拥抱多样性 ， 共同推进 - 2023 年国际清算银行对中央银行数字货币和加密货币的调查结果

BIS Papers No 147Embracing diversity, advancing together – results of the 2023 BIS survey on central bank digital currencies and crypto by Alberto Di Iorio, Anneke Kosse and Ilaria Mattei Monetary and Economic Department June 2024 JEL classification: E42, E58, O33. Keywords: central bank digital currencies, CBDC, digital innovation, cryptoassets, stablecoins, cross-borderpayments, interoperability, financial stability, regulation. The views expressed are those of the authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). Embracing diversity, advancing together – results of the 2023 BIS survey on central bank digital currencies and crypto1 Ninety-four percent of surveyed central banks are exploring a central bank digital currency (CBDC). The survey suggests that central banks are proceeding at their own speed, taking diverse approaches and considering different design features. Over the course of 2023, there has been a sharp uptick in experiments and pilots withwholesale CBDCs – mainly in advanced economies (AEs), but various emerging market and developing economies (EMDE) also stepped up their wholesale CBDC work. Overall, the likelihood that central banks will issue a wholesale CBDC within the next six years now exceeds the likelihood that they will issue a retail CBDC. Central banks further enhanced their engagement with stakeholders to inform CBDC design. Many CBDC features are still undecided. Yet, interoperability and programmability are often considered for wholesale CBDCs. For retail CBDCs, more than halfof central banks are considering holding limits, interoperability, offline options andzero remuneration. Differences exist between AEs and EMDEs, for example with respect to the potential use of a distributed ledger and transaction limits.On crypto, the survey indicates that, to date, stablecoins are rarely used for payments outside the crypto ecosystem. Moreover, about two out of three responding jurisdictionshave or are working on a framework to regulate stablecoins and other cryptoassets. Introduction This paper presents the results of the 2023 BIS survey on central bank digital currencies (CBDCs) and crypto. A total of 86 central banks participated and shared insights into their involvement in CBDC work, as well as their motivations and intentions for potentially issuing one. The paper also provides insight into the use of stablecoins for payments and regulatory approaches to cryptoassets across the globe. CBDC is defined as a new form of digital money, denominated in the national unit of account, that is a direct liability of the central bank (BIS (2021)). If the CBDC is intended for use by households and firms for everyday transactions, it is referred to as a retail CBDC. A retail CBDC differs from existing forms of cashless payment instruments, such as credit transfers, direct debits, card payments and e-money, as it represents a direct claim on a central bank rather than a liability of a private financial institution. In contrast to a retail CBDC, a wholesale CBDC targets a different group of end users. Wholesale CBDCs are meant for use in transactions between banks, central banks and other financial institutions, so wholesale CBDCs would servea similar role as today’s reserves or settlement balances held at central banks. However, wholesale CBDCs could allow financial institutions to access new functionalities enabled by tokenisation, such as composability and programmability (BIS (2023a)). The results presented in this paper shed light on the current status of and latest trends in central banks’ work on retail and wholesale CBDCs and their plans to potentiallyissue one. Cryptoassets are defined as digital assets issued by the private sector that dependprimarily on cryptography and distributed ledger or similar technology (FSB (2020)). In contrast to CBDCs, cryptoassets do not represent a claim on a central bank. As the prices of cryptoassets fluctuate constantly and abruptly, the concept of a stablecoin was created (G7 (2019)). Stablecoins are a subcategory of cryptoassets thataim to maintain a stable value relative to a specified peg (FSB (2020)). At the endof May 2024, the total market capitalisation of cryptoassets amounted to $2.7 trillion.2Stablecoins constituted a relatively small proportion (6%) of this market, with a mar ket capitalisation of $161 billion.3 Given their claim to provide a stable alternative to other cryptoassets, stablecoinshave a greater potential to become a widely used method of payment. Over the course of 2023, various banks and other traditional payment service providers startedto use stablecoins for their activities or to issue stablecoins to their customers. Forexample, in April 2023, Société Générale launched the euro-denominated stablecoin EUR CoinVertible to their clients for the settlement of on-chain securities. In August 2023, PayPal launched a USD-based stablecoin (PYUSD) with P