2020英国央行数字货币（CBDC）研究报告.docx

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1、ContentsForeword4Executivesummary51OurapproachtoCBDC71.1WhatisCBDC?71.2OurapproachtodesigningCBDC82OpportunitiesforCBDCtosupporttheBank’sobjectives132.1Overview132.2HowtheBankcurrentlyachievesitsobjectives142.3Thechangingpaymentslandscape142.4Opportuni

2、tiesforCBDCtosupportmonetaryandfinancialstability163Objectivesanddesignprinciples203.1ObjectiveforCBDCpayments203.2Designprinciples223.3Thebenefitsofprivatesectorinvolvement234AplatformmodelofCBDC254.1Overview254.2Keycomponents264.3CBDCpaymentsfunction

3、ality284.4Incentivesforprivatesectorinvolvement294.5Regulatoryframework294.6Compliancewithanti‑moneylaundering(AML),combatingthefinancingofterrorism(CFT)andsanctions314.7Privacyanddataprotection314.8Howtheplatformmodelmeasuresagainstourdesignprinciples

4、325Economicdesignandimpactsonmonetaryandfinancialstability345.1Overview345.2Impactofdisintermediation(switchingfromdepositstoCBDC)355.3TheimpactofCBDContheBank’smonetaryandfinancialstabilityobjectives365.4ManagingtherisksthrougheconomicdesignofCBDC386T

5、echnologydesign416.1Overview416.2Ourrequirementsforthecoreledger436.3Decentralisationandresilienceofthecoreledger446.4Programmablemoney456.5Securityanduseofcryptography466.6Account‑basedversustoken‑basedapproaches467Nextstepsandprioritiesforfurtherrese

6、arch487.1Overview487.2UnderstandingtheimpactofCBDConpayments487.3UnderstandingtheimpactofCBDConmonetaryandfinancialstability497.4FunctionalityandprovisionofCBDC507.5Technology,infrastructureandfurtherinnovation50Appendix:UKinitiativestoimprovepayments5

7、2References55ForewordForover325years,theBankofEnglandhasprovidedsafemoneyandarisk‑freemeansofpaymenttohouseholds,businessesandthewiderfinancialsystem.Thisisoneofthekeywaysinwhichwefulfilourmission—giventousbyParliament—topromotethegoodofthepeopleoftheU

8、nitedKingdombymaintainingmonetaryandfinancialstability.TheBankhasalwaysinnovatedintheformofmoneyandpaymentservicesthatweprovide,mostrecentlybyswitchingourbanknotesfrompapertosaferandstrongerpolymernotes,andinvestingheavilyinrebuildingou