《世界经济论坛：2023央行数字货币全球互操作性原则白皮书（英文版）（41页）.pdf》由会员分享，可在线阅读，更多相关《世界经济论坛：2023央行数字货币全球互操作性原则白皮书（英文版）（41页）.pdf（41页珍藏版）》请在三个皮匠报告上搜索。

1、Central Bank Digital Currency Global Interoperability PrinciplesW H I T E P A P E RJ U N E 2 0 2 3Images:Getty Images 2023 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any

2、information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the

3、World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners or other stakeholders.ContentsPreface 3Executive summary 4Introduction 51 Scope 61.1 Definitions 62 CBDC priorities across regions 72.1 Areas of alignmen

4、t 72.2 Latin America and the Caribbean 92.3 Sub-Saharan Africa 112.4 Middle East and North Africa 132.5 Asia-Pacific 142.6 Europe 192.7 North America 202.8 Global CBDC lessons learned 213 Global considerations 233.1 Monetary sovereignty 233.2 Financial stability 233.3 Geopolitical risk 243.4 De-doll

5、arization 243.5 Infrastructure cost considerations 254 Key motivations for interoperability principles 265 Principles for CBDC interoperability 285.1 Governance 285.2 Legal and regulatory 295.3 Identification and authentication 295.4 Payments 305.5 Technical 316 Recommendations 326.1 For central ban

6、ks 326.2 For policy-makers 326.3 For the private sector 326.4 Financial market infrastructure 33Conclusion 34Contributors 35Endnotes 38Central Bank Digital Currency Global Interoperability Principles2PrefaceIn 2023,the exploration of central bank digital currency(CBDC)has gained significant momentum

7、,with over 100 countries,representing more than 95%of global gross domestic product(GDP),actively engaging in research,development,pilots or fully-launched CBDC initiatives.This exponential increase in exploration highlights the growing recognition of CBDCs as a transformative tool in the future of

8、digital payments.To ensure the successful implementation of CBDCs and promote interoperability in both domestic and cross-border payment systems,global coordination becomes paramount.It is essential to prioritize having open and regular dialogues between central banks and the private sector about th

9、eir CBDC journey and experiences.Building upon previous work of the Digital Currency Governance Consortium(DCGC),the World Economic Forum held the CBDC Regional Roundtable series to allow for multistakeholder dialogues on the current state of CBDCs and the areas that require further inquiry.Roundtab

10、les were held starting in Spring 2022 in Latin America and the Caribbean,Sub-Saharan Africa,the Middle East and North Africa,Asia-Pacific,Europe and North America.The discussions brought together representatives from the public and private sectors to understand CBDCs from their respective perspectiv

11、es and lessons that can be learned from CBDC experiments and pilots in different regions.These dialogues promoted knowledge sharing across regions with the aim of encouraging globally interoperable CBDC systems.In the CBDC space,further work is required to determine the principles and standards to w

12、hich sovereign CBDC designs would need to adhere to support efficient payments.In an effort to push forward the conversation on principles,this publication gathered insights from each of the regional discussions in order to identify unique aspects from each jurisdiction that are affecting the design

13、 process.In addition to identifying the distinct aspects per region,the discussions surfaced areas of alignment between jurisdictions.With this input,along with other research,this paper sets out a series of interoperability principles that can form a basis for interoperable CBDCs.By emphasizing glo

14、bal coordination,promoting knowledge sharing and establishing guiding principles,the CBDC ecosystem can advance in a harmonized manner,enabling efficient and interconnected digital payment systems.As countries continue their exploration of CBDCs,collaboration and the pursuit of interoperability will

15、 be instrumental in realizing the full potential of this transformative technology.June 2023Central Bank Digital Currency Global Interoperability PrinciplesSandra Waliczek Centre Curator,Blockchain and Digital Assets,World Economic ForumCentral Bank Digital Currency Global Interoperability Principle

16、s3Executive summaryCentral banks have different motivations for exploring or developing central bank digital currency(CBDC),and the demand for improved domestic and cross-border payment rails differs across jurisdictions.To help central banks in the planning and development of their CBDCs and to mak

17、e sure that interoperable functionalities are considered in time,the central bank community should take steps at the beginning of the design process to include these considerations.Although this paper does not take a stance on the choice to issue a CBDC,it considers interoperability in a global futu

18、re state where a CBDC may exist.Based on the input of the Forums Digital Currency Governance Consortium(DCGC)CBDC Regional Roundtable series and multistakeholder input,this paper analyses CBDC from a regional perspective to draw unique elements that would impact CBDC design in each jurisdiction.Base

19、d on these regional perspectives,there were several elements that were aligned among countries and regions,including:Trust in the payment instrument Promoting innovation Financial inclusion Monetary and economic stability Payment efficiency and security Regulatory compliance and financial integrity

20、Privacy and data protection Cybersecurity and resilience User experience and accessibility Offline capabilities Cross-regional cooperation Public-private cooperation Interoperability and standards.In addition,since the commencement of CBDC pilots and experimentation,there were lessons learned that a

21、re relevant globally.These included having a clear reason to pursue CBDC,having strong reasoning for the underlying technology choice,alignment with regulatory frameworks,ensuring integration with other payment solutions,prioritizing user experience and accessibility,building public confidence and t

22、rust in the CBDC,building the CBDC with public-private cooperation and prioritizing interoperability.When considering CBDC interoperability,there are a few key areas that require additional attention.This includes monetary sovereignty,financial stability,geopolitical risk,de-dollarization and infras

23、tructure cost considerations.Based on all prior input,there arise a set of principles for CBDC interoperability.There are generally applicable principles such as the need for standardization,openness and inclusivity,scalability,resilience and redundancy,and cross-border integration.Additional princi

24、ples are grouped by governance,legal and regulatory,identification and authentication,payments,and technical.Thus,the recommendations for central banks are to foster public-private cooperation,engage in thought leadership and advocacy,and education and awareness on CBDCs.For policy-makers,there is a

25、 recommendation to aim for regulatory consistency,participate in international forums and foster innovation and research in CBDC.For the private sector,there should be greater participation in regulatory sandboxes and innovation hubs,interoperability testing and pilots,and participation in standards

26、 development.For financial market infrastructure players,there should be a focus on interoperable clearing and settlement systems,standardization of messaging formats,and sharing insights from interoperability work.These principles can provide a foundation for interoperability with CBDCs.There is a

27、call to action to continue this conversation and form a set of standards that can be applied readily and overseen and enforced by an agreed-upon entity.Central Bank Digital Currency Global Interoperability Principles4IntroductionCentral bank digital currencies(CBDC)have the potential to mitigate the

28、 long-standing challenges in payments,including high costs,low speed,limited access and insufficient transparency.As the future of payments could be transformed,there is an opportunity to ensure that there is global coordination in the creation of CBDCs.By understanding various jurisdictional priori

29、ties and identifying areas of alignment,a set of principles can be identified that serve as a foundation for the creation of interoperable CBDC design.This piece builds off the World Economic Forums Central Bank Digital Currency Policy-Maker Toolkit,the Digital Currency Governance Consortium(DCGC)wh

30、ite paper series and research from existing and new efforts in this space by international and inter-governmental organizations,many of which involve DCGC member organizations.This paper is informed by the CBDC Regional Roundtable series,workshops,interviews and panels,including World Economic Forum

31、 meetings at The Davos Agenda 2022 and 2023 and the Global Technology Governance Retreat.Above all,the paper attempts to provide a neutral,objective and analytical perspective on CBDC interoperability.This white paper will address the following:Define the concept of interoperability and CBDC.Identif

32、y the areas of alignment for CBDC priorities across regions.Analyse the priorities for CBDC across regions including Latin America and the Caribbean,Sub-Saharan Africa,Middle East and North Africa,Asia Pacific,Europe and North America.Summarize lessons learned from CBDC exploration across the world

33、thus far.Acknowledge considerations for CBDC in any jurisdiction,including monetary sovereignty,financial stability,geopolitical risk,de-dollarization and infrastructure cost considerations that need to be reflected on prior to any future CBDC issuance.Set out principles for interoperable CBDC that

34、take into account the previously outlined jurisdictional priorities and areas of alignment.These principles are organized in the categories of governance,legal and regulatory,identification and authentication,different forms of payment and technical considerations.Offer recommendations to central ba

35、nkers,policy-makers,the private sector and financial market infrastructure players.Conclude with a look towards supporting a set of standards based on these principles.Exponential growth in CBDC explorationFIGURE 0020002020212022CancelledResearchProof of conceptPilot

36、LaunchedNotes:1.The chart shows the status of CBDCs worldwide by month.2.Proof of concept=advanced research stage.3.Central bank digital currencies are being explored in more than 100 countries.Source:CBDC Tracker,Todays Central Bank Digital Currencies Status Interactive map,cbdctracker.org.Central

37、Bank Digital Currency Global Interoperability Principles5Scope1Interoperability of CBDCs is important,regardless of whether they are implemented in all regions.CBDC issuance and design are sovereign decisions to be made by each jurisdiction.The scope of this deliverable assumes that some countries m

38、ay adopt CBDCs in the future but is agnostic as to whether a CBDC is implemented.This piece of work does not advocate for or take a position on the need for a CBDC.It discusses the considerations that need to be undertaken in the event that a CBDC is issued(either wholesale,retail or both).The focus

39、 includes ensuring that any CBDC is interoperable with domestic payment options.As for cross-border payments,it is also important to ensure interoperability with other countries that choose to issue a CBDC.1 1.1 DefinitionsInteroperabilityThere are existing definitions of interoperability framed by

40、the Bank for International Settlements(BIS),2 the World Economic Forum3 and various other institutions.4 The definitions used in this paper are consistent with these organizations.Interoperability for central bank digital currency means interoperability,from both a domestic and cross-border viewpoin

41、t,with various types of payment systems,technical standards,regulatory standards and legacy payment architecture and infrastructure.5 Interoperability allows participants in different systems to conduct,clear and settle payments or financial transactions across systems without participating in multi

42、ple systems.6CBDCCBDC is a direct central bank liability and“a digital form of central bank money that is different from balances in traditional reserve or settlement accounts”.7 Retail CBDC:A form of central bank digital currency that is accessible to the public and could be used domestically or cr

