零售CBDC的比较优势、运行机制、潜在影响及设计原则

Comparative Advantage,Operation Mechanism,Potential Influence and Design of Retail CBDC

新冠肺炎疫情增加了非接触式付款需求,引发了理论和实务界关于无风险法定数字货币形式、影响、设计和发行等问题的激烈讨论。首先,本文比较分析了各类货币形式的本质和信用基础,认为零售CBDC在货币当局参与和国家信用支持下,更容易被公众接受,可能在未来货币家族中占有重要位置。其次,分析了零售CBDC的发行机制,认为多数货币当局可能更倾向于选择间接方式提供零售CBDC,并且间接方式中双层模式和合成型CBDC机制均不完美;“直升机撒钱”紧急措施可能只是一种短期应急措施;基于账户和基于代币的系统在未来都有可能出现。再次,基于上述判断,探索了零售CBDC在货币政策等五方面的影响,研究发现,零售CBDC的影响都是双重的。最后,由于设计原则和技术的最优选择会“增效益、控风险”,对设计和技术问题进行了分析,指出货币当局需仔细选择,优先考虑哪些设计原则,以及各原则之间的最佳权衡;技术选择可在剥离存在明显缺陷的分布式账本技术构件、采用其他技术进行替代、与其他技术结合使用等方面进行考虑。

The COVID-19 increases the need for contactless payment and sparks a hot discussion in theoretical and practical circles about the form,impact,design and issuance of risk-free legal digital currencies.This paper first comparatively analyzes the nature and credit basis of various forms of money,and concludes that retail CBDC,with the participation of monetary authorities and the support of state credit,is more easily accepted by the public and may occupy an important place in the future money family.Second,the issuance mechanism of retail CBDC is analyzed and it is concluded that most monetary authorities may prefer the indirect approach to provide retail CBDC and that neither the two-tier model nor the synthetic CBDC mechanism in the indirect approach is perfect.The"helicopter drop"emergency measure may only be a short-term emergency measure;both account-based and token-based systems are likely to emerge in the future.Furthermore,based on the above judgment,the impact of retail CBDC in five areas,including monetary policy,is explored,and the study finds that the impact of retail CBDC is all twofold.Finally,since the optimal choice of design principles and technology will"increase efficiency and control risk",design and technology issues are analyzed,pointing out that monetary authorities need to choose carefully which design principles to prioritize and the best trade-offs between them.Technology selection can be considered in terms of stripping DTL components with obvious defects,using other technologies for substitution,and using them in combination with other technologies.