中央銀行和分布式分類帳技術(shù)：中央銀行今天如何探索區(qū)塊鏈

1、 White PaperCentral Banks andDistributed Ledger How Central Banks Exploring Blockchain March 2019World Economic Forum 91-93 route de la Capite CH-1223 Cologny/Geneva Switzerland+41(0)228691212Fax:+41(0)227862744ThiswhitepaperhasbeenpublishedbyThiswhitepaperhasbeenpublishedbytheWorldEconomicForumasac

2、ontributiontoainsightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinareare- sultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForum,butwhose resultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofits Members, Partners or otherstake

3、holders. 2019 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Contents HYPERLINK l _TOC_250009 Foreword4Part 1: Research, expe

4、rimentation, andearlyimplementations5 HYPERLINK l _TOC_250008 Researchandexperimentation5 HYPERLINK l _TOC_250007 Earlyimplementations610 use cases for central bankswith7Part 2: An introduction to central bankdigitalcurrency8 HYPERLINK l _TOC_250006 The“money flower”8 HYPERLINK l _TOC_250005 Retail

5、CBDC: key benefitsanddownsides9 HYPERLINK l _TOC_250004 CBDC design andimplementationtrade-offs10 HYPERLINK l _TOC_250003 Where is wholesale CBDC researchfocusedtoday?11 HYPERLINK l _TOC_250002 Alternativepaymentsystems12 HYPERLINK l _TOC_250001 CBDC andgeopoliticalmanoeuvring12 HYPERLINK l _TOC_250

6、000 Conclusion13ForewordAshley Lannquist, Project Lead, Blockchain and DistributedWorld Economic ForumAccording to a January 2019 report by the Bank for International Settlements (BIS) in Basel, Switzerland,atleast40centralbanksaroundtheworldarecurrently,orsoonwillbe,researchingexperimenting with ce

7、ntral bank digital currency(CBDC).CBDC, a commonly proposed application of blockchain and distributed ledger technologyhas attracted much interest within the central banking community for its potential to address long-standing challenges such as financial inclusion, payments efficiency, and payment

8、system operationalandcyberresilience.IncludingbutnotlimitedtoCBDC,centralbanksareresearchingexperimenting with at least 10 specific use cases for blockchain and exploring where they can potentially unlock new possibilities and improve inefficientprocesses.While central banks across continents are co

9、nducting several research projects and pilots with blockchaintechnology,thedegreeofdepth,progressandinterestacrosseffortsvariesgreatly.Incases, such as with the Bank of France, the central bank has already fully deployed blockchain technology.Centralbankactivitieswithblockchainandarenotalwayswellkno

10、wnorcommunicated.Asa result,thereismuchspeculationandmisunderstandingaboutobjectivesandthestateofThe purpose of this paper is to introduce and highlight the key issues and areas of research, experimentationandimplementationforcentralbankswithrespecttoImportantly,isan active area of research and expl

11、oration, and many central banks have not yet reached definitive conclusions regarding the opportunities it provides when consideringrisks.Howarecentralbanksresearchingblockchaintechnologytodayandwhy?Part 1:Research, experimentation and early implementationsHow is CBDC implemented in pilots?In many o

12、f these CBDC pilots, the central bank issues digitaltokensHow is CBDC implemented in pilots?In many of these CBDC pilots, the central bank issues digitaltokensonadistributedledgerthatrepresent,and areredeemablecentralbankreservesinthedomestic currency held in a separate account with the central bank

13、. The agents in the system use the CBDC to make interbank transfers that are validated and settled on the distributedThecentralbankstypicallyuse“permissioned”blockchain network implementations, whereby participants are limited and must be granted access to participate in the network and view the set

14、 of transactions. In contrast, major “permissionless” blockchains, such as Bitcoin and Ethereum, allow public participation and full transaction viewability. Both permissioned and permissionless networks can add privacy and confidentiality features to mask transaction details whereappropriate.Thecen

15、tralbankchooses,accordingtosuitability andavailability,thetypeofnetworkanditsinternal mechanisms(mostimportantly,thedecentralizedconsensusmechanismthenetworkusesforto reach agreement on valid transactions). Corda, the Linux Foundations Hyperledger Fabric, Quorum, or a simple private configuration of

16、 the Ethereum blockchain network are the most popular implementations used by centralbanks.The degree of blockchain technology research and experimentationvariesgreatlyamongcentralbanks,as do the motivations for interest. Some central banks are progressive, having begun research and experimentation