43、oss-border.Retail CBDCs are sometimes also referred to as general purpose or universally available CBDCs.Wholesale CBDC:A form of central bank digital currency that would be used among banks and other licensed financial institutions for interbank payments and securities transactions.Wholesale CBDC c

44、ould be used both domestically and cross-border.Central Bank Digital Currency Global Interoperability Principles6CBDC priorities across regions 2Regions identify unique priorities for CBDC design,but certain objectives are universally significant.There are areas of priority that have been identified

45、 that will impact the design of CBDC in each respective region.Although jurisdictions will have distinguishing motivations for CBDC,globally important areas of alignment have been identified as well.The sections below elaborate on the important objectives for all CBDCs irrespective of region as well

46、 as regional priorities.2.1 Areas of alignment Greater interoperability and automated transfers could ultimately benefit consumers through more convenient and cheaper products that are better tailored to their needs,thereby enhancing financial inclusion,innovation and the future of the monetary syst

47、em.Agustn Carstens,General Manager,BIS The following features are priorities that tend to align between regions when it comes to CBDC development.Areas of alignmentTABLE 1CBDC objectiveDescriptionTrust in the payment instrumentCBDCs are intended to be an additional payment solution in the current ar

48、ray of payment choices.Central bank money is the safest and most liquid settlement asset,so central banks would like to ensure that any CBDC preserves consumer trust in the payment instrument.Promoting innovationDigitization of payment systems is an important innovation and jurisdictions are explori

49、ng CBDC in an effort to keep pace with global technological advancements.Financial inclusionEnhancing financial inclusion is a common priority across regions.CBDCs have the potential to enhance financial inclusion by providing access to basic financial services for unbanked and underbanked populatio

50、ns,empowering individuals with access to affordable digital payment options.8Monetary policy and economic stabilityCBDCs have the potential to enable more effective implementation of monetary policy and enhance economic stability.Central banks seek to design CBDC frameworks that align with their mon

51、etary policy objectives and support economic development.Payment efficiency and securityImproving payment systems efficiency and security is a shared goal.CBDCs intend to offer faster and more secure transactions,reducing the reliance on traditional intermediaries and minimizing settlement times.Reg

52、ulatory complianceEnsuring regulatory compliance and maintaining financial integrity are common concerns globally.CBDCs can be designed to facilitate compliance with regulatory frameworks,including anti-money laundering(AML)and combating the financing of terrorism(CFT)measures.Central Bank Digital C

53、urrency Global Interoperability Principles7CBDC objectiveDescriptionPrivacy and data protectionSafeguarding user privacy and data protection is a significant consideration.Many regions emphasize the need for strong privacy measures in CBDC design,such as ensuring anonymity or pseudonymity while bala

54、ncing the requirements for transparency and regulatory oversight.Cybersecurity and resilienceBuilding resilient CBDC systems and protecting them against cyberthreats is a universal priority.Robust security measures,including encryption and authentication protocols,are essential to ensure the integri

55、ty of CBDC platforms and maintain public trust.User experience and accessibilityFocusing on user experience and ensuring that CBDCs are intuitive and accessible to all users is a shared concern.This includes designing user-friendly interfaces and addressing potential barriers to adoption,such as dig

56、ital financial literacy.Offline capabilitiesFiat currency today has features that are favoured when compared to digital solutions.It is recognized that CBDCs must provide offline capabilities in order to become more widely adopted.Cross-regional cooperationAlthough each jurisdiction has specific mot

57、ivations for CBDCs,there is an understanding that broader success of CBDC on a global scale is necessary,and this must be achieved with collaboration across jurisdictions.Public-private cooperationThe public sector and central banks are the final decision-makers for CBDC implementation;however,priva

58、te sector players are deeply entrenched in the current financial system and payments system and add significantly to the creation and design of a CBDC.Interoperability and standardsAchieving interoperability between CBDC systems and establishing global standards are important priorities.Collaboratio

59、n among different regions to develop common protocols and frameworks can facilitate seamless integration between CBDCs.Areas of alignment continuedTABLE 1It is important to note that while these priorities align globally,the specific approaches,implementation strategies and emphasis on each priority

60、 may vary depending on the economic,cultural and regulatory contexts of different regions.In each of the regions discussed,there are selected examples of CBDC projects that cover both retail and wholesale use cases(domestic and cross-border)and are at varying levels of maturity.These are meant to be

61、 demonstrative of the exploration globally and not comprehensive.There is no universal case for CBDCs because each economy is different.In some cases,a CBDC may be an important path to financial inclusionfor instance,where geography is an obstacle to physical banking.In others,a CBDC could provide a

62、n essential backup in the event that other payment instruments fail.One such case was when the Eastern Caribbean Central Bank extended its CBDC pilot to areas struck by a volcanic eruption last year.So,central banks should tailor plans to their specific circumstances and needs.Kristalina Georgieva,“

63、The Future of Money:Gearing up for Central Bank Digital Currency”,International Monetary Fund(IMF),9 February 2022.8Central Bank Digital Currency Global Interoperability Principles2.2 Latin America and the CaribbeanThe Latin America and the Caribbean(LAC)region has engaged in research and developmen

64、t,piloting and launching central bank digital currency.There are several examples of countries in the region that have explored the benefits and challenges associated with CBDC implementation.The Central Bank of Brazil has been studying the potential benefits and risks of a digital real.Research in

65、Brazil has emphasized the importance of promoting financial inclusion by leveraging CBDC technology to reach unbanked populations and reduce the costs associated with traditional payment systems.9 In the Caribbean,the Central Bank of the Bahamas has launched the“Sand Dollar”,a digital version of the

66、 Bahamian dollar,which aims to improve financial access,reduce cash use and enhance the resilience of the countrys payment system.10 In 2019,the Bahamas was the first country to issue a retail CBDC.Pegged to the US dollar,the Bahamian Sand Dollar is based on digital ledger technology(DLT)with a hybr

67、id wireless network to connect mobile devices.The Bahamas prioritized this advancement since 18%of its population is unbanked,and frequent bouts of severe weather hinder cash distribution.However,interest levelled off after an initial surge,and by mid-2022,only about 30,000 Sand Dollar wallets were

68、in use in the Bahamas(an adoption rate of nearly 8%).The slowdown is surprising in a country with 90%penetration for mobile devices,but when surveyed,around 77%of Bahamian firms said that checking accounts were still their most used payment method.11Sand Dollars in circulation($)FIGURE 20$50,000$100

69、,000$150,000$200,000$250,000$300,000Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022December 2019:Project Sand Dollar beginsOctober 2020:Beginning of nationwide release to the publicDecember 2020:Crypto law Digital Assets and Registered Exchanges ActAugust 2021:Bahamian

70、Dollar Digital Currency regulationsMarch 2022:Initial integration of the Sand Dollar with the Bahamas Automated Clearing House systemSource:Deutsche Bank;Central Bank of the Bahamas.The Eastern Caribbean Central Bank(ECCB)has also been at the forefront of CBDC research.In 2021,the ECCB launched DCas

71、h,the first digital currency used in a monetary union,with eight out of nine member states participating.The CBDC has no transaction fees and was intended to facilitate digital money transfers made to consumers and merchants.However,on 14 January 2022,the DCash program crashed due to an“expiring cer

72、tificate”on the technology that hosts the CBDC and was offline for two months.12 The ECCB intends to introduce an e-commerce function that will enable businesses to accept DCash via websites and engage a local marketing agency to promote DCash and encourage education about the technology.The researc

73、h conducted by the ECCB focused on testing the technical feasibility,security and scalability of a CBDC in a small island economy.13 Furthermore,in 2022,Jamaica launched its own CBDC,the Jam-Dex,through a digital wallet known as the Lynk app.To open a wallet,users are required to upload one governme

74、nt-issued photo ID and a copy of their taxpayer registration number.14 As part of the launch,the Bank of Jamaica offered a$16 incentive for the first 100,000 users who activated wallets.15 The Central Bank of Jamaica also implemented an in-person public education programme across the island under th

75、e banner of“No Cash,No Problem”.16 As of August 2022,there were more than 120,000 users and over 2,300 merchants on the Lynk platform.More recently,there have been additional rollouts to new wallet providers,with JN Bank onboarded in December 2022.17 The below features are specific to the LAC region

76、 that impact CBDC development.These distinguishing features reflect considerations of the region.Central Bank Digital Currency Global Interoperability Principles9LAC CBDC considerationsTABLE 2ConsiderationDescriptionHigh cash useThe LAC region as compared to other regions has a pronounced difference

77、 in cash use trends.Compared to central banks in other jurisdictions,LAC central banks report less decline in cash use.18 Thus,CBDC would need to offer similar features to cash such as offline payments and self-custody.Informal economiesThe LAC region has a series of significant informal economies,w

78、here a substantial portion of economic activity occurs outside the formal banking sector.This phenomenon makes up between 20-80%depending on the jurisdiction.19 CBDC development in LAC needs to consider the unique characteristics and challenges associated with integrating the informal economy into t

79、he digital financial system.RemittancesThe LAC region is a major recipient of remittances,with many countries relying on these inflows for their economies.During 2021,LAC received$127.6 billion in remittances,which constitutes an annual growth of 26.0%,the highest registered in the past 20 years.20

80、CBDCs in LAC may prioritize enhancing the efficiency and reducing the costs of cross-border remittances,aiming to provide affordable and secure remittance solutions for migrants and their families.Financial inclusion challengesWhile financial inclusion is a priority globally,the LAC region faces spe

81、cific challenges in this regard.CBDC experimentation in LAC focuses on addressing barriers to financial access for marginalized communities,including Indigenous populations,and rural areas,aiming to bridge the digital divide and promote inclusive growth.DollarizationSome countries in the LAC region,

82、such as Ecuador and El Salvador,have adopted the US dollar as their official currency.CBDC experimentation in these countries may explore the potential for hybrid models,where CBDCs can coexist or interact with existing dollarized systems,addressing unique monetary policy and financial stability con

83、siderations.Small island nationsThe Caribbean region consists of many small island nations with unique economic and geographic characteristics.CBDC experimentation in these countries needs to prioritize solutions tailored to their specific needs,such as resilience to natural disasters,cross-border t

