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国际清算银行发布数字货币报告,考虑共享支付数据

2020-10-13 13:49

 

美国、欧洲、英国、日本、瑞士、加拿大和瑞典的中央银行和国际清算银行发布了一份关于中央银行数字货币(CBDC)的报告。九个月前,有六家央行披露计划进行合作,美国后来才加入。它们中还没有一个决定继续发行CBDC。


该报告概述了数字货币的动机,以及政策含义、特点和设计。一个比较新颖的领域是关于激励设计的章节,其中包含了一个相当令人吃惊的建议,即他们可能会考虑“允许访问消费者数据”。


政策权衡之一是CBDC系统的成本,试图通过向公众收费来抵消这一成本可能会阻碍使用。就像Visa和万事达向商家收取的费用一样,央行也在考虑向服务提供商收取费用。


最重要的部分是:“所有成本是否都通过收费透明收取(以及这些费用是由商家、用户或两者共同承担),还是通过公共资金、私人交叉补贴或允许获取消费者数据等方式进行补贴,这些都需要做出决定。”


据推测,数据访问权是由支付提供商提供的,然后支付提供商可以出售数据。很有可能,这至少会包括一个选择。但隐私权似乎并不被认为是一种公共产品。Facebook和谷歌的不那么光彩的方面也有相似之处。

CBDC动机


推动建立CBDC的因素包括,随着现金使用量的下降,人们可以持续获得央行的资金,以及市场的韧性。如果私人支付系统出现故障,发生灾难,或者在偏远地区面临接入的挑战,就需要这样做。


薪酬多样化的增加排在了动机列表的第三位。但很难说Facebook发布的天秤座计划不是央行上调CBDC利率背后的关键推动因素。接下来是鼓励普惠金融和改善跨境支付。


“支持公共隐私”被描述为第六个动机。虽然现金是完全匿名的,但对于CBDC来说,“完全匿名是不可能的,”论文指出。它凸显了一个关键的国家政策问题,即有关获取支付数据的细节。


第七个动机是让政府能够直接支付,就像美国提议的使用CBDC支付COVID一样。

特性和权衡


在目标和特点方面,该文件表示,中央银行之间有相当大的共识,并简要地描述为:


CBDC必须是可兑换的、方便的、可接近的和低成本的。底层系统应该是有弹性的,7天24小时可用的,灵活的,互操作的,私有的和对公众安全的。与此同时,CBDC存在和转让的支付系统必须让私营部门参与进来,以从创新和竞争中获益,并支持采用和使用。”


需要解决的一些政策问题包括权衡取舍。或许最大的原因可能是,公民希望拥有隐私,但需要监控,以防止洗钱和减少逃税。这就是成本权衡。


该文件总结称,合作将继续探索权衡取舍和《G20跨境支付路线图》。


日本央行(Bank of Japan)也发布了自己的报告,欧洲央行(ecb)上周也发布了一份报告。

 

report on central bank digital currency (CBDC) was published by the central banks of the U.S., Europe, England, Japan, Switzerland, Canada and Sweden, and the Bank for International Settlements. Nine months ago, six central banks disclosed they planned to collaborate, with the U.S. as the late joiner. None of them have as yet decided to proceed with issuing a CBDC.

The report outlines the motivations for a digital currency, as well as policy implications, features and designs. One of the more novel areas is a section on incentive designs, which includes the rather surprising suggestion that they might consider “allowing access to consumer data”.

One of the policy tradeoffs is the cost of a CBDC system and attempts to offset that cost by charging the public could discourage usage. Much like Visa and Mastercard fees that are charged to merchants, the central banks consider charging service providers. 

Here’s the important part: “Decisions will be required on whether all costs are transparently charged through fees (and whether these are borne by merchants, users or both) or if some subsidisation through public funding, private cross-subsidy or allowing access to consumer data is permitted.”

Presumably, the data access is by the payment provider, who could then sell it on. And it’s rather likely that this would at least include an opt-in. But it seems the right to privacy is not considered a public good. Parallels might be drawn with the not-so-shiny aspects of Facebook and Google.

CBDC motivations

Drivers to launch a CBDC include continual access to central bank money as cash usage declines and resilience. That’s needed if there’s a failure of private payment systems, disasters, or the challenges of access in remote areas.

Increased payment diversity made it to number three on the list of motivations. But it’s hard to argue that the announcement by Facebook of its Libra plans isn’t a key driver behind the elevated interest by central banks in CBDC. Next is encouraging financial inclusion and improving cross border payments.

“Supporting public privacy” is described as a sixth motivation. While cash is entirely anonymous, for a CBDC “full anonymity is not plausible,” the paper notes. It highlights a key national policy question being details around access to the payment data. 

The seventh motivation is to enable the government to make direct payments, much like U.S. proposals to use a CBDC for COVID payments.

Features and trade-offs

In terms of objectives and features, the paper says there was considerable agreement between the central banks and it succinctly describes them as:

“A CBDC must be convertible, convenient, accessible and low cost. The underlying system should be resilient, available 24/7, flexible, interoperable, private and secure for the general public. At the same time, the payment system upon which a CBDC exists and is transferred must involve the private sector to benefit from innovation and competition and support adoption and use.”

Some of the policy issues that need to be addressed include trade-offs. Perhaps the biggest is likely to be the desire by citizens to have privacy but the need to monitor to prevent money laundering as well as to reduce tax evasion. And there’s that cost trade-off mentioned already.

The paper concludes that the collaboration will continue to explore trade-offs and the G20 roadmap on cross-border payments.

The Bank of Japan published its own report, and the European Central Bank published one last week.

 

来自: Ledger Insights