央行数字货币发行与商业银行体系兼容问题论析

On the Compatibility Between the Central Bank′s Digital Currency Issuance and the Commercial Banking System

随着央行数字货币兴起,央行数字货币发行与商业银行体系兼容问题备受瞩目。文章分别对批发型央行数字货币和通用型央行数字货币进行分析,发现仅替代M0的批发型央行数字货币对商业银行体系影响较小,主要是对M0和M1进行替代的通用型央行数字货币对商业银行的稳定性产生全方位影响。因此,中央银行应坚持用双层体系运营央行数字货币,完善传统金融监管框架,商业银行应通过积极推动业务转型,加深与金融科技企业合作的方式,促进央行数字货币发行与商业银行体系兼容。

With the rise of central bank digital currency,the compatibility between central bank digital currency issuance and commercial banking system has attracted much attention.This paper analyzes the wholesale central bank digital currency and the general central bank digital currency respectively,and finds that the wholesale central bank digital currency that only replaces M0 has little impact on the commercial banking system,and the general central bank digital currency that replaces both M0 and M1 has an all-round impact on the stability of commercial banks.Therefore,central banks should adhere to the two-tier system to operate central bank digital currency and improve the traditional financial regulatory framework.Commercial banks should actively promote business transformation and deepen cooperation with financial technology enterprises to promote the compatibility of central bank digital currency issuance with the commercial banking system.