央行数字货币对支付竞争的影响（英）2025

The Impact of Central BankDigital Currency on Payments Edona Reshidi, Marco Reuter, and Manisha Patel FINTECH NOTE The Impact of Central BankDigital Currency on Payments Prepared by Edona Reshidi, Marco Reuter, and Manisha Patel November 2025 The Impact of Central Bank Digital Currency on Payments CompetitionNote 2025/007 Cataloging-in-Publication DataIMF Library Names: Reshidi, Edona, author. | Reuter, Marco, author. | Patel, Manisha J. author. | InternationalMonetary Fund, publisher. Title: The impact of central bank digital currency on payments competition / Edona Reshidi, MarcoReuter, and Manisha Patel. Other titles: Fintech notes.Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE/25/007. | Includes bibliographical references. Identifiers: ISBN: 9798229028738(paper)9798229028981(ePub)9798229029018(WebPDF)Subjects: LCSH: Digital currency. | Financial services industry—Technological innovations. Classification: LCC HG1710.R4 2025 DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers onimportant issues. The views expressed in Fintech Notes are those of the author(s) and do notnecessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION:Reshidi, Edona, Marco Reuter, and Manisha Patel. 2025. “TheImpact of Central Bank Digital Currency on Payments Competition” IMF Fintech Note 2025/007, Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A. * This Note was written under the supervision of Tommaso Mancini-Griffoli, Marcello Miccoli, and Maria Soledad Martinez Periawith Edona Reshidi and Marco Reuter as lead authors. It has benefited from the contributions of several IMF staff members. Contents Introduction ................................................................................................................................................. 4 The Role of CBDC in the Payment Market........................................................................................... 10Framework............................................................................................................................................ 11Channels............................................................................................................................................... 13 Baseline CBDC Design Assumptions................................................................................................... 16Scenario I: CBDC in Payment Markets Dominated by Profit-Maximizing Platforms ............................ 17Scenario 1.a.: Unregulated Markets.................................................................................................. 17Scenario 1.b.: Regulated Markets ..................................................................................................... 20Scenario II: CBDC in Markets with a Public Fast Payment System (FPS) .......................................... 21 IV. Design Levers ...................................................................................................................................... 27 Policy Constraints on CBDC Pricing..................................................................................................... 28Incentives in Two-Tier Implementation................................................................................................. 28Transaction or Holding Limits ............................................................................................................... 29Remuneration ....................................................................................................................................... 29Legal Tender with Mandatory Merchant Acceptance ........................................................................... 29Interoperability with Existing Payment Platforms ................................................................................. 30 V. Conclusion ............................................................................................................................................ 32 References ................................................................................................................................................. 36 BOXES 1. Regulatory Interventions in Payment Markets ..........................................................................................92. Stablecoins: A Preliminary View of Their Potential Competitive Impact.................................................273. Examples of Competition-Enabling Design Features .............................................................................31 FIGURES 1. Main Participants in the Payment Market ................................................................................................. 72. The Dual Role of CBDC in the Payment Market.............