17、asearlyas2014andhavingconductedmultiplepilotsorevendeployments.Anothersetofinstitutionsiscuriousinterestedinthetechnologybutlargelymonitorsactivityby peer institutions and within the private including cryptocurrency investing activity. A final set has not yet dedicatedresourcestoblockchaintechnology

18、researchmay never do so, either because of pressing priorities or theviewthatatthisstagedoesnotpromisesufficientupside when considering technological immaturity and risks.The World Economic Forum curates a HYPERLINK /document/d/1c8iGtoG7BkPr-iufnIPELEWvtZiNtouOyJp2IYjhAEY/edit#heading%3Dh.swgzt1haqn

19、no list of more than 60majorreports,whitepapers,orspeechesfromcentral bankresearchers,internationalorganizations,oreconomistsonthesubjectofblockchainandforbankprocessesandmacroeconomics.Thelistincludesthereferencesinthisreportandservesasaresourceidentifying central bank research onThe Bank of Canada

20、, the Bank of England, and the MonetaryAuthorityofSingapore(MAS)standoutaspublished multiple in-depth research reports or having conductedmultipletechnologypilotswithTheBankof England was the first central bank to publish research on starting in 2014 with the papers, “ HYPERLINK https:/www.bankofeng

21、land.co.uk/-/media/boe/files/digital-currencies/the-economics-of-digital-currencies The economics HYPERLINK https:/www.bankofengland.co.uk/-/media/boe/files/digital-currencies/the-economics-of-digital-currencies of digital currencies” and “ HYPERLINK https:/www.bankofengland.co.uk/-/media/boe/files/

22、quarterly-bulletin/2014/innovations-in-payment-technologies-and-the-emergence-of-digital-currencies.pdf Innovations in payments HYPERLINK https:/www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/innovations-in-payment-technologies-and-the-emergence-of-digital-currencies.pdf technolog

23、iesandtheemergenceofdigitalcurrencies”.Bankof HYPERLINK https:/www.bankofcanada.ca/research/digital-currencies-and-fintech/fintech-experiments-and-projects/ ProjectJasperandthe HYPERLINK .sg/Singapore-Financial-Centre/Smart-Financial-Centre/Project-Ubin.aspx Project HYPERLINK .sg/Singapore-Financial

24、-Centre/Smart-Financial-Centre/Project-Ubin.aspx UbinpilotsinvestigatehowCBDCcanbeappliedtoefficiency,performanceandresilienceindomesticinterbank payments.Most recently, in November 2018, these three central bankspublishedoneofthefirstmultilateralresearchon titled, “ HYPERLINK .sg/media/ProjectUbin/

25、Cross%20Border%20Interbank%20Payments%20and%20Settlements.pdf Cross-border interbank payments and HYPERLINK .sg/media/ProjectUbin/Cross%20Border%20Interbank%20Payments%20and%20Settlements.pdf settlements”.Meanwhile,theEuropeanCentralBank(ECB) and the Bank of Japan conducted a joint pilot, HYPERLINK

26、http:/www.boj.or.jp/en/announcements/release_2018/data/rel180327a1.pdf Project HYPERLINK http:/www.boj.or.jp/en/announcements/release_2018/data/rel180327a1.pdf Stella, beginning in 2016, which explores whether the technologycanimprovedomesticinterbankpaymentsand settlements(phase1)andfacilitaterapid

27、interbanktrading and settlement of securities for cash (phase2).Additionalinstitutionsconductingprojectswithblockchain technology include thefollowing:of is to toinaIt be to in of is aof is ofisan HYPERLINK .br/htms/public/microcredito/Distributed_ledger_technical_research_in_Central_Bank_of_Brazil.

28、pdf as as a is of a asin onis tois a to anofasinOfif it it Early implementationsWhileresearchandinnovationwithblockchaintechnology have been under way for the past several years, few organizationshaveactuallydeployedthetechnology.Although central banks are among the most cautious andprudentinstituti

29、onsintheworld,theyare,surprisingly, among the first to implement blockchain technology.The Bank of FranceTheBankofFrance,withprojectMADRE,hasfullyitscentralizedprocessfortheprovisioningandsharingof HYPERLINK https:/www.ecb.europa.eu/paym/retpaym/paymint/html/index.en.html Credit Identifiers (SCIs) w

30、ith a decentralized, blockchain-basedsolution.Theprojectbeganasaproof-of- conceptinJune2016tolearnmoreaboutwithasimple use case. The central bank identified an opportunity where could be valuable to automate and digitize a manual and time-intensive process that requires coordination and information