84、ransactions and tourism-related challenges.Regional integrationThe LAC region has ongoing efforts for regional economic integration,such as the Caribbean Community(CARICOM)and the Pacific Alliance.CBDC experimentation in LAC considers the potential for harmonization and interoperability of digital c

85、urrencies across countries,aiming to facilitate trade,investment and financial integration within the region.LAC CBDC priorities:Most central banks in the region are prioritizing retail CBDC research and development,and have a few key motivations for a possible future issuance of a CBDC.Motivations

86、for issuing a CBDC in LAC FIGURE 3RetailWholesaleOthersFinancial inclusionPayments efficiency(domestic)Paymemts safety/robustnessFinancial stabilityPayments efficiency(cross-border)Monetary policy implementation1234OthersFinancial inclusionPayments efficiency(domestic)Paymemts safety/robustnessFinan

87、cial stabilityPayments efficiency(cross-border)Monetary policy implementation1234LACEMDEs*AEs*Emerging market and developing economies*Advanced economiesNote:1=“Not so important”,2=“Somewhat important”,3=“Important”,4=“Very important”.Source:BIS central bank survey on CBDC.Central Bank Digital Curre

88、ncy Global Interoperability Principles10Financial inclusion and poverty reduction:Prioritizing CBDC implementation is aimed at providing financial services to the unbanked and underserved populations.As a part of this,considering the large informal sector in some countries of the region,CBDCs could

89、also potentially provide financial services to workers in the informal economy,helping them access banking services and participate in the formal economy.Increasing efficiencies for payments:Domestically and internationally the cost of payments is high in the LAC region.21 Thus,CBDC could promote ad

90、vancements in payment systems that could lower these costs.When it comes to cross-border payments including remittances,CBDCs have the potential to facilitate low-cost and efficient cross-border remittances to support the large number of migrants sending money back to their home countries.Addressing

91、 financial stability and crises(inflation and currency volatility concerns):Developing CBDCs could serve as a potential tool to address financial stability concerns,including offering emergency liquidity assistance during times of financial crises or natural disasters.CBDC could be explored in how i

92、t may address the regions history of inflation and currency volatility to provide a stable and reliable digital currency option that can be used as a store of value and medium of exchange.2.3 Sub-Saharan AfricaSeveral countries in Sub-Saharan Africa have made notable progress in CBDC research.Variou

93、s jurisdictions in the region have initiated studies and pilot projects to assess the feasibility and implications of CBDC adoption.For instance,the South African Reserve Bank has launched a project called Khokha to explore the feasibility,desirability and appropriateness of using a CBDC in the coun

94、trys financial system.22 The project aims to assess various aspects,including scalability,resilience and regulatory compliance.In October 2021,the Central Bank of Nigeria was the first in Africa to issue a CBDC:the eNaira.The CBDC was intended to meet its populations strong demand for digital paymen

95、ts and to reduce remittance transfer costs.23 Initially,only individuals with a bank verification number were able to open a wallet(approximately 26%of the population).24 Although the central bank was targeting 8 million users by August 2022,fewer than 1 million Nigerians(equivalent to less than 0.5

96、%of the population)were using the digital currency.25 At the end of 2022,Nigeria suffered a cash shortage that led to a surge in demand for alternative payments,including the eNaira.The value of eNaira transactions surged 63%to 22 billion naira year to date in 2023.26 In 2022,the Central Bank of Nig

97、eria reported that 13 million more wallets have been opened,12 times that of October 2021.Governor Emefiele stated that increased adoption may have been driven by the payment of social welfare through the CBDC programme.27Below are features and considerations for CBDC in Sub-Saharan Africa that refl

98、ect the specific socioeconomic and technological context of the region.CBDCs have the potential to facilitate low-cost and efficient cross-border remittances to support the large number of migrants sending money back to their home countries.Central Bank Digital Currency Global Interoperability Princ

99、iples11Sub-Saharan Africa CBDC considerationsTABLE 3ConsiderationDescriptionConnectivityConnectivity issues,limited digital infrastructure and cybersecurity concerns pose significant hurdles to the widespread adoption of CBDCs in the region.Approximately 45%of Africas population is further than 10km

100、 from fibre network infrastructure,which is a higher percentage than on any other continent.28Mobile money adoptionSub-Saharan Africa has experienced significant growth in mobile money services,such as M-Pesa in Kenya.29 CBDCs can build on this existing mobile money infrastructure,integrating with m

101、obile wallets and leveraging the familiarity and widespread use of these services to facilitate CBDC adoption.Informal economy integrationInformal economies are prevalent in Sub-Saharan Africa,nearly 85%of employment in Sub-Saharan Africa is informal,with a substantial portion of economic activity o

102、ccurring outside formal systems.30 CBDCs can aim to bridge the gap between the formal and informal sectors by providing digital payment solutions that cater to the needs of informal businesses and individuals,enhancing financial inclusion and fostering economic growth.Addressing currency volatilityS

103、ome countries in Sub-Saharan Africa experience significant currency volatility,which can have adverse effects on economic stability and international trade.31 CBDCs could incorporate features to mitigate currency volatility.Financial inclusionSub-Saharan Africa has a high proportion of unbanked popu

104、lations.Therefore,one of the primary priorities for CBDC in the region is to promote financial inclusion by providing access to digital financial services for individuals who are currently excluded from the formal banking system and would like to engage in the banking system.CBDCs can use existing m

105、obile payment infrastructure to reach remote areas and underserved populations.RemittancesThe region has a substantial volume of cross-border trade and remittance flows.32 CBDCs could reduce the number of intermediaries,the costs associated with those intermediaries and improve transparency around r

106、emittance status,thus reliance on traditional remittance channels.Sub-Saharan Africa CBDC priorities:Motivations for issuing a CBDC in AfricaFIGURE 4Better financialinclusionMore effectivemonetary policyIncreased competitionand efficiencyLower cashdistribution costsEnabling peer-to-peerpaymentsProgr

107、ammablemoneyTackling AML,tax avoidanceBetter privacyPercentage of participiating central banks2Fostering financial inclusion is one of the main motivations for CBDCs in Africa1Benefits of CBDC020406080Central bankdigital cashRanked 1st:Ranked 2nd or 3rd:African surveyEMEs surveySource:BIS,Central ba

108、nk digital currencies in Africa,2022,www.bis.org/publ/bppdf/bispap128.pdf.Notes:1.Each bar indicates the percentage of central banks that choose a given motivation as one of their top three benefits of CBDC 2.Unless otherwise stated,the percentage is computed over all the central banks that particip

109、ated in the surveys(19 and 24 central banks in the African and emerging market economies(EMEs)survey,respectively),induding those that did not answer the specific question.Central Bank Digital Currency Global Interoperability Principles12Improving financial access and inclusion:Prioritizing CBDC imp

110、lementation to provide accessible and affordable financial services to the unbanked and underserved populations in remote areas.Enhancing cross-border trade and remittances:Focusing on reducing transaction costs and increasing the efficiency of cross-border payments to facilitate regional trade and

111、support economic development.Strengthening financial stability:Promoting the use of CBDCs to address challenges such as currency volatility,inflation and the prevalence of informal economies.2.4 Middle East and North AfricaThe Middle East and North Africa(MENA)region has several countries actively i

112、nvestigating the potential benefits and challenges associated with CBDC implementation.One of the notable CBDC explorations in the region was a joint effort between the United Arab Emirates and Saudi Arabia called Project Aber.Launched in 2019,Aber aims to facilitate faster cross-border transactions

113、 and strengthen both countries positions as global financial hubs.This joint project reflects the regional cooperation and shared vision for advancing digital currencies in the MENA region.33 The United Arab Emirates is also a key member of the cross-border mBridge project.The below features and pri

114、orities are distinctive to the MENA region.Considering these factors can help central banks tailor their CBDC designs to meet the specific needs and challenges of the MENA region.MENA CBDC considerationsTABLE 4ConsiderationDescriptionTechnological infrastructureDeveloping and upgrading the necessary

115、 technological infrastructure is a key consideration.MENA countries aim to build robust digital payment systems that can handle large transaction volumes and operate reliably.Digital payments adoption is quite high,which may facilitate the adoption of CBDC.Regulatory complianceMENA countries have di

116、verse regulatory frameworks,and compliance is a critical consideration for CBDC implementation.Developing CBDC systems that align with regulatory expectations and enhance transparency is a priority for the region.Cybersecurity and data privacyGiven the increasing digitalization and potential cyber t

117、hreats,ensuring robust cybersecurity measures and protecting user data privacy are paramount for CBDCs in the MENA region.Implementing state-of-the-art security protocols and encryption techniques is a priority to safeguard the digital currency ecosystem.Cultural and religious considerationsThe MENA

118、 region has diverse cultural and religious norms that may influence payment behaviours and preferences.Taking these factors into account during CBDC design can help ensure acceptance and adoption among the population.Digital transformation and innovation:The MENA region prioritizes innovation and is

119、 investing in advancing the digital transformation of payment systems and any CBDC would need to enhance the current payment system offerings.Driving economic growth:Countries in the MENA region are very diverse in terms of advancement.However,digitization is an important goal to accelerate their ec

120、onomic growth and advancement by providing digital payment solutions that will lead to greater economic opportunities.Fostering regional economic integration:The MENA region prioritizes facilitating cross-border trade and investment and strengthening economic cooperation in the region.CBDC would nee

121、d to enable improvements in this regard.MENA CBDC priorities:Central Bank Digital Currency Global Interoperability Principles132.5 Asia-PacificCurrently,the Asia-Pacific(APAC)region has the largest number of countries that have CBDC pilots launched,including Japan,South Korea,China,Hong Kong,India,S

122、ingapore,Thailand,Malaysia and Australia.The APAC region is also involved in several cross-border CBDC projects within the region and across regions,including Project mBridge,Project Dunbar and Project Mariana.China has been at the forefront of CBDC research and development and began research and de

123、velopment in 2014.In 2019,the Peoples Bank of China(PBoC)launched a pilot CBDC in the regions of Shenzhen,Suzhou,Xiongan and Chengdu and has expanded to several other regions since then.34 The Winter Olympics,held in February 2022,saw the e-CNY marketed to foreigners for the first time.During the ga

