在支付格局中定位中央银行数字货币（英）2024

Positioning Central Bank Digital Currency in the Payments Landscape

Introduction

The International Monetary Fund (IMF) frequently receives inquiries about the comparative advantages of a retail central bank digital currency (CBDC) over fast payment systems (FPSs) and electronic money (e-money). There is no single solution to this question. Authorities must carefully evaluate their specific payments landscape, objectives, and resource constraints.

Understanding Retail Payment Systems

Retail payment systems encompass various mechanisms for transferring value between individuals and entities. These systems can be categorized into stylized models, each with unique characteristics:

• Stylized Models: Models include closed loops (where transactions occur within a closed system) and interoperable payment systems (where multiple systems can interact).
• Similarities and Differences: Key differences lie in transaction speed, cost, security, and interoperability.

CBDC's Role in an Evolving Payments Landscape

Central banks are exploring CBDCs to address various challenges in the payments landscape:

• Emerging Developments and Trends: CBDCs can enhance financial inclusion, efficiency, competition, resilience, and public access to central bank money.
• Financial Inclusion: CBDCs can increase availability, accessibility, and usage of financial services.
• Efficiency: CBDCs can reduce transaction costs and improve settlement times.
• Competition: CBDCs can foster competition among financial service providers.
• Resilience: CBDCs can enhance the resilience of the payments system.
• Public Access: CBDCs can provide a direct channel for the public to hold central bank money.

Implementing a Strategy

Implementing a CBDC strategy involves several key considerations:

• Observations from Central Banks: Insights from early explorations by central banks highlight common challenges.
• Resource Constraints:
  • Financial Investment and Sustainability: Adequate funding is necessary for the long-term sustainability of CBDCs.
  • Human Capital: Building the necessary expertise is crucial.
  • Legal, Supervisory, and Oversight Constraints: Ensuring compliance with legal and regulatory frameworks.
  • Timing and Sequencing: Balancing the timing and sequencing of implementation phases.

Concluding Thoughts

The adoption of CBDCs requires a strategic approach that considers the unique needs and contexts of different jurisdictions. By carefully evaluating the payments landscape and aligning with broader financial inclusion goals, central banks can effectively position CBDCs in the evolving payments ecosystem.

Key Data and Metrics

• Cost Structure in Retail Payments: Detailed breakdown of costs associated with different payment methods.
• Different Access Points for Retail Payments: Various points where users can access payment systems.
• Types and Examples of Financial Inclusion-Related Retail Payments: Specific examples and types of payments that promote financial inclusion.

Case Studies and Frameworks

• Case Studies: Detailed case studies of payment systems in different jurisdictions.
• Framework for Financial Inclusion: A framework to improve financial inclusion through various payment methods.

Acronyms

• ATM: Automated Teller Machine
• BIS: Bank for International Settlements
• CBDC: Central Bank Digital Currency
• CPMI: Committee for Payments and Market Infrastructure
• CPSS: Committee on Payment and Settlement Systems
• DNS: Deferred Net Settlement
• e-money: Electronic Money
• FedNow: Federal Reserve Now
• FPS: Fast Payment System
• IMF: International Monetary Fund
• INR: Indian Rupee
• KSH: Kenyan Shilling
• NBFI: Nonbank Financial Institution
• PAFI: Payment Aspects of Financial Inclusion
• PSP: Payment Service Provider
• PIP: Payment Infrastructure Provider
• PoS: Point of Sale
• RMB: Renminbi
• RTGS: Real-Time Gross Settlement
• TIPS: Target Instant Payment Settlement (payment infrastructure in the Euro Area)
• UPI: Unified Payments Interface