央行数字货币的发行动机、设计方案及其对中国的启示

Issuing Motivation and Design of Central Bank Digital Currency and Policy Implications for China

央行数字货币的研发已经成为国际货币竞争特别是大国货币竞争的重要领域。本文梳理了央行数字货币相关概念、发行动机以及设计方案等方面的研究文献,在此基础上结合世界多个国家的央行数字货币的试验情况对相关理论和政策问题进行了系统总结和分析。本文发现,不同国家发行央行数字货币的动机并不相同,而不同的动机也意味着央行数字货币有着不同的设计方案,其中六个重要的基础性设计方案可以分为政策性设计方案和技术性设计方案两大类。当中央银行选择不同的设计方案时,央行数字货币对经济和金融系统的影响也可能会不同。本文还就中国发行数字人民币提出了相关政策建议。

The research and development of central bank digital currency has become an important area of international currency competition,especially among major economic powers.This article reviews the research literature on the concept,motivation,design choices and pilot project progress of central bank digital currency and,on that basis,summarizes and analyzes relevant theories and policy implications.This article finds that different countries have different motivations for issuing central bank digital currency,which leads to different designs;and the six important basic design choices can be divided into two categories:policy-level designs and technology-level designs.When central banks choose different plans of design,the impacts of central bank digital currency on the economic and financial system may be different as well.This article also puts forward some policy suggestions on the issuance of e-CNY in China.