124、mes,the digital currency was used in transactions worth CNY 2 million(Chinese yuan)(approximately$315,000)a day.35 China is a prime location for a CBDC experiment.First,relative to the West,China boasts a young,tech-savvy population.36 Second,China is unique in that it skipped directly from physical

125、 cash to mobile payments in the mid-2000s.37 Today,mobile payments are the preferred payment method in China,representing 66%of total transactions in 2021.38 Third,the PBoC and government provided infrastructure and readily supported the use of e-CNY(electronic Chinese yuan).In February 2021,Alipay

126、and Tencent began participating in trials with the aim of offering services through the e-CNY app.39 The PBoC has also paid civil servants in e-CNY,most recently in the city of Changshu.40 Yet,the Chinese CBDC project still has the ability to grow in the amount of user adoption.In June 2021,71 milli

127、on transactions using the digital wallet occurred,with a value of CNY 34.5 billion,equivalent to 0.04%of the total CNY in circulation.41,42 By August 2022,the number of transactions had increased to 360 million,with a total value of over CNY 100 billion.43 By the end of December 2022,e-CNY transacti

128、ons amounted to 0.13%of total currency in circulation.44Singapore has been another key player in CBDC research.The Monetary Authority of Singapore(MAS),through its Ubin+initiative,researched CBDC through five phases and included cross-border experimentation with the Bank of Canada and the Bank of En

129、gland.45 Project Orchid explores domestic retail CBDC use cases in Singapore.46 MAS has been collaborating extensively with other central banks and financial institutions to explore the potential for cross-border CBDC use during Project Dunbar and Mariana.They have conducted successful trials using

130、CBDCs for international transactions,aiming to improve efficiency,reduce costs and enhance financial interoperability.The Bank of Thailand(BOT)began exploring a domestic retail CBDC in 2020,and the pilot tests the deposit,transfer and withdrawal functionalities of the wallet.For cross-border project

131、s,the Hong Kong Monetary Authority,the Bank of Thailand,the Peoples Bank of China and the Central Bank of the United Arab Emirates are working together to build a multi-CBDC platform known as mBridge.47In Australia,the Reserve Bank of Australia(RBA)has undertaken CBDC research starting with a wholes

132、ale CBDC proof of concept in 2021,followed by a larger general-purpose CBDC pilot collaborating with industry players to explore various potential use cases and economic benefits in 2023.48 With an efficient domestic payments system and relatively high financial inclusion,research is aimed at unders

133、tanding how an Australian CBDC might bring efficiency,reduced cost or risk to the Australian economy.The features detailed in Table 5 reflect the unique characteristics and challenges of the APAC region,highlighting the need for tailored CBDC solutions that address specific regional needs while maki

134、ng use of the potential benefits of digital currencies.APAC CBDC considerationsTABLE 5ConsiderationDescriptionE-commerce and digital economyAPAC has a thriving e-commerce market and a rapidly growing digital economy enhanced by mobile payments.49 CBDCs can provide seamless and secure digital payment

135、 infrastructure,promoting the growth of e-commerce and facilitating digital transactions in the region.Financial inclusionAPAC countries have large unbanked or underbanked populations,particularly in rural areas.More than 1 billion people within the region still have no access to formal financial se

136、rvices.50 CBDCs can provide accessible digital payment solutions and financial services to those who currently lack access.Global trade and cross-border paymentsAPAC economies have strong interconnectivity and trade relationships.Enhancing cross-border payment efficiency and reducing transaction cos

137、ts through CBDCs is a specific focus.RemittancesThe APAC region has a significant number of migrant workers who rely on remittances to support their families.51 CBDCs can offer faster,cheaper and more transparent remittance solutions,addressing the challenges associated with traditional remittance c

138、hannels.The APAC region has the largest number of countries that have CBDC pilots launched,including Japan,South Korea,China,Hong Kong,India,Singapore,Thailand,Malaysia and Australia.Central Bank Digital Currency Global Interoperability Principles14APAC CBDC priorities:Motivations for issuing a CBDC

139、 in APACFIGURE 5By income group(number of countries that responded to the survey)Payment efficiency,stability and safetyFinancial inclusionDemand for digital cash/digital paymentsFinancial stability Reduction in costAlternative to private crypto-assetsRegional development in CBDCMonetary policy and

140、sovereignityHigh incomeLower incomeLower-middleUpper-middle64341By type of CBDC(number of countries that responded to the survey)RetailWholesaleDemand for digital paymentsEfficiency gainsFinancial innovationPayment efficiency,stability and safetyCost efficiency0123456789Enabling payment e

141、fficiency:Supporting technological advancements,such as integrating CBDCs to foster efficiency and innovation in the financial sector.Promoting cross-border transactions:Prioritizing low-cost and efficient cross-border payments and remittances to facilitate international trade and support the large

142、number of migrant workers in the region.Advancing cashless societies:Focusing on reducing cash use,promoting digital payments and enhancing financial literacy to drive economic growth and increase efficiency,while balancing privacy concerns.Source:IMF surveyNote:Income groups are based on World Bank

143、 classification,which classifies economies into four income groups:low,lower-middle,upper-middle and high income using gross national income(GNI)per capita data in US dollars.Central Bank Digital Currency Global Interoperability Principles15The e-CNY pilot is an ongoing initiative by the Peoples Ban

144、k of China(PBoC)to test and promote the use of digital currency in China.Pilot launch:The e-CNY pilot was first launched in 2019 in several cities,including Shenzhen,Suzhou,Chengdu and Beijing.It involved the distribution of digital currency to selected individuals and businesses for trial use.Dual

145、offiine payment system:One of the key features of the e-CNY pilot is the dual offline payment system,which allows transactions to be made without an internet connection.This feature ensures the reliability and availability of digital payments,even in areas with poor network coverage.Integration with

146、 existing payment systems:The e-CNY is designed to work alongside existing payment systems,such as Alipay and WeChat Pay.It aims to enhance the efficiency and security of digital transactions while providing interoperability with popular mobile payment platforms.Retail and wholesale use:The pilot ha

147、s been conducted in both retail and wholesale scenarios.Retail use involves small-scale transactions,such as everyday purchases,while wholesale use focuses on larger transactions,such as business-to-business payments.Merchant acceptance:During the pilot,various merchants,including restaurants,superm

148、arkets and online platforms,have been encouraged to accept e-CNY payments.This helps to establish an extensive network of acceptance points and increases the convenience for users.Privacy and security:The e-CNY pilot emphasizes the importance of privacy and security.Transaction data is encrypted and

149、 stored securely,ensuring the protection of user information.However,the central bank maintains the ability to monitor and trace transactions to prevent illegal activities.User experience:The pilot aims to provide a smooth and user-friendly experience for e-CNY users.Mobile apps and digital wallets

150、have been developed to facilitate transactions,allowing users to easily send,receive and manage their digital currency.Cross-border use:The e-CNY pilot has explored the potential for cross-border use.Lessons learned:Technical infrastructure:Building a robust and scalable technical infrastructure is

151、crucial for the successful implementation of digital currency.It requires coordination between financial institutions,technology providers and regulatory bodies to ensure smooth operations and user experience.The project employed a large team to build and deploy the digital currency and focused on p

152、ublic-private sector collaboration in order to deliver this result.Public acceptance:Widespread adoption of digital currency relies on public acceptance and trust.Educational campaigns and outreach programmes can help promote awareness and understanding among the general population,fostering confide

153、nce in the new payment system.Interoperability:Integrating digital currency with existing payment platforms is essential for user convenience and acceptance.Ensuring interoperability between different payment systems and establishing a seamless user experience should be a priority.Cross-border colla

154、boration:Exploring opportunities for cross-border use and collaboration with other countries can enhance the global reach and potential impact of digital currencies.Cooperation between central banks and regulatory bodies is essential to address legal and regulatory challenges.CASE STUDY 1China:e-CNY

155、Central Bank Digital Currency Global Interoperability Principles16Timeline of the development of Chinas CBDCFIGURE 6The PBoC set up a research group to study CBDC2014Approval by the State Council,working with commercial institutions2017Roll-out of pilot in Shanghai,Hainan,Changsha,Xian,Qingdao and D

156、ailanNovember 2020e-CNY pilot programme expanded to 10 cities April 2021e-CNY app rolled outJanuary 2022Pilot extended to include regions such as Sichuan Province,parts of Shandong Province and Yunnan ProvinceDecember 2022e-CNY used to buy securities for the first time with Soochow Securities mobile

157、 app17 January 2023Number of e-CNY transactions hits 360 millionPilot in four provinces including GuangdongAugust 2022PBoC establishes its Digital Currency Institute2016Pilot runs in Shenzhen,Suzhou,Xiongam and Chengdou2019Alipay and Tencent begin participating in trialsFebruary 2021The Winter Olymp

158、ics saw e-CNY accessible to foreignersFebruary 2022China includes e-CNY in cash circulation data for the first timeNew function added to app to make payments offline11 January 2023During Lunar New Year,200 activities for the e-CNY were launched across China 6 February 2023China bans cryptocurrency t

159、ransactionsSeptember 2021September 2022Source:Deutsche Bank;PBoC.Central Bank Digital Currency Global Interoperability Principles17The Bank of Thailands ongoing Retail CBDC pilot project(digital baht)focuses on conducting pilot tests through foundational and innovative tracks.For the foundational tr

160、ack,deep technical tests were conducted prior to the start of the pilot,whereas for the innovation track,a hackathon was organized to explore innovative use cases from the private sector.The pilot:The Bank of Thailand initiated a canteen pilot for its retail CBDC during the start of 2023 with a rest

161、ricted user base.The pilot achieved a significant milestone by successfully minting and distributing CBDC to three Financial Service Providers(FSPs)*.Currently,the project is advancing towards an expansion of users,which is limited to the officers of three FSPs,with up to 10,000 users.The CBDC techn

162、ology is provided by German technology partner Giesecke+Devrient.Integration with existing payment systems:The integration with existing payment systems focused on enabling connectivity process with interbank electronic fund transfer system(RTGS)operated by the Bank of Thailand and establishing inte

163、roperability between FSPs payment system and payment processors.Use:The pilot programme is conducted in various retail scenarios,specifically aiming to facilitate everyday purchases such as those made in canteens and coffee shops for bank employees.The focus of the pilot is on small-scale transactio