31、sharing with multiplebanks.Thealternativesystemdecentralizesandautomatesthemanagementandsharingprocesswith“smartcontracts”orprogrammeswithinEthereumandotherblockchainsenable automatic transactions among participants using predetermined terms. smart contracts are used to issue 100% of the SCIs in the

32、system.The Bank of France considers the implementation a success. In addition to greater time efficiency, it cites benefitssuchasprocessauditabilityanddisasteralong with greater accountability for commercial banks within theprocess.What is SEPA?What is SEPA?The single euro payments area is a payment

33、 scheme created by the European Union that seeks to achieve an integrated market for payments in the euro area. It facilitates fast, efficient and secure cross-border direct debit and credit transfers and card payments across European countries. It is operationalized on a country-by-countrybasis,and

34、centralbanksmanagethe processincoordinationwithdomesticcommercialThe National Bank of CambodiaIn a second example, the National Bank of Cambodia will beoneofthefirstcountriestouseblockchaintechnologyits national payments systems for use by consumers and commercial banks. It is implementing blockchai

35、n technologyinthesecondhalfof2019asanexperimentto supportbothfinancialinclusionandgreaterbankingsystem efficiency.underbankedpopulationsusecash(bothindollarsandCambodianriel)andavarietyofmobile-phone based private payment applications to store and send moneybetweeneachotherandbusinesses.Retailsaving

36、s and payments are fragmented and citizens are unable to reliablysavemoneyinmobilephone-basedaccounts.They also have difficulty transferring money to those who use a differentmobilemoneyapplicationfromthemselves.The new blockchain-based payment system, in which consumers gain access via participatin

37、g commercial banks, is designed to operate both with private mobile payment applications and commercial bank accounts, facilitatinginteroperableretailpaymentsbetweenandbusinessesandencouragingcitizenstoadoptbank accounts,whichsupportsavingsandfinancialstability.Furthermore, domestic interbank system

38、 lackshighlyefficientpaymentsandsettlementsThisopensthewindowforexperimentationtoimproveand potentially “l(fā)eapfrog” traditional wholesale interbank processes.AswithFrance,economiesthataresimilarto in the ASEAN region which observe the National Bank of implementation may identify opportunitiesforthems

39、elvestousesuchapplicationsenhancefinancialinclusionandbanking-sectorefficiency.Ten use cases for central banks with distributed ledger technologyThefollowingisanon-exhaustivelistofapplicationsorusecaseswhichatleastonecentralbankisactively1Retail central bank digital currency (CBDC) Central bank-issu

40、ed digital currency that is operated and settled in a peer-to-peer and decentralized manner (no intermediary), widely available for consumer use. Serves as a complement or substitute for physical cash and alternative to traditional bank deposits.2Wholesale central bank digital currency (CBDC) Centra

41、l bank-issued digital currency that is operated settledinapeer-to-peeranddecentralizedmanner(nointermediary),availableonlyforcommercialbanksand clearing houses for use in the wholesale interbankmarket.3Interbank securities settlement A focused application of blockchain-based digital currency, includ

42、ing CBDC,enablingtherapidinterbankclearingandsettlementofsecuritiesforcash.Canachieve“deliverypayment”interbanksystemswheretwopartiestradinganasset,suchasasecurityforcash,canconductthe payment for and delivery of the assetsimultaneously.4Payment system resiliency and contingency The use of in a prim

43、ary or back-up domestic interbank payment and settlement system to provide safety and continuity from threats, including technical or network failure,naturalcybercrime,andotherthreats.Often,thisusecaseiscoupledwithothersaspartofset of benefits that a implementation could potentially5Bond issuance an

44、d lifecycle management The use of in the bond auction, issuance, or other lifecycle processestoreducecostsandincreaseefficiency.Maybeappliedtobondsissuedandmanagedbystates,internationalorganizationsorgovernmentagencies.Centralbanksorgovernmentregulatorscouldbe “observer nodes” to monitor activity wh

45、ererelevant.6Know-your-customer and anti-money-laundering Digital KYC/AML processes that leverage to track andsharerelevantcustomerpaymentandidentityinformationtostreamlineprocesses.Mayconnecttoanationalidentityplatformorplugintopre-existinge-KYCorAMLsystems.CouldpotentiallyinteractwithCBDC as part

46、of payments and financial activitytracking.7Information exchange and data sharing The use of distributed or decentralized databases to create alternative systems for information and data sharing between or within related government or private sector institutions.8financeTheemploymentofadecentralized

