零售型央行数字货币的实践难点--基于数字人民币“红包”实验的思考

The Practical Difficulties of Retail Central Bank Digital Currency--Thinking Based on the Experiment of Digital RMB "Red Envelope"

当前世界各主要国家纷纷投入央行数字货币的研究,中国已将"稳妥推进数字货币研发"写入十四五规划,但零售型央行数字货币"落地"还面临一系列尚未解决的难题。本文结合中国最近进行的数字人民币"红包"实验,深入分析了央行数字货币"落地"面临的三个关键难点:第一,功能定位难题,央行数字货币替代M0面临理论和实践双重困境;第二,发行机制模糊,有待澄清的问题包括央行数字货币发行和回笼过程,替代M0的驱动力量,推广成本的负担和能否增强支付市场竞争四个方面;第三,可能引致商业银行"脱媒"风险。对这些实践难点的深入探讨将有助于深化对央行数字货币的认识,并为发展数字人民币提供参考。

At present,major countries in the world have invested in research on central bank digital currencies.China has already included"secure advancement of digital currency research and development"into the 14 th Five-Year Plan.However,the"landing"of retail central bank digital currencies is still facing a series of unresolved problems.Based on the recent digital RMB"red envelope"experiment conducted in China,this article deeply analyzes the three key difficulties faced by the central bank’s digital currency"landing":First,the problem of functional positioning,the central bank’s digital currency replacing M0 faces the dual dilemma of theory and practice.Second,the issuance mechanism is vague,and the issues should to be clarified include the central bank’s digital currency issuance and withdrawal process,the driving force of replacing M0,the burden of promotion costs and whether it can enhance the payment market competition.Third,it may lead to"disintermediation"of commercial banks risk.An in-depth discussion of these practical difficulties will help deepen the understanding of the central bank’s digital currency and provide a reference for the development of digital RMB.