164、ns in a retail setting.Privacy and security:Thorough penetration tests were conducted to assess technical readiness for production,with the aim of minimizing security risks to the business and ecosystem.The importance of security-by-design of a CBDC was a focus point of the project.User experience:T

165、he pilot aims to provide a smooth and user-friendly experience for digital baht users.Mobile apps have been developed by financial service providers to facilitate transactions,allowing users to easily send,receive and manage their digital currency.Priorities:Recognizing the already high adoption of

166、digital payments in Thailand,the Bank of Thailand envisions the CBDC as a transformative solution.This pilot aims to establish an inclusive and accessible financial infrastructure,enabling innovative and secure financial services to cater to the diverse needs of customers across the country.Implemen

167、tation:Collaborative partnerships with stakeholders,gradual user onboarding,robust security measures,scalability and flexibility,and ongoing evaluation were essential components of the projects success.These factors ensured a smooth and effective implementation process,providing valuable insights fo

168、r future initiatives.Public-private collaboration:Collaborative partnerships brought expertise,innovation and resources,enhancing project success.Effective communication,trust-building and clear roles were crucial for productive collaboration.These lessons emphasize the importance of ongoing public-

169、private cooperation in future initiatives to leverage diverse skills and resources for success.Communication to stakeholders:Learning on both technical and business aspects from CBDC pilot testing is the main objectives of this project.The plan to launch CBDC in Thailand has not yet decided at this

170、stage.This intention should be passed forward to all stakeholders including end-users.Clear communication is important to ensure a common understanding of a CBDC by all stakeholders,but management of expectations is an important aspect of this.The BOT Retail CBDC pilot projects successful continuati

171、on showcases effective collaboration,technical implementation and regulatory clarity.Valuable lessons learned from challenges encountered provide insights for broader scalability and adoption,serving as a guiding example for future initiatives.*FSPs are comprised of bank and non-bank in this pilot.C

172、ASE STUDY 2Thailand:digital bahtCentral Bank Digital Currency Global Interoperability Principles182.6 EuropeThe European region has several prominent CBDC research and experiments.The European Central Bank(ECB),launched an investigation phase to address key issues related to the design and distribut

173、ion of the digital euro in October 2021.This phase will continue until October 2023,after which the Governing Council will decide on whether to launch the realization phase.52 The ECB is also researching wholesale CBDC.53The UK has not decided whether it will introduce a CBDC.54 On 7 February 2023,t

174、he Bank of England(BoE)and the HM Treasury jointly launched a public consultation on a retail CBDC.The paper outlines design considerations,and it concluded that a digital pound will likely be needed in the future.However,the BoE sees that it is still too early for a decision on issuance.No concrete

175、 timeline has been released,and the BoE continues to research the viability of launching a CBDC.Other European central banks have also been actively exploring CBDCs.The Swedish Riksbank has conducted a project,known as the e-krona,to examine the potential technical and practical aspects of a digital

176、 currency.Banque de France is among the other central banks in the region that have initiated research and conducted experiments to understand the implications and design options for CBDCs.These features and priorities reflect the unique characteristics,needs and regulatory environment of Europe.Eur

177、ope CBDC considerationsTABLE 6ConsiderationDescriptionSovereign autonomy over currencyIt is a priority to harmonize European payment solutions,reduce high costs of cross-border payments and reduce reliance on foreign payment solutions.A large percentage of payments are run by non-European payment co

178、mpanies,which can expose countries to risk.55Accelerating digital paymentsCash use is falling rapidly across Europe,with COVID-19 accelerating innovation in digital payments.Sweden is one of the economies with the lowest cash use.Other economies in Europe have also declined in their use of cash duri

179、ng the past several years.56Privacy and data protectionEurope has stringent data protection regulations,including the General Data Protection Regulation(GDPR).Any CBDC design in Europe would need to address privacy concerns and ensure compliance with these regulations.Eurozone integrationEurope cons

180、ists of multiple countries with their own existing payment systems and infrastructures.Any CBDC in Europe would need to be designed with interoperability in mind,allowing seamless integration with existing payment systems and enabling efficient transfers between different currencies and jurisdiction

181、s.Europe CBDC priorities:Encouraging European integration:Promoting interoperability and cross-border use of CBDCs within Europe,streamlining transactions and fostering economic integration.Ensuring privacy and data protection:Emphasizing strong data protection measures and privacy controls to addre

182、ss concerns around surveillance and unauthorized access to personal financial information.Supporting monetary policy implementation:Designing CBDCs to assist in implementing effective monetary policies,such as negative interest rates or targeted lending programs,while ensuring financial stability.Ce

183、ntral Bank Digital Currency Global Interoperability Principles192.7 North AmericaCentral bank digital currency research in North America has gained significant momentum.Both the United States and Canada have embarked on comprehensive studies to evaluate the feasibility and implications of CBDC adopt

184、ion.In the US,the Federal Reserve System is researching central bank digital currency,but has not provided strong indication of whether it will pursue a CBDC.57 In March 2022,the Biden administration released an executive order on ensuring the responsible development of digital assets.58 In 2020,the

185、 Boston Fed began collaborating with the Massachusetts Institute of Technologys(MIT)Digital Currency Initiative on Project Hamilton,which has now been completed.59 The New York Fed also issued a report on Project Cedar,an experiment on wholesale CBDC.60In Canada,the Bank of Canada has also been enga

186、ged in CBDC research in North America.The central bank,through Project Jasper,has conducted extensive experiments and pilot projects to understand the technological aspects,security considerations and potential economic implications of a digital currency.The Bank of Canada collaborated with other ce

187、ntral banks and international organizations to share knowledge and expertise.It has also sought public input through surveys and consultations to gather diverse perspectives on the design and features of a potential digital currency.61 The below features are priorities in the North American region i

188、n their CBDC efforts.North America CBDC considerationsTABLE 7ConsiderationDescriptionMitigating systemic risksNorth America has experienced significant financial crises in the past.CBDC policies may prioritize mitigating systemic risks by implementing features that enhance financial stability,such a

189、s real-time monitoring of transactions,increased transparency and improved risk management frameworks.62International collaborationNorth American central banks actively participate in international collaboration and knowledge sharing initiatives regarding CBDCs.This priority for international cooper

190、ation allows North American central banks to benefit from global expertise while contributing to the collective understanding of CBDCs.Public input and transparency Central banks in North America prioritize public input and transparency throughout the CBDC research process through surveys,consultati

191、ons and public forums.The aim is to ensure that the design and features of the CBDC align with the needs and preferences of society.Promoting innovation and fintech ecosystemNorth America is home to a vibrant fintech industry,including various innovative payment solutions and digital assets.CBDC pol

192、icies may aim to foster an environment conducive to innovation,supporting collaborations between traditional financial institutions and fintech companies to explore new use cases and promote technological advancements in the financial sector.North America CBDC priorities:Promoting innovation:Financi

193、al innovation is key in enhancing the current financial system,and the jurisdictions in North America are focused on promoting this modernization.Enhancing financial system efficiency:As a global financial hub,any CBDC launched requires robust testing to ensure that any risks are mitigated and that

194、benefits increase system efficiency.Promoting cross-border transactions:Facilitating seamless and efficient cross-border payments and reducing transaction costs between North America and other regions.Central Bank Digital Currency Global Interoperability Principles202.8 Global CBDC lessons learnedTh

195、e discussions during the Forums CBDC Regional Roundtable series,not only highlighted specific regional considerations,but also discussed lessons learned from the pilots and experimentation thus far.Overall,there was alignment amongst regions for the lessons learned during the pilots.The following le

196、ssons should be considered in any upcoming CBDC experimentation.Clear objective:Different countries have pursued CBDC experimentation with varying objectives.These include financial inclusion,enhancing payment systems,reducing reliance on cash,promoting monetary policy effectiveness,and countering p

197、rivate cryptocurrencies.It is essential to define clear objectives before embarking on CBDC developmentTechnological considerations:CBDC development requires careful consideration of the underlying technology.Choices between centralized or decentralized architectures,permissioned or permissionless n

198、etworks,and the use of DLT or other alternatives need to align with the specific goals of the CBDC project.Regulatory frameworks:CBDC experimentation has highlighted the need for robust regulatory frameworks.These considerations should be integrated into CBDC design from the early stages to ensure c

199、ompliance and mitigate risks.Payment system integration:Integrating CBDCs into existing payment systems is crucial for their successful implementation.Compatibility with existing financial infrastructure,such as banks and payment service providers,is essential to ensure smooth and efficient interope

200、rability.User experience and accessibility:The user experience of CBDCs should be intuitive and user-friendly to encourage adoption.Accessibility to a broad range of individuals,including those without access to traditional banking services,should be a priority to achieve financial inclusion goals.P

201、ublic confidence and trust:Building public confidence and trust in CBDCs is essential.Transparent communication about the design,benefits and risks of CBDCs can help mitigate concerns and ensure acceptance among the public.Public-private collaboration:Both the public and private sectors can make key

202、 contributions to designing and implementing any future CBDC,and a stronger collaboration leads to more successful results.Interoperability:Collaboration between countries and coordination will be necessary to address issues of interoperability.Transparent communication about the design,benefits and

203、 risks of CBDCs can help mitigate concerns and ensure acceptance among the public.EurozoneCancelledNo activityInactiveResearchDevelopmentPilotLaunchedMap of CBDC phase of explorationFIGURE 7Central Bank Digital Currency Global Interoperability Principles21Overview of domestic and cross-border intero

204、perability CBDC projectsTABLE 8NameCountriesCross-border/domesticUse caseDescriptionMultiple CBDC Bridge(mBridge)Thailand,China,Hong Kong,United Arab EmiratesCross-borderWholesaleAims to create a multiple CBDC arrangement for a faster,cheaper and more efficient mechanism for transfers and foreign ex

205、change operations.Project DunbarAustralia,Singapore,Malaysia,South AfricaCross-borderWholesaleA platform for international settlements.As of March 2022,the project built two successful prototypes for settlements across multiple CBDCs.Project Sela Israel,Hong KongCross-borderRetailExplores the cybers