47、databaseandfunctionalitytoenablemoreefficient andmoreinclusivetradefinancing.Improvesontradefinanceprocesseswhichareoftenlabour-intensive and time-intensive. Customer information and transaction histories are shared between participantsinthedecentralizeddatabasewhilemaintainingprivacyandconfidential

48、itywhereneeded.9CashmoneysupplychainTheuseofforissuing,trackingandmanagingthedeliveryandmovementcashfromproductionfacilitiestothecentralbankandcommercialbankbranches;couldincludetheordering, depositing or movement of funds, and could simplify regulatoryreporting.10Customer Creditor Identifier (SCI)

49、provisioning Blockchain-based decentralized sharing forcreditidentifiersmanagedbythecentralbankandcommercialbanksinthedebitingscheme. streamlinedanddecentralizedsystemforidentityprovisioningandsharing.Canreplacepreexisting manual and centralized processes that are time and resource-intensive. Seen i

50、n Bank of Project MADREimplementation.Importantly, blockchain technology could enable new capabilities for central bank processes that have not yet been identified.Ascentralbanksevaluatethetechnologyandapplications,theyshouldevaluatenotonlyhowitcouldwithincontextofcentralbankmoneyandmonetaryfunction

51、alitiesbutalsohowitcouldpotentiallyenablenew processesandfunctionalities.Ofcourse,centralbanksmustconsidertherisksanddownsidesofimplementations, whichcanincludenewsecurity,scalabilityandusabilityrisksaswellasunforeseenrisks.Part 2:An introduction to central bank digital currency (CBDC)CBDC is a pote

52、ntial application of blockchain and distributedledgertechnologywherethecentralbank issuesnewmoneyequivalenttoandredeemablefordomestic currency, often simultaneously removing the equivalent amount of currency from the money supply. It maybeissuedforgeneraluse(“retail”CBDC)forpeer-to- peer payments an

53、d payments from consumers to merchants, or for use by commercial banks and clearing houses (“wholesale” CBDC) for more efficient interbank payments that occur outside traditional correspondent banking and other paymentsystems.Figure 1: The money flower: a taxonomy of moneyThe money flowerThefollowin

54、g“ HYPERLINK /publ/arpdf/ar2018e5.htm moneyflower”isemployedinseveralonCBDCtohelpdefineCBDCsrelativetootherformsof money. The two subjects circled in purple represent retailandwholesaleCBDC,whilethetwosubjectscircled ingreenrepresentprivatelyissuedcryptocurrencysuchbitcoin and in either a publicly a

55、ccessible “permissionless”formoraprivatized“permissioned”DigitalCentralbank-issuedWidely accessibleVirtual currencyBank depositsCentral bank reserves and settlemetn accountsPeer-to-peerCentral bank deposited currency accountsCashCentral bank digital Central bank digital(wholesale)Cryptocurrency (per

56、missioned DLT)Commodity moneyCryptocurrency (permissionless DLT)Sources:AdaptedfromMBechandRGarratt,“Centralbankcryptocurrencies”,BISQuarterlyReview,September2017,ppAsseenin“Cryptocurrencies:lookingbeyondthehype”,BISAnnualEconomicReport2018,p94.Ofnote,centralbanksalreadyissuemoneyindigitizedformtoda

57、y.CBDC,bycontrast,istypicallyissuedondistributed ledgerswhereitcanbetransactedinapeer-to-peerfacilitatingmorerapidorcost-efficienttransactionsincontexts.centralbankshavealreadyconductedresearchonthenotionofcitizensholdingdepositsdirectlyin centralbankaccounts,knownas“centralbankdepositedcurrencyacco

58、unts”ontheleftsideofthe“moneyflower”.DineroElectrnicoisanexample,althoughitclosedafteraboutthreeyearsofuse,partlyformlowadoption(it didnotemployCentralbanksconsidertheseprecedentsthatdonotuseintheirevaluationofCBDCissuance.Forfurtherreference,pages7-8ofthe2017BISreport,“ HYPERLINK /publ/qtrpdf/r_qt1

59、709f.htm Centralbankcryptocurrencies”,mapsreal-worlddigitalexperiments and implementations from various countries on to the “money flower”model.Retail CBDC: key benefits and downsidesThe table below summarizes some of the noteworthy benefitsanddownsidestoretailCBDCthatarediscussed in research today.

60、 It is imperative for policy-makers and researcherstodeeplyconsiderallrisksanddownsidestoimplementationwithinthespecificcountrycontextand toweighbenefitswithrisksanddownsides.Forinstance, rarelydiscussedinCBDCresearchisthepotentialforfinancialexclusionratherthaninclusion.Policy-makersseek to encoura