技术创新背景下的央行货币批发（英）

September2025 Bank of CanadaSwiss National BankEuropean Central BankBank of EnglandBank of JapanBoard of Governors Federal Reserve System (until Jan 2025)Sveriges RiksbankBank for International Settlements Bank for International Settlements (BIS) ISBN 978-92-9259-885-3 (online) 1.Introduction In recent years, there has been a high level of technological innovation in payments andfinancial market infrastructures, often driven by the exploration of distributed ledgertechnology (DLT). In previous episodes of technological advancement in payments, acritical enabler of safe and effective innovation has been the ability to integrate newtechnologies into existing forms of settlement. In this dynamic context, it is crucial forcentral banks to deepen their understanding of trends in technological innovation andpossible new approaches to central bank money settlement. This could support increasingthe speed, efficiency and resilience of wholesale settlement. Interest in what is often referred to as “wholesale central bank digital currency”(wholesale CBDC) has increased among central banks worldwide.1However, there is nocommonly shared understanding of what is meant by this term. In line with the typicaltechnology-neutral usage of the term “retail CBDC”, some have argued that wholesaleCBDC – understood as digital central bank money used by financial institutions to settlewholesale transactions – has already existed for decades in the form of reserves held byfinancial institutions with the central bank.2Others either implicitly or explicitly use theterm to refer to new forms of central bank money, typically referring to its availability ona DLT platform and/or in tokenised format enabling composability and programmability.3Thisreport therefore takes a holistic approach to analysing the implications oftechnological innovation – and in particular DLT – for the settlement of wholesaletransactions in a domestic context, with a focus on the role of central bank money. The key messages of the report are set out in Section 2 and the underlyinganalysis can be found in subsequent sections. Section 3 provides an overview of keyconcepts. The rationale for providing central bank money to settle wholesale financialtransactions is set out in Section 4. Section 5 is a discussion of the interplay betweencentral bank money settlement and technological innovation. Section 6 is a deep dive intothe particular case of tokenisation as an innovation with possible implications for centralbank money settlement. Section 7 discusses dimensions for central banks to considerwhen deciding on their approach towards tokenisation in wholesale financial transactions.Section 8 presents a taxonomy of possible central bank approaches. Section 9 discussespolicy considerations driving central bank choices about possible approaches, and keytrade-offs between them. Section 10 concludes and discusses possible follow-up work. 2.Key messages The outcome of the analysis of the group of central banks and the Bank for InternationalSettlements can be summarised in the following key messages. 1.Forms of central bank money.Central bank money may be issued or representedin the form of digital tokens on a DLT platform and used for the settlement ofwholesaletransactions between financial institutions.Such a new technicalrepresentation of central bank money could be made economically and legallyidentical to existing forms of digital central bank money used in settlement, eg inreal-time gross settlement (RTGS) systems. The term “wholesale central bank moneytokens” is used in this report and describes central bank money in a token form thatis used as a settlement asset for transactions with commercial bank money and/orother assets represented as digital tokens. 2.Technological innovation and the role of central bank money in settlement.Themembers of this group judge that the rationale for providing central bank moneysettlementas set out in CPSS(2003)remains applicable,namely to facilitateconvertibility between different forms of money, and to provide payment andsettlement systems with a highly liquid and risk-free settlement asset. While the roleof central bank money may vary across different jurisdictions, all jurisdictions in thisgroup recognise the continued importance of central bank money either as asettlement asset or as a way to mitigate risks with private money settlement solutions.Although the CPSS report does not provide indications on the optimal share ofcentral bank money in settlement, for some jurisdictions, a scenario in which the useof central bank money is declining is one that might lead central banks to considertaking measures to ensure the safety and soundness of the financial system. 3.Private or central banksettlement solutions.There are three (not mutuallyexclusive) main ways in which central banks could respond to market innovationsrelated to the settlement of wholesale transactions: (i) supporting and ensuring thesafety and resilience of