206、ecurity implications of two-tier,retail CBDC.Project IcebreakerIsrael,Norway,SwedenCross-borderRetailInterlinking and interoperability between different retail CBDCs.Project MarianaFrance,Switzerland,SingaporeCross-borderWholesaleCross-border automated market maker project aimed at exploring using a

207、utomated market makers to facilitate exchange between multiple currencies at a wholesale level.Project JuraFrance,SwitzerlandCross-borderWholesaleWholesale CBDC settlement across borders using DLTOnyx/Multiple CBDCFrance,SingaporeCross-borderWholesaleCross-border payment experiment using JP Morgans

208、Onyx unit.Project RosalindUnited KingdomDomesticRetailPrototype for retail CBDC effectively communicating with private sector vendors.Project AurumHong KongDomesticRetail and WholesaleIssuance of both wholesale and retail tokens.Project HelvetiaSwitzerlandDomesticWholesaleExplored the feasibility of

209、 issuing wholesale CBDC on SIXs DLT platform,the project integrated wCBDC to the core banking infrastructure.Project JasperCanada,UK,SingaporeCross-borderWholesaleCross-border testing Project AberSaudi Arabia,United Arab EmiratesCross-borderWholesaleBilateral CBDC project using DLT to facilitate cro

210、ss-border transactions.Source:“Central Bank Digital Currency Tracker”,Atlantic Council,n.d.,https:/www.atlanticcouncil.org/cbdctracker/.Central Bank Digital Currency Global Interoperability Principles22Global considerations3Regional preferences and global alignment in CBDC design and implementation

211、should be balanced.3.1 Monetary sovereignty3.2 Financial stabilityCBDCs can enhance monetary sovereignty by providing central banks with increased control over the monetary system and more effective tools for implementing monetary policy.With a digital currency,central banks can gain real-time insig

212、hts into economic activities,enabling them to respond swiftly to changing market conditions.This increased visibility and control over the money supply can contribute to price stability and economic resilience.However,there is a risk that private or foreign digital currencies could replace domestic

213、currencies through currency substitution.If a private digital currency or foreign CBDC becomes widely used in a country that accepts foreign currency as legal tender,it could threaten a central banks ability to effectively conduct monetary policy and act as a lender of last resort.To address this ri

214、sk,international monetary cooperation becomes crucial in setting parameters and conditions for the use of private or foreign digital currencies in a local context.By establishing clear guidelines and agreements,central banks can mitigate potential threats to their monetary sovereignty.Depending on t

215、he design of a CBDC,banks play a more or less active role in the distribution of CBDC to end users.In a one-tier model,the central bank would both issue and distribute CBDC,while in the far more common two-tier model,the central bank would issue CBDC,but distribution is organized via banks and other

216、 licenced service providers.In the two-tier model,it is possible to have different licencing requirements for different types of financial services providers.This diversity of institutions involved in the distribution of CBDC,on the one hand,improves the competitiveness and resilience of the financi

217、al system.On the other hand,however,having many institutions involved in the distribution of CBDC puts further emphasis on the need to ensure interoperability between different payment rails and different products.Furthermore,the two-tier model has the potential to exacerbate threats to financial st

218、ability because funds can flow unimpeded between different types of licensed service providers,notably between banks and non-banks.In the short term,and depending on whether a CBDC would carry interest,it is unlikely that CBDC will lead to a disintermediation of banks,as users receive interest on th

219、eir term deposits and benefit from the information banks accumulate from processing payments.In the medium to long term,however,it is possible and likely that users will prefer holding larger amounts of CBDC,although it is not clear that users would prefer custody outside of banks.Whether this incre

220、ase in CBDC is at the expense of deposits is less clear.If CBDC can be seamlessly exchanged for deposits,customers might prefer holding deposits and instead reduce their holdings of banknotes,which could even lead to an increase in bank balance sheet size.63CBDCs can improve the efficiency,speed and

221、 reliability of payment systems by employing new technologies,such as DLT or blockchain.By providing a secure and direct central bank-backed means of payment,CBDCs can reduce counterparty and settlement risks,enhancing the overall stability of the payment system.The risk of a seamless exchange of de

222、posits and CBDC,though,is that during periods of distress,depositors might exchange large amounts of deposits for CBDC,exacerbating banks funding needs.A possible remedy would be to introduce limits on CBDC transactions,as many countries are already discussing.CBDCs could affect liquidity conditions

223、 in the financial system.If CBDCs become widely Having many institutions involved in the distribution of CBDC puts further emphasis on the need to ensure interoperability between different payment rails and different products.Central Bank Digital Currency Global Interoperability Principles23adopted,

224、the central bank would have more direct control over the money supply and the ability to influence interest rates.However,changes in the demand for CBDCs could also impact the availability of liquidity in commercial banks and the transmission of monetary policy,requiring careful management by the ce

225、ntral bank to maintain financial stability.64While there hasnt been a major cybersecurity incident with far-reaching consequences for financial stability yet,cybersecurity risks naturally increase with an increased reliance on digital payments.The implementation of a CBDC introduces new cybersecurit

226、y and operational risks.As a digital currency,a CBDC could be vulnerable to cyberattacks,fraud or operational glitches that may disrupt the functioning of the financial system.Establishing robust security measures and resilience protocols is crucial to mitigate these risks and maintain financial sta

227、bility.Introducing a highly interoperable CBDC would,in the medium to long term,likely create additional competition for banks and potentially erode banks profitability.This could lead to further financial stability risks.The introduction of a CBDC could lead to shifts in the allocation of funds fro

228、m commercial bank deposits to CBDC holdings.If a significant portion of deposits were to move into CBDCs,commercial banks might face reduced funding,potentially affecting their ability to lend and perform traditional banking functions.This could have implications for financial stability,especially i

229、f not managed carefully.CBDCs can affect the overall systemic risk and interconnectedness of the financial system.The integration of CBDCs with existing financial infrastructure,such as payment systems and settlement networks,requires careful consideration to ensure that potential risks,including th

230、e concentration of systemically important CBDC nodes or vulnerabilities in interconnected networks,are properly managed.3.3 Geopolitical risk3.4 De-dollarizationThe digitization of sovereign currencies and the availability of digital payment systems have implications for international relations and

231、sanctions.CBDCs have the potential to introduce new payment channels that may challenge the current effectiveness of sanctions and,in turn,increase geopolitical risk.CBDCs can offer an alternative payment system that is less dependent on existing international payment networks dominated by foreign c

232、urrencies.This reduced reliance on foreign payment systems could potentially mitigate the geopolitical risks associated with disruptions,sanctions or political tensions involving those systems,so countries may find CBDCs as a means to enhance their financial resilience and reduce their vulnerability

233、 to external pressures.The adoption of CBDCs may influence countries choices regarding financial alliances and partnerships.Countries seeking to reduce their exposure to geopolitical risks may seek closer relationships with countries or regions that share similar goals and interests in CBDC adoption

234、.These shifts in alliances and partnerships can reshape geopolitical dynamics and power structures,potentially leading to realignments in global economic and financial systems.The dollar remains the dominant currency in the international system,but there are recent trends towards de-dollarization.If

235、 a CBDC is widely adopted and provides a convenient and efficient medium of exchange,it could potentially reduce the reliance on foreign currencies,including the US dollar.Individuals and businesses may prefer to use their CBDC for domestic transactions,reducing the need for holding and transacting

236、in foreign currencies.If a CBDC gains international acceptance and trust,it could potentially be used as a reserve currency by other countries,leading to a diversification of global currency reserves away from traditional reserve currencies like the US dollar.This could contribute to de-dollarizatio

237、n efforts by reducing the dominance of the US dollar in global trade and finance.CBDCs could impact the landscape of international payment settlement systems.If CBDCs are interoperable across borders,they could facilitate faster,more efficient and lower-cost cross-border transactions.This could redu

238、ce the need for intermediaries and traditional settlement systems denominated in foreign currencies,potentially diminishing the role of the US dollar in international payment settlements.As a digital currency,a CBDC could be vulnerable to cyberattacks,fraud or operational glitches that may disrupt t

239、he functioning of the financial system.Central Bank Digital Currency Global Interoperability Principles24The dollar remains the dominant currency in the international system(%)FIGURE 8010%20%30%40%50%60%70%Share of foreign currency debt issuance*Foreign exchange reserves*Share of OTC foreign exchang

240、e transactions*Global payments currency*US dollarEuroRenminbiYen3.5 Infrastructure cost considerationsCountries around the world are pursuing CBDC research and development with the intention to reap the benefits of CBDCs,especially time and cost reductions of payments.As already seen in the R&D stag

241、es,there are high costs associated with researching and piloting this innovation.Should countries choose to move forward with implementing a CBDC,there will be high costs associated with executing and maintaining this system.Depending on its design,a CBDC would most likely entail considerable fixed

242、costs associated with the construction of an adequate infrastructure.In addition,there are costs associated with identifying talented labour,software,cybersecurity and support costs associated with the operation of a CBDC.Staff will need to be trained and then paid to operate the system.Licences and

243、 service fees will be paid to external providers.Finally,a substantial public education and support programme will be necessary for the successful launching and operation of the digital currency as well as a marketing effort that will be used to encourage adoption.65 The cost of CBDC comprises the c

244、osts to businesses accepting CBDC,any potential fees charged to consumers and the costs paid by payment service providers to the central bank for using the CBDC infrastructure.If a CBDC is issued in a jurisdiction,there will need to be deliberation of how these costs will be covered,whether it is th

245、rough intermediaries or not,and in the case of cross-border payments this will need to also be considered internationally.*Data for 2021*Data for Q2 2022*Data for April 2022*Data for April 2023 Source:Deutsche Bank;Board of Governors of the Federal Reserve System;SWIFT;International Monetary Fund(IM

246、F);BIS Central Bank Digital Currency Global Interoperability Principles25Key motivations for interoperability principles4It is vital to use interoperability principles as a roadmap for creating efficient,frictionless payment systems.The BIS published a set of foundational principles and core feature

247、s for CBDCs.This report advanced the foundational international work by outlining common principles,key features and supporting infrastructure that is needed in order to contribute to central bank public policy objectives.66 In addition,for retail CBDCs specifically,the G7 issued principles intended

