数字金融前沿

Edited by Dirk Niepelt Frontiers of Digital Finance Frontiers of Digital Finance WITH SUPPORT OF CEPR PARIS FOUNDING PARTNERS CEPR PRESS Centre for Economic Policy Research187 boulevard Saint-Germain75007, Paris, France 2 Coldbath SquareLondon EC1R 5HL, UK Tel: +44 (0)20 7183 8801Email: cepr@cepr.orgWeb: www.cepr.org ISBN: 978-1-912179-98-5 Copyright © CEPR Press Frontiers of Digital Finance Edited by Dirk Niepelt CENTRE FOR ECONOMIC POLICY RESEARCH (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 1,900 researcheconomists based mostly in European universities. The Centre’s goal is twofold: to promoteworld-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ’Research excellence with policy relevance’. It wasfounded in the UK in 1983, where it is a Charity, and in November 2019 CEPR initiated thecreation of an Association under French law, in order to provide a vehicle for an expansionin France. The members of the Conseil d’Administration of the Association are identicalto the UK Board of Trustees. CEPR is independent of all public and private interest groups. It takes no institutionalstand on economic policy matters and its core funding comes from its InstitutionalMembers, projects that it runs and sales of publications. Because it draws on such a largenetwork of researchers, its output reflects a broad spectrum of individual viewpoints aswell as perspectives drawn from civil society. CEPR research may include views on policy,but the Trustees/members of the Conseil d’Administration of the Association do not giveprior review to its publications. The opinions expressed in this report are those of theauthors and not those of CEPR. Sir Charlie BeanRichard PortesBeatrice Weder di MauroMaristella BotticiniAntonio FatásUgo PanizzaHélène ReyTessa Ogden Chair of the BoardFounder and Honorary PresidentPresidentVice Presidents Chief Executive Officer Contents Forewordvii IntroductionDirk Niepelt Part I: Regional perspectives Cashless payments in India: The UPI story13Amiyatosh Purnanandam The future financial system: Brazil’s experience19Fabio Araujo and Arnildo da Silva Correa Strengthening digital payments in sub‑Saharan Africa: An overview27Luca Antonio Ricci, Calixte Ahokpossi, Saad Quayyum, Rima Turk, AnnaBelianska,Mehmet Cangul, Habtamu Fuje, Sunwoo Lee, Grace Li, Yibin Mu, Nkunde Mwase,Jack Joo Ree, Haiyan Shi, and Vitaliy Kramarenko The tokenised US dollar ecosystem39Michael Junho Lee Central bank electronic cash and monetary sovereignty49Ulrich Bindseil and Piero Cipollone Transforming the digital euro proposal from a threat into an opportunity forprivacy63Maarten R.C. van Oordt Bank deposit outflows and the digital euro holding limit73Katrin Assenmacher and Oscar Soons Part II: Stablecoins Stablecoins: How research can inform policy85Hans Gersbach, Hugo van Buggenum, and Sebastian Zelzner Banking on blockchain97Rodney Garratt Are stablecoins really the future of payments?105Stephen G. Cecchetti and Kermit L. Schoenholtz Tether and the fragility of unregulated dollar substitutes115David Andolfatto Multi‑issuer stablecoins: A threat to financial stability125Richard Portes Stablecoins, central bank digital currencies, and policy133Harald Uhlig Part III: Monetary singleness Singleness of money: Towards a nuanced debate141Rhys Bidder Programmability and uniformity: Rethinking the trade‑off in digital currencydesign153Jonathan Chiu and Cyril Monnet Part IV: Tokenisation, platforms, credit, and decentralisedfinance Tokenisation: The promise and the perils161Jon Frost, Leonardo Gambacorta, Anneke Kosse and Peter Wierts The rise of tokenised money: Building the digital future of financialinfrastructure171Emre Ozdenoren and Kathy Yuan BigTechs, credit, and digital money179Markus K. Brunnermeier and Jonathan Payne Trading and lending in decentralised finance191Wenqian Huang Retail trading in the era of digital finance: Risks, opportunities,and the need for policy innovation197Claudio Tebaldi Foreword New technologies are rapidly reshaping international finance, with the digitalisationof payment, trading, and settlement systems now challenging traditional financialinstitutions.Across 20 chapters, contributed by top researchers and policymakers,TheFrontiers of Digital Financeexplores the major themes of a transformation shaped byfintech innovation and government initiatives. Edited and introduced by the leader ofCEPR’s Fintech and Digital Currencies Research and Policy Network, Dirk Niepelt, thevolume discusses diverse regional perspectives, and acts as an accessible yet detailed guideto current problems, solutions, and policy hurdles as the world shifts to digital finance.The chapters cover four main topics: •The implementation of digital financial systems in both developing andadvanced economies. How have different regions implemented aspects of digitalfinance? How do concerns