代币化与金融的未来：中央银行货币的作用

Central Bank of Ireland’s FinancialSystem Conference 2025 Piero CipolloneMember of the Executive Board of the ECB The digital assetlandscape What are DLT and tokenisation? Distributed ledger technology (DLT)is used to manage and maintain a decentraliseddatabase, or “distributed ledger”, allowing information to be shared and kept synchronised Tokenisationis the process ofconvertingorissuingassets asprogrammable tokensthatcarry theirownershiprecordandrules, using DLT. Expected benefits ENHANCED EFFICIENCY •Trading,settlementandcustodyon thesame platform•24/7/365operating hours LOWER BARRIERS TO ENTRY A shared DLT platform couldenable small and medium-sized enterprises toaccess capital markets Digital asset types Opportunities andrisks This requires: Tokenised deposits in their current form imply trade-offs Tokenised deposits:digital representation of commercial bank money, mirroring traditionaldeposits on DLT Two types: •(transferable)bearer tokenised deposits:market price may deviate from par •(non-transferable)non-bearer tokenised deposits:no transfer to holders outside of issuingbank, no market price – therefore, no deviation from par Non-bearertokenised depositsare saferas they maintain thesingleness of money Moving non-bearer funds across banksrequires a settlement platform Coordination issue Stablecoins are only one application of tokenisation, with inherent limitations Risk and opportunities of stablecoins require robust regulation Stocktake of suggested targeted amendments to the Markets in Crypto-Assets Regulation (MiCA): EU-wide consistent, proportionate and risk-based supervision oCentralised supervision of significant crypto-asset service providers alongside revising significancecriteria 11Enhanced and standardised data reporting framework for crypto-asset service providers at EU level Preserving a level playing field Third-country multi-issuer schemes not permissible, safeguards as an alternative (seeESRBRecommendation) Mitigating risks of stablecoins denominated in third-country currency Assess suitability of MiCA limits to maintain euro area’s monetary sovereignty 1.The role of tokenisedcentral bank money The Eurosystem’s policy response: tokenised central bank money •Strong market demandfor central bank money settlement of DLT-based wholesale transactions – thelack ofprovision of central bank money is viewed as a major impediment to the growth of the DLT ecosystem •Key to building an integrated European market for digital assets from the outset(see Cipollone (2024), “Towardsa digital capitalmarketsunion”, speech at the Bundesbank Symposium on the Future of Payments, 7 October) TheEurosystemconducted exploratory work in 2024 Practical workwithmarket stakeholdersrunning fromMay to November 2024focusing oninteroperability solutions Experiments: mock settlement ofcash and asset legs in test Trials: actual settlement oftransactions in central bankmoney in a limited setting for a The next steps: Pontes and Appia PONTES Offering a Eurosystem DLT-based solution, linking DLTplatforms and TARGET Services to settle transactionsin central bank moneyfrom the third quarter of 2026 Market integration and furthercompetition Focusing on a longer-term approach for an innovativeand integrated payments and securities ecosystem in International role of the euroand connection to the rest of The Eurosystem is committed to supporting innovation without compromising on safety andefficiency in financial market infrastructures Howwill it work? Pontes •combines the features of the threeinteroperabilitysolutions used during the exploratory work•operates as adual-settlement model: participants will be able to settle transactions on the EurosystemDLT platform with cash tokens, or in T2, the Eurosystem’s real-time gross settlement system •enablesdelivery versus paymentand supports enhanced automation through end-to-end processing andseamless interaction with T2 Enhancements Following its launch in the third quarter of 2026, we aim to gradually enhance Pontes with new functionalities. •alignmentwith the operational, legal and technical standards of TARGET Services•24/7 availabilityfor operation of Eurosystem DLT and settlement•decentralised programmabilitytoenable the market to deploy automated smart contracts directly on the Appia: integrating the new ecosystem Appiawill explore the following two approaches, with the potential to combine them: •aEuropean shared ledgerthat brings together central bank money, commercial bank money and otherassets on a single platform on which market stakeholders can provide their services •aEuropean network of interoperable platformsthat reduces current frictions in the marketIt will also explore theinternational dimension, including cross-border settlement and interactions withinfrastructures in other jurisdictions Conditions for a more integrated ecosystemFostering a more integrated ecosystem through Appia requires the following issue