248、 to guide and inform the exploration and potential development of national retail CBDCs with respect to these wider public policy considerations.67 In both of these documents,there was an emphasis on ensuring interoperability.68 Building off the existing foundation and in alignment with addressing c

249、hallenges identified by the G20 for cross-border payments,these principles dive deeply into the elements of interoperability and are intended to provide a baseline for considering interoperability in any current or future CBDC design.Although the decision to issue a CBDC and the final design choices

250、 are a sovereign concern,and there will be distinctions between CBDCs in each jurisdiction,there are several areas of alignment,as evidenced in the analysis above.With this in mind,the principles outlined below can serve as a baseline roadmap for building interoperable CBDCs.In order for CBDCs to be

251、 interoperable,it is key to consider these aspects at the early design stages and ensure that they are reflected throughout.With interoperability included from all angles,this will form a stronger future financial system by minimizing friction and enabling more efficient payment systems.CBDCs could

252、also aide in upgrading and connecting payment systems both domestically and across borders,with all the benefits of having interoperable systems.UNSGSA Queen Mxima,IMF World Bank Annual Meetings Seminar on CBDCs and Financial InclusionCentral Bank Digital Currency Global Interoperability Principles2

253、6The internet as we know it today was developed over a thirty-year period between 1969 and 1999.Its original architects,largely a group of academics and engineers,supported with funding from the US Defense Advanced Research Projects Agency,faced several challenges that also arise in the context of C

254、BDCs.First,already in the internets nascent phase,implementations of local networks,often small and disconnected,started to pop up on university campuses and larger corporations.Second,the technology used varied widely between these nascent implementations,making it impossible for information to tra

255、verse the various networks,even if these were connected to one another.Third,competing commercial interests between internet service providers added governance challenges to the ensuing technological challenges.Two components are instrumental in ensuring the extraordinary degree of interconnectivity

256、 and the lasting success of the internet:packet switching and common messaging standards.Packet switching is a method of information transmission that separates the content and header of a message.The header contains information that the network infrastructure uses to decide what to do with the mess

257、age.This design makes it possible to provide fault-tolerant redundant routing of messages from the source to the destination and is at the heart of the internets resilience.Common messaging standards were developed in the form of the TCP/IP protocol,first published in 1974 by Vint Cerf and Bob Kahn.

258、This suite of protocols,ensures that two different computers connected to the internet have a way of finding one another and exchanging application-level information.Without the TCP/IP protocol,it would be impossible to develop applications that run on different kinds of computers because no two com

259、puters would be able to communicate.Taken together,packet switching and common messaging standards also underpin a fundamental dogma of the early internet pioneers:that all messages should be treated equally by the infrastructure-in other words,the internet is neutral.These two principles also preve

260、nt monopolization of the internet,which was a key concern during a time most long-distance phone lines were owned by a single provider,AT&T.The two principles at the heart of the intemets technological and commercial success can readily be translated to central bank digital currencies.To implement“t

261、oken switching”as an equivalent of packet switching,policy-makers need to ensure that CBDCs are issued on technology that guarantees funds are processed domestically and cross-border irrespective of the content of the transaction.All transactions must be routed to their destination within a network,

262、or across different networks by the network infrastructure simply by trying to find the most efficient path to the destination.Furthermore,it is crucial to develop a“value protocol”as an equivalent of the internet protocol.This value protocol needs to set common standards for the processing of trans

263、actions across a broad range of technology and governance choices.The new ISO 20022 standard is quickly becoming a contender to be the value protocol of future payment systems.Today,a fragmentation of the payment landscape into CBDCs,stablecoins and private crypto assets is already observed.Interope

264、rability via token switching and common messaging standards defined in the value protocol could ensure“money neutrality”and prevent further drifting into a world of walled gardens,i.e.isolated and enclosed ecosystems based on a specific stablecoin or CBDC which limit competition,disempower users and

265、 further monopolization and centralization.CASE STUDY 3Interoperability of the internetCentral Bank Digital Currency Global Interoperability Principles27Principles for CBDC interoperabilityCBDC interoperability encompasses standardization,robust scalability,resilience,collaboration and inclusivity a

266、cross borders.5CBDC interoperability refers to the ability of different CBDC systems to seamlessly interact and transact with one another.While there is no universally agreed-upon framework for CBDC interoperability,several foundational principles can guide its development.These principles include b

267、oth ones that are widely applicable to interoperability and also specific principles for interoperable governance,legal and regulatory regimes,identification and authentication arrangements,various payment systems,and technical solutions.As a next step,these principles can provide a foundation for t

268、he creation of an agreed-upon set of CBDC interoperability standards.There are several standard-setting initiatives underway including the Digital Currency Global Initiative(DCGI),hosted by the International Telecommunication Union(ITU)to study the requirements for technical standards for central ba

269、nk digital currency and stablecoins.There are three working groups on policy and governance,architecture,interoperability and use-cases,and security.This initiative,alongside others,should ensure a multistakeholder approach to confirm agreement and identify the organization that will have oversight

270、and enforcement of these standards.Generally applicable principles TABLE 9PrincipleDescriptionStandardizationEstablishing common standards across CBDC systems can facilitate interoperability.Adopting international standards can enhance compatibility and ease of integration.Openness and inclusivityIn

271、teroperability should promote inclusivity by enabling open participation from various stakeholders.ScalabilityCBDC interoperability should be designed to handle a large number of transactions and support future growth.The underlying infrastructure and protocols should be scalable and accommodate inc

272、reased demand without compromising efficiency or security.Resilience and business continuityInteroperability systems should be resilient to disruptions and capable of maintaining operations.DLT could be a method used to enhance system reliability and minimize single points of failure.Stakeholder col

273、laborationCollaboration between central banks,regulatory bodies,financial institutions,technology providers and industry stakeholders is essential for creating an interoperable CBDC ecosystem.Engaging in partnerships,standardization efforts and pilot projects can facilitate the development of intero

274、perability frameworks and drive innovation in cross-system transactions.Cross-border integrationCBDC interoperability should address cross-border transactions,facilitating seamless transfers and exchanges between different CBDCs.Interoperability frameworks should consider foreign exchange regulation

275、s,settlement procedures and mechanisms to enable efficient cross-border transactions while maintaining compliance.Central Bank Digital Currency Global Interoperability Principles285.2 Legal and regulatoryConsistency with national laws:Payment interoperability should be included as a policy goal or m

276、andate.CBDC legal and regulatory frameworks should conform with the existing laws and regulations of the issuing country.Interoperability frameworks:Standards and protocols should be developed to enable interoperability between different CBDC systems facilitating efficient and secure transactions.Co

277、mmon technical standards and protocols can help streamline integration and interoperability.International standards and best practices:CBDC frameworks should be developed in accordance with internationally recognized standards and best practices,such as those set by international organizations like

278、the Financial Stability Board(FSB),International Monetary Fund(IMF),and Basel Committee on Banking Supervision(BCBS).Adhering to these standards helps ensure interoperability and facilitates cooperation among jurisdictions.Regulatory cooperation and information sharing:Collaboration and information

279、exchange between central banks,financial regulators and other relevant authorities should be encouraged to facilitate effective supervision and oversight of CBDCs that have international dimensions.This cooperation helps in addressing potential risks,ensuring compliance and promoting consistency acr

280、oss jurisdictions.Consumer protection:Legal and regulatory frameworks should include provisions to safeguard the interests of CBDC users,ensuring transparency,fairness and protection against fraud or abuse.Clear guidelines on dispute resolution,liability and consumer rights should be established.Pri

281、vacy and data protection:Interoperability principles should prioritize the protection of user privacy and personal data.CBDC systems should adhere to relevant data protection laws and regulations,ensuring that user information is managed safely and securely,shared only with authorized parties and no

282、t used for purposes other than those explicitly consented to by the users.It is important to establish means for enabling the capacity of the right to be forgotten with accepted policies and regulations.5.3 Identification and authenticationUniversal means for identification:CBDC systems should suppo

283、rt a universal and standardized identification framework that allows individuals and entities to establish their identities across different CBDC systems.This can involve the use of unique identifiers or digital identities that can be recognized and accepted by multiple CBDC platforms.Strong authent

284、ication:CBDC systems should employ robust authentication mechanisms to ensure the secure access and use of digital currencies.This may include multi-factor authentication,biometric verification or other advanced authentication methods to prevent unauthorized access and fraud.Standards and protocols

285、should be developed to enable interoperability between different CBDC systems facilitating efficient and secure transactions.5.1 GovernanceTransparency and accountability:CBDC governance should be transparent,with clear policies,rules and procedures that are publicly accessible.The decision-making p

286、rocess should involve accountability mechanisms to ensure responsible and efficient management of the CBDC across stakeholders.For each jurisdiction,it should be clear who has access to CBDC and how CBDC can be used(retail,wholesale,digital settlement instrument),as well as whether there is a centra

287、lized or decentralized ledger.Oversight authorities:Each jurisdiction may choose a different authority for oversight of the CBDC system.It should be clear which authority will serve this role in a sovereign capacity,and there should be an aim to agree upon a governance body to have oversight over th

288、e cross-border elements that can ensure interoperability.User accessibility and inclusion:CBDCs should be designed to be inclusive and accessible to all members of society,regardless of their socioeconomic background or technological literacy.Efforts should be made to ensure that marginalized popula

289、tions and underserved areas have equal access to CBDC services.The system design should clearly define the entry processes for banked,underbanked and unbanked users.Inter-jurisdictional cooperation:International cooperation and coordination are essential for the successful implementation of CBDCs ac

290、ross borders.For cross-border payments,central banks should work together to establish common standards,protocols and frameworks to facilitate cross-border interoperability.Central Bank Digital Currency Global Interoperability Principles295.4 PaymentsIntegration with existing payment systems:CBDC sh

291、ould be designed to integrate with commercial banks,non-bank payment service providers and other digital payment platforms.This integration ensures that CBDC can operate with traditional payment solutions and enables easy transferability between CBDC and existing payment instruments.Compatibility wi

292、th digital wallets and mobile applications:CBDC should be compatible with a range of digital wallets and mobile applications,allowing users to store,transfer and transact with CBDC.Interoperability principles should ensure compatibility across various operating systems and devices to promote widespr

