【行业报告】布鲁盖尔研究所-央行数字货币的增值：来自欧元区的观点（英）-2023.6_市场营销策划_.docx

Po1icyBriefIssuen,13/23June2023MariaDemertzis(maria.demertzisbruege1.org)isaSeniorFe11owatBruege1CatarinaMartins(catarinamartinsbruege1.org)isaResearchAna1ystatBruege1Theva1ueaddedofcentra1bankdigita1currencies:aviewfromtheeuroareaMariaDemertzisandCatarinaMartinsExecutivesummaryDiFFEREnTJuRisdicTionsHrvEsetoutdifferentreasonsforcreatingcentra1bankdigita1currencies(CBDCs).Somecountries,particu1ar1ythosewitha1ready-operationa1CBDCsforretai1purposes,aimtotopromotefinancia1inc1usion.Butincountrieswheremostcitizenshaveaccesstofinancia1services,centra1banksareinterestedinCBDCsasanaspectoftheincreasingdigita1isationoffinance.Cetr1brnkscoU1da1sochsetouseCBDCstoguaranteeinfu11citizen,sho1dings(current1y,depositsincommercia1bankareon1ypartia11yguaranteed),butthiswou1dtriggermajorchangesinthefinancia1systemintermsofthero1eofcommercia1banksinintermediationandthero1eoffiatmoney.Sofar,centra1bankshavenotoptedtogothisway.intheeuroRRERzconsumershavemu1tip1epaymentoptionsandaveryefficientretai1paymentssystem.Thecurrencyenjoyshigh1eve1softrustandisnotcha11engedbytheemergenceofprivatecurrencies,suchasBitcoin,orbytheriskthatcash,amonetarysystem,sanchor,wi11disappear.Therefore,creatingaCBDCforretai1purposesintheeuroareaoffers1itt1eobviousva1ueadded,at1eastfortheforeseeab1efuture.however,thereisastrongCaSeforbui1dingaCBDCthatbankscou1duseforcross-borderwho1esa1epurposes(iewithothercurrencies).Who1esa1eCBDCscou1drevo1utionisethewaythatcross-border,cross-currencypaymentsaremadefortworeasons.1. Cross-borderpaymentsarecurrent1ys1owandinefficient.Pi1otprojectshaveshownthatwho1esa1epaymentswithCBDCscangeneratesubstantia1timeandcostsavings.2. Anytwocentra1banksthathaveoperationa1who1esa1eCBDCscou1dsett1etransactionsbetweenthemse1ves.Thiswou1dbeverydifferentfromthecurrentsystem,asmostsett1ementstodayaredoneviathedo11ar(andthentheeuro)infrastructureandusecorrespondentbanks.theeuroRRERandtheUnitedStateswou1dhavetoconsidercarefu11yfromageopo1itica1perspectivehowwho1esa1eCBDCsmightaffecttheirg1oba1economicstanding.Bydeve1opingaCBDCforwho1esa1epurposes,theEuropeanUnionwou1dbeab1etocontributetodeve1opingtheg1oba1standard.Recommendedcitationbruege1Demertzis,M.andC.Martins(2023)4Theva1ueaddedofcentra1bankdigita1currencies:aviewfromtheeuroarea,Po1icyBrief13/2023,Bruege1IIntroductionCentra1bankdigita1currencies(CBDCs),adigita1equiva1entofcash,areincreasing1ygainingtraction.At1east114jurisdictions,representing95percentofg1oba1GDP,areatsomestageofdeve1opingaCBDCSeetheAt1anticCounci1centra1bankdigita1currencytrackerWWWjaUanti<XQunci1.org/CbdetraCker.,In11countries,CBDCsarenowarea1ityandoperateinpara11e1totheirphysica1equiva1ent.Butitisnotnecessari1yeasyfortheconsumertounderstandthedifferencebetweenaeuroincoinornoteformandadigita1euro.Centra1bankdigita1currenciesdohaveaddedva1ue,butthisisnotthesameforeverycountryAgoodstartingpointinidentifythebenefitsofCBDCsistounderstandtheprob1emthatcannotbeso1vedthroughtheincreasingrangeofdigita1paymentoptionsprovidedbytheprivatesector,andwhichthereforerequiresthestate,sintervention.Thisisimportantinexp1ainingwhythetaxpayermightbeaskedtofinancethecreationofaCBDC.WearguethatCBDCsdohaveaddedva1ue,butthisisnotthesameforeverycountry.Incountrieswithhigh1eve1soffinancia1exc1usionandwherethereisa1ackofmodernandre1iab1edigita1paymentsystems,aCBDCcanfaci1itateaccesstopaymentsformanypeop1e.Butincountrieswithamp1epaymentso1utionsandwherefinancia1exc1usionisasecond-orderprob1em,thejustificationisdifferent.Centra1banksworrythatasnancebecomesincreasing1ydigita1ised,twothingsmighthappen:firstphysica1cash,theanchorofanyfinancia1system,wi11bedisp1aced,andsecond,privatecurrencieswi11becomepopu1ar.Bothcou1dreducethemonopo1yofsovereignmoney.Centra1banksfearthiswou1dcompromisetheirabi1itytomaintainmonetaryandfinancia1stabi1ity.CBDCswi11haveadua1purpose,just1iketheirphysica1equiva1ent:forretai1purposes,typica11ybyconsumersandsma11businessestomakedai1ypayments,representingasma11partoftota1payments;andforwho1esa1e(iebu1k)purposesbybanksandotherfinancia1institutions,eitherdomestica11yorcrossborder.Intheeuroarea,mosteffortstodatehavefocusedonhowtodeve1oparetai1CBDC.On1yrecent1ySccEuropeanCentra1Bankpressre1easeof28Apri12003,IEuroSyStCmtoexp1orenewtcchno1吨icsIbrwho1esa1ecentra1bankmoneysett1ement',https:/www.ecb.euroDa.eu/press/pi7date/2023/htm1/ecb.pr2304286a59f44e41.en.htm1.hastherebeena1soanattempttoadvancethinkingonthewho1esa1easpectsaswe11.Ontheretai1side,theargumentsforadigita1europutforwardbytheEuropeanCentra1Bankrevo1vearoundthespeedofdigita1isationoffinanceandthenotionofstrategicautonomy.Theprospectoffinancebecomingpredominant1yandeventua11yevenexc1usive1ydigita1threatenstheexistenceofsovereignmoneyandcompromisesthero1eofitsguardian,thecentra1bank.TheECBa1soarguesthatabigpartofa11paymentsismanagedbyforeignp1ayers,whoco11ectsensitiveinformationaboutEUcitizens.Apan-Europeanpaymentmethodthatisveryc1osetocashwou1dhe1preducethisvu1nerabi1ity.Itwou1da1sohe1phomogenisepa