央行数字货币的优势、影响及研发分析——基于文献综述的视角

Analysis of the Advantage,Influence and Issuing for Retail CBDC:Based on the Perspective of Literature Review

在数字经济发展需求推动和私营数字货币发展影响下,学者们加大了对央行数字货币的关注与讨论。首先,通过在理论和实践上比较分析央行数字货币与现有各类数字货币的信用基础和职能发挥情况,发现央行数字货币主权信用特征强,主要优化了交换媒介的职能,容易同时满足市场对货币价值稳定性、便利性、应用广泛性等需求,在自由市场竞争中更具优势。其次,基于现有研究和实践探索对央行数字货币的潜在影响进行系统性阐述,发现央行数字货币在货币政策、金融稳定、支付体系、商业银行和非法经济活动等方面都有较大的积极影响,而一些风险挑战也需关注。再次,因央行数字货币对金融体系的影响在很大程度上取决于其设计及技术选择,基于市场需求分析对其技术选择问题进行了讨论,发现分布式账本技术存在不足,预计货币当局倾向于选择技术中性路线进行研发。最后,研究了央行数字货币未来提供与转移问题,并对研发央行数字货币提出完善法律法规、强化沟通交流、中性选择技术、公私充分合作、注重国际协调等建议。

Driven by the development of digital economy and the development of private digital currency,people pay more attention to and discuss the Retail CBDC.Firstly,this paper compares and analyzes the credit basis and functions of Retail CBDC with various existing digital currencies in theory and practice.It is found that the Retail CBDC has strong sovereign credit characteristics,mainly optimizes the functions of the exchange media,and is the easiest to meet the market’s demand for currency value stability,convenience,and wide application at the same time,It has more advantages in free market competition.Secondly,based on the existing research and practical exploration,this paper systematically expounds the potential impact of the Retail CBDC,and finds that the Retail CBDC has a greater positive impact on monetary policy,financial stability,payment system,commercial banks and illegal economic activities,while some negative effects also need to be paid attention to.Thirdly,because the impact of Retail CBDC on the financial system largely depends on its design and technology selection,this paper discusses its technology selection based on market demand analysis,and finds that there are deficiencies in the distributed ledger technology.It is expected that the monetary authorities tend to choose the technological route for issuing.Finally,the paper studies the future supply and transfer of Retail CBDC,and puts forward some suggestions on issue Retail CBDC,such as improving laws and regulations,strengthening communication and exchange,neutral selection technology,full public-private cooperation,and paying attention to international coordination.