CBDC将在未来几周在欧洲中央银行管理委员会进行讨论。欧洲央行行长克里斯蒂娜·拉加德在同一会议上也谈到了潜在的数字欧元。

 

Most discussions about central bank digital currencies (CBDC) are somewhat reserved. François Villeroy de Galhau, the Governor of the Banque de France, made a forceful speech in favor of a digital euro, talking at the Bundesbank virtual conference. “Let me be clear: we cannot allow ourselves to lag behind on CBDC,” said the Governor.

He outlined a one or two-year window for a decision about a CBDC. His rationale is that there are two major risks. BigTech and social networks will create monetary systems that compete with public money sovereignty. He didn’t mention Facebook or any other network by name but pointed out Europe’s failure to create a global social network. 

That’s a good point. Most major Western social networks come from the U.S. and there are strong social networks in Asia such as Tencent’s WeChat and Japan’s Line. The latter is controlled by South Korea’s Naver and also has a major presence in Taiwan, Thailand and Indonesia. But even if there were a European social network, would the central banks be willing to cede sovereignty to the private sector? 

Not likely. But at least they’d have regulatory oversight.

However, the combination of social networks and the expanding reach of the international card networks creates a potential situation in which non-European private sector firms may control a significant proportion of Europe’s payments infrastructure.

The Governor identified the second risk as the launch of a CBDC by other countries without international coordination. A CBDC could spread beyond the issuing country’s borders and a CBDC template might be set. That includes how it interacts with private projects, which might start to limit the design options for other CBDCs.

Hence he proposed that a potential retail digital Euro with strong private sector involvement could address these issues and still be interoperable with the European Payments Initiative (EPI). He emphasized that support for the EPI and a digital euro are not mutually exclusive. In July, the EPI was launched by 16 European commercial banks to create a unified payment card and digital wallet solution across Europe and replace national card schemes.

Again, we emphasize that this is by far the strongest wording we’ve heard from a central banker arguing for a CBDC. But France is but one country within the union, albeit a powerful one.

The Governor also referred to the Banque de France’s work on a wholesale CBDC to enable on-chain settlement of tokenized assets. He commented that the CBDC would be discussed at the Governing Council of the European Central Bank (ECB) in the coming weeks. The ECB’s President Christine Lagarde also spoke about a potential digital euro at the same conference.

 

来自: Ledger Insights