英格兰银行-2020英国央行数字货币（CBDC）研究报告（英文）-2020.3.pdf

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1、FutureofMoneyDiscussionPaperCentralBankDigitalCurrencyOpportunities,challengesanddesignMarch2020ContentsForeword4Executivesummary51OurapproachtoCBDC71.1WhatisCBDC?71.2OurapproachtodesigningCBDC82OpportunitiesforCBDCtosupporttheBank’sobjectives132.1Overview132.

2、2HowtheBankcurrentlyachievesitsobjectives142.3Thechangingpaymentslandscape142.4OpportunitiesforCBDCtosupportmonetaryandfinancialstability163Objectivesanddesignprinciples203.1ObjectiveforCBDCpayments203.2Designprinciples223.3Thebenefitsofprivatesectorinvolvemen

3、t234AplatformmodelofCBDC254.1Overview254.2Keycomponents264.3CBDCpaymentsfunctionality284.4Incentivesforprivatesectorinvolvement294.5Regulatoryframework294.6Compliancewithanti‑moneylaundering(AML),combatingthefinancingofterrorism(CFT)andsanctions314.7Privacyand

4、dataprotection314.8Howtheplatformmodelmeasuresagainstourdesignprinciples325Economicdesignandimpactsonmonetaryandfinancialstability345.1Overview345.2Impactofdisintermediation(switchingfromdepositstoCBDC)355.3TheimpactofCBDContheBank’smonetaryandfinancialstabili

5、tyobjectives365.4ManagingtherisksthrougheconomicdesignofCBDC386Technologydesign416.1Overview416.2Ourrequirementsforthecoreledger436.3Decentralisationandresilienceofthecoreledger446.4Programmablemoney456.5Securityanduseofcryptography466.6Account‑basedversustoke

6、n‑basedapproaches467Nextstepsandprioritiesforfurtherresearch487.1Overview487.2UnderstandingtheimpactofCBDConpayments487.3UnderstandingtheimpactofCBDConmonetaryandfinancialstability497.4FunctionalityandprovisionofCBDC507.5Technology,infrastructureandfurtherinno

7、vation50Appendix:UKinitiativestoimprovepayments52References55DiscussionPaper:CentralBankDigitalCurrencyMarch20204ForewordForover325years,theBankofEnglandhasprovidedsafemoneyandarisk‑freemeansofpaymenttohouseholds,businessesandthewiderfinancialsystem.Thisisoneo

8、fthekeywaysinwhichwefulfilourmission—giventousbyParliament—topromotethegoodofthepeopleoftheUnitedKingdombymaintainingmonetaryandfinancialstability.TheBankhasalwaysinnovatedinthefor