293、ead user adoption and use.Compatibility with other CBDCs:There are several types of CBDC use cases emerging from pilots and projects.For example,CBDC can take the form of digital cash,purpose-bound money,digital settlement asset or as a monetary“anchor”for tokenized private money.Compatibility with

294、other payment choices:Other forms of digital payments,such as cryptocurrencies,stablecoins,bank coins,tokenized assets,need to be considered and be able to interoperate with CBDC.Automation of payments:CBDC interoperability should focus on the automation of integrations prioritizing system-wide proc

295、essing of incoming and outgoing messages,thus dramatically reducing or eliminating the need for pre-or post-processing being done outside the CBDC system itself.Central Bank Digital Currency Global Interoperability Principles305.5 TechnicalTechnology agnostic:CBDC solutions should be built to intero

296、perate with DLT and non-DLT-based solutions and be interoperable across chains,including private,permissioned or public blockchains.In a CBDC system with intermediaries,the design will need to support payment portability to avoid users being locked into a single intermediary.Messaging standardizatio

297、n:Establishing common technical standards is important for interoperability.This includes defining uniform data formats,communication protocols,messaging standards,encryption mechanisms and transactional interfaces.Common standards,like ISO 20022 and common blockchain standards,can be used to ensure

298、 seamless integration with different payment systems.Connectivity:CBDC systems should be designed with secure connections,which requires defining compatible network protocols,secure communication channels and reliable data exchange mechanisms.Inter-ledger compatibility:CBDC systems should be compati

299、ble with existing payment infrastructures,including traditional payment systems and other DLT based systems.Inter-ledger compatibility enables interoperability between CBDCs based on different blockchains(or non-DLT based).Open-source code bases can be considered to promote compatibility.Interoperab

300、le APIs:CBDC systems should provide well-defined and standardized APIs that allow easy integration with legacy payment systems and other financial infrastructure.These APIs should support transaction processing,settlement,identity verification and data exchange,enabling seamless integration.Bridging

301、 mechanisms:To achieve interoperability with cryptocurrencies and stablecoins,CBDC should incorporate bridging mechanisms that enable the transfer of value between different blockchain networks.These bridging mechanisms could use technologies like atomic swaps,interoperability protocols or interoper

302、ability-focused blockchains to facilitate the exchange of assets between CBDC and other digital currencies.Bridging should be compatible,standardized and part of interoperability APIs.Security and privacy:Robust security measures should be implemented to protect the integrity of CBDC systems and ens

303、ure user privacy.This involves employing strong encryption algorithms,secure key management practices,authentication mechanisms and privacy-enhancing technologies like zero-knowledge proofs,etc.Verification of data should be possible without revealing the actual contents of the data to the verifier.

304、Secure and trusted oracles:Oracles play a crucial role in interoperability between CBDC and external systems,providing trusted real-time data on asset prices,exchange rates and transaction details.CBDC systems should incorporate robust and secure oracle mechanisms that ensure the accuracy,reliabilit

305、y and integrity of the information obtained from external systems.Testing and certification:CBDC systems should undergo rigorous testing and certification processes to validate their interoperability and security.Independent audits and assessments can help identify potential vulnerabilities and ensu

306、re compliance with technical standards.Stability and upgradeability:CBDC interoperability should be stable and behave deterministically.Upgradeability for the system should be designed as a proper protocol in order to effectively exchange upgrade details in advance,allow institutions to prepare for

307、the upgrade and eliminate any downtime.Robust security measures should be implemented to protect the integrity of CBDC systems and ensure user privacy.Central Bank Digital Currency Global Interoperability Principles31RecommendationsPublic-private collaboration,international cooperation and regulator

308、y consistency are crucial for CBDC interoperability.66.1 For central banks6.2 For policy-makers6.3 For the private sectorPublic-private collaboration:Foster partnerships between central banks and the private sector to leverage existing payment infrastructures and technologies.Collaborations with est

309、ablished financial institutions,payment service providers and fintech companies can help accelerate the development of interoperable CBDC solutions.Thought leadership and advocacy:Act as thought leaders and advocates for CBDC interoperability.Engage in industry forums,conferences and policy discussi

310、ons to share expertise,promote best practices and advocate for the importance of interoperability in advancing digital currencies.Education and awareness:Educate stakeholders,including policy-makers,financial institutions and the public,about the benefits of CBDC interoperability.Increased awareness

311、 can garner support,encourage adoption and address concerns related to privacy,security and financial inclusion.Regulatory consistency:Promote regulatory consistency and clarity across jurisdictions to minimize legal and compliance barriers to CBDC interoperability.Policy-makers should work together

312、 to create an enabling environment that supports cross-border transactions and ensures compliance with relevant AML and know your customer(KYC)requirements.Participate in international forums:Policy-makers should actively participate in international forums to contribute to the development of global

313、 standards and policies related to CBDC interoperability.Collaboration and knowledge sharing at these platforms can help shape the interoperability landscape.Foster innovation and research:Policy-makers should actively foster innovation and research in the field of CBDC interoperability.This can inv

314、olve supporting research initiatives to explore emerging technologies that can enhance interoperability.Regulatory sandboxes and innovation hubs:Engage in regulatory sandboxes or innovation hubs that allow for experimentation with CBDC interoperability solutions.This promotes public-private collabor

315、ation and knowledge sharing opportunities between the public and private sector.Interoperability testing and pilots:Conduct interoperability testing and pilots with central banks and financial institutions to identify and address technical challenges and operational considerations.This iterative app

316、roach allows for the refinement of CBDC interoperability frameworks and ensures robustness before full-scale implementation.Participation in standards development:Actively participate in the development of CBDC interoperability standards.Engage with standard-setting bodies,industry associations and

317、working groups to contribute to the establishment of consistent technical standards and protocols that promote interoperability.Central Bank Digital Currency Global Interoperability Principles326.4 Financial market infrastructureInteroperable clearing and settlement systems:Develop or enhance cleari

318、ng and settlement systems that support interoperability between different CBDCs.Design infrastructure that enables seamless transfer and settlement of CBDC transactions across multiple platforms,including efficient cross-border transactions.Standardization of messaging formats:Adopt standardized mes

319、saging formats and protocols that facilitate the exchange of information and value between different CBDC systems.Collaborate with central banks,industry consortia and standard-setting bodies to establish common data formats,messaging standards and interoperability frameworks.Share insights:Financia

320、l market infrastructure players have been operating in the payments interoperability space and have deep knowledge and lessons learned from their work.These lessons can be implemented and drive interoperable CBDC systems.Central Bank Digital Currency Global Interoperability Principles33ConclusionThe

321、 decision-making process for issuing a CBDC varies among central banks,reflecting their distinct priorities and circumstances.Nevertheless,despite these differences,there are areas of alignment across jurisdictions that lay the groundwork for both domestic and cross-border interoperability.It is cru

322、cial for central banks to prioritize interoperability considerations early in the design process by adhering to a set of guiding principles.To facilitate global coordination and ensure harmonious implementation of CBDCs,the development of a comprehensive set of principles and standards becomes imper

323、ative.Drawing upon previous research and collaborative efforts,this set of principles can serve as a robust foundation,guiding central banks to proactively consider interoperability from the outset of their CBDC initiatives.By adopting these principles,central banks can work towards creating a cohes

324、ive and interconnected CBDC ecosystem.Looking ahead,the next crucial steps involve continuing the dialogue among central banks,policy-makers and stakeholders to further refine and establish a universally applicable set of standards.This process should be undertaken in an interdisciplinary manner,tak

325、ing into account various perspectives and expertise.Additionally,it is essential to reach a consensus on the entity responsible for overseeing and enforcing these standards,ensuring their effective implementation and adherence across jurisdictions.By fostering ongoing public-private collaboration,sh

326、aring knowledge and establishing a coherent framework of principles and standards,central banks can promote interoperability and mitigate potential challenges in the development and implementation of CBDCs.Ultimately,a globally coordinated approach will facilitate seamless domestic and cross-border

327、transactions,enhance financial inclusivity and contribute to the advancement of the digital economy.Central Bank Digital Currency Global Interoperability Principles34ContributorsAcknowledgementsLead author Sandra WaliczekCentre Curator,Blockchain and Digital Assets,World Economic ForumWorld Economic

328、 ForumMatthew BlakeHead,Centre for Financial and Monetary SystemsClaire BuonocorePlatform Coordinator,Blockchain and Digital AssetsShawn DejLead,Blockchain and Digital AssetsArushi GoelSpecialist,Data Policy and Blockchain,Centre for the Fourth Industrial RevolutionDrew PropsonHead,Technology and In

329、novation in Financial ServicesDigital Currency Governance ConsortiumWorking groupMarcos Allende Chief Technology Officer,LACChain Global Alliance,Inter-American Development BankMansour Alsaleh Head,Innovation Hub,Saudi Central BankHerv Franois Partner,Investcorp Blockchain FundCo-Pierre Georg South

330、African Reserve Bank Research Chair,Financial Stability and Innovation,University of Cape TownMaria Guseva Tech Innovation Strategy Director,Global Digital Financial Markets,AccentureJohn Ho Head,Legal,Financial Markets,Standard Chartered BankMarion Laboure Director,Macro Strategist,Thematic Researc

331、h,Deutsche BankBob Trojan Chief Executive Officer,Token InsightsJoy Wann Director,Regulatory Affairs Advocacy,MastercardCBDC Regional Roundtable expertsYasmeen Al Sharaf Director,Fintech&Innovation Unit,Central Bank of BahrainHolti Banka Senior Financial Sector Specialist,Payment Systems Development

332、 Group,World BankDaniela Barbosa General Manager,Blockchain and Identity;Hyperledger Foundation Executive Director,The Linux FoundationEzechiel Copic Director,Digital Asset Policy,VisaMarianne Demarchi Chief Executive,Europe,SwiftZiyang Fan Head,International Government Relations Policy,PayPalJon Fr

333、ost Head,Economics for the Americas,Bank for International SettlementsHabtamu Fuje Economist,AFR Regional Studies Division,International Monetary FundSanjam Garg Associate Professor of Computer Science Division,University of California,BerkeleyCentral Bank Digital Currency Global Interoperability Principles35Jonas Gross Chairman,Digital Euro AssociationScott Hendry Research Director,Bank of Canada