用批发中央银行数字货币（wCBDC）实现金融市场现代化

Modernizing Financial Marketswith Wholesale Central BankDigital Currency (wCBDC) A P R I L2 0 2 4I N S I G H TR E P O R T Contents Look out for this iconfor pages that can beinteracted with To ensure interactive capability, pleasedownload and open this PDF withAdobe Acrobat. Disclaimer This document is published by the World EconomicForum as a contribution to a project, insight areaor interaction. The findings, interpretations andconclusions expressed herein are a result of acollaborative process facilitated and endorsed bythe World Economic Forum but whose results donot necessarily represent the views of the WorldEconomic Forum, nor the entirety of its Members,Partners or other stakeholders. © 2024 World Economic Forum. All rights reserved.No part of this publication may be reproduced ortransmitted in any form or by any means, includingphotocopying and recording, or by any informationstorage and retrieval system. Images:Getty Images, Midjourney, Unsplash Foreword 98% Over 98% of the global economy’s centralbanks are researching, experimenting, piloting ordeploying central bank digital currency (CBDC)to determine how to modernize the capabilitiesof and improve access to central bank money(CeBM).1An opportunity exists to make useof ongoing innovations in CeBM to modernizewholesale financial markets by enhancingsystemically important payments betweeninstitutions. These markets demand secureand efficient settlement infrastructure fromparticipants to promote financial stability, enabledomestic and international trade, and createeconomic opportunities. challenges across interbank payments andsecurities transactions. Meanwhile, non-CBDCpayment instruments are arriving on the scene– reserves-backed digital currencies (RBDCs),deposit tokens (DTs) and fiat-backed stablecoins(FBSs). These instruments are continuallychallenging our collective view of digital money. of global central banks areexploring CBDCto enhance CeBMaccess and modernization. Drew PropsonHead, Technology andInnovation in FinancialServices, WorldEconomic Forum With this backdrop and a recent survey findingthat there could be 24 live CBDCs by 2030, theimportance of clarifying the role of CeBM andwCBDC in the next generation of wholesalefinancial markets is underscored, and thisreport intends to deliver upon that goal.2Centralbanks, commercial banks and financial marketinfrastructures (FMIs) like custodians, depositoryinstitutions, exchanges, clearinghouses andsettlement agents seek to better understandwCBDC’s value proposition. 24CBDC David TreatSenior Managing Director,Innovation IncubationGroup Lead, Accenture Central banks are modernizing real-time grosssettlement (RTGS) systems – the predominantwholesale funds transfer system – and wholesaleCBDC (wCBDC) represents an opportunityto address existing and emerging industry live CBDCs are projected by 2030,underscoring the need to define CeBMand wCBDC’s roles in future wholesalefinancial markets. In this context, the World Economic Forumhas collaborated with Accenture to articulatehow a wCBDC might provide differentiatedvalue. We took a holistic view of the relevantindustry challenges to produce practical insightsfor policy-makers and the private sector’splanning efforts to realize the full potential ofwCBDC, if pursued. Importantly, deep public-private sector collaboration is necessary tomodernize wholesale financial markets securelyand efficiently. wCBDC represents an opportunityto address challenges in interbankpayments and securities. Preface While wCBDCs are already being used in limitedcases, wCBDC systems are still a new concept.The broad availability of wCBDC systems willdepend on policy choices focused on financialstability and safe and sound market practices.The legal and regulatory elements that willgovern the possibility of widespread use ofwCBDC have an unknown timeframe. Thus,private-sector solutions may grow alongsidewCBDC development, and the outcome ofregulations will influence the future mix ofpayment instruments. The financial sector is on the precipice of thenext phase of wholesale central bank digitalcurrency (wCBDC). In late 2023, Switzerlandsaw the first-ever live wCBDC issued to settlea digital bond transaction as part of a limited-phase pilot. In Asia and the Middle East,Project mBridge is redefining cross-borderpayments using wCBDC by expanding itsobserving members to 25 central banks andinstitutions ahead of its minimum viable productlaunch this year. The European Central Bank(ECB) has also begun testing wCBDC ondistributed ledger technology for securities andforeign exchange transactions. The Bank forInternational Settlements (BIS) general manager,Agustín Carstens, stated that wCBDC shouldbe “taken for granted”, noting its expectedbroad adoption.3With more than 200 centralbanks, over 130 regulated financial marketinfrastructures (FMIs) and a large proportionof economic activity that relies on wholesalefinancial markets, the question of wCBDC’svalue p