央行数字货币的发行逻辑与演进安排

Central Bank Digital Currency-A Logical Way Forward

传统货币形态变迁陷入"囚徒困境":金属货币体系下更多是货币短缺,引发通货紧缩;信用货币体系下更多是货币泛滥,催生通货膨胀。运用分布式总帐等破坏性创新技术的数字货币诞生为破解传统货币形态变迁"困徒困境"提供崭新思路。在对私人数字货币(PDC)的审慎评估基础上,探寻央行数字货币(CBDC)的发行逻辑,稳妥渐进推出央行数字货币作出审慎周密的演进安排。

Traditional monetary patterns often lead to what game theorists call the ＂prisoner＇s dilemma＂ ／ or how supposedly rational choices do not produce the best outcomes. The use of a coin-based money system often leads to money shortages, triggering deflation, while a credit-based money system often leads to excessive money, causing inflation. The birth of digital money using distributed ledger and other innovative technology provides a way to solve the dilemma. The solution requires a careful evaluation of private digital currency and an extensive examination of central bank digital currency （CBDC） distribution logic. This will allow a steady and gradual introduction of the CBDC and promote a careful and logical evolution of digital currency