1、Central bank digital currencies A collaboration between OMFIF and IBM Blockchain World Wire ibm cover alternatives.indd 121/09/2018 17:49 About IBM Blockchain IBM Blockchain is recognised as the leading enterprise blockchain provider; working with hundreds of clients across financial services, suppl

2、y chain, government, retail, media and healthcare to implement blockchain applications, and operate a number of networks running live and in production. The companys research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptograp

3、hy to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses. Visit to learn more about our capabilities in the Financial Services industry. About OMFIF The Official Monetary and Financial Institutions Forum is an independent think tank f

4、or central banking, economic policy and public investment a non- lobbying network for best practice in worldwide public-private sector exchanges. At its heart are Global Public Investors central banks, sovereign funds and public pension funds with investable assets of $36tn, equivalent to 45% of wor

5、ld GDP. With offices in both London and Singapore, OMFIF focuses on global policy and investment themes particularly in asset management, capital markets and financial supervision/regulation relating to central banks, sovereign funds, pension funds, regulators and treasuries. OMFIF promotes higher s

6、tandards, performance-enhancing exchanges between public and private sectors and a better understanding of the world economy, in an atmosphere of mutual trust. Additional information is available on www.omfif.org, or follow us on Twitter OMFIF This report, finalised on 21 September 2018, is intended

7、 not solely for specialists in digital currencies and payment systems, but for a more general readership interested in financial and regulatory development. See p.37 for note on frequently used acronyms. 0 OMFIF IBM 2018_Front section.indd 202/10/2018 13:58:06 2018CENTRAL BANK DIGITAL CURRENCIES | 3

8、 Contents 04 06 14 22 36 05 08 20 24 39 Forewords Jesse Lund (IBM) and Philip Middleton (OMFIF) Introduction Executive summary Section 1 Defi ning wholesale CBDCs Section 2 Technology considerations Section 3 Practicalities Section 4 Policy implications Section 5 Case studies Conclusion Acknowledgme

9、nts Central bank digital currencies 0 OMFIF IBM 2018_Front section.indd 302/10/2018 13:58:09 4 | CENTRAL BANK DIGITAL CURRENCIES omfif.org Forewords Building on the bitcoin foundation Central banks move to the fore BITCOIN introduced blockchain and distributed ledger technology to financial services

10、, and in the process did a wonderful and terrible thing. On the one hand, it demonstrated that information technology and social readiness for autonomous payment systems have matured to a tipping point. On the other, the social movement behind bitcoin has perpetuated a mistaken idea that banks are n

11、o longer necessary actors for secure global money transfer. Similarly, central banks play an essential role in managing monetary policy, which should not be displaced by distributed autonomous organisations. Building on the foundation laid by bitcoin, IBM believes central bank digital currencies wil

12、l offer new efficiencies and inspiration for future payment innovations. Beginning with wholesale CBDCs that optimise interbank settlement, as well as settlement between central banks, IBM has already deployed pilot networks with marked success. The observed benefits are compelling: improved trust b

13、etween counterparties, increased regulatory transparency, tax collection benefits, reduced fees and financial statement risk. There are still many details to sort out, but cryptocurrencies are here to stay, and so we endeavour to apply the same benefits to fiat currency issuance without sacrificing

14、traditional monetary policy, enhanced due diligence, and other compliance controls. THE HIGH TIDE of speculative mania surrounding blockchain-based cryptocurrencies may now have receded somewhat, although new units seem to be issued daily, with so-called stable coins being the latest addition. Some

15、may have enduring value as investment assets, although guessing which these will be is tricky. Similarly, initial coin offerings continue to proliferate despite indications that few will ever profit from them. It appears, for now, highly improbable that any privately-created electronic currency will

16、 displace fiat money as a widespread means of payment and exchange. Despite or perhaps because of dispelling this threat to their authority, many of the worlds leading central banks have devoted considerable effort to examining the viability of introducing digital fiat currency as a complement or in

17、deed a replacement for physical cash. Most have concluded that, although such an introduction could deliver benefits in both payments system efficiency and the exercise of monetary policy, now is not the time, for a variety of practical and policy reasons, to proceed with a retail central bank digit

18、al currency. However, in the wholesale domain, the prospects for digital payment or electronic token exchange appear capable of delivering significant benefits while avoiding most of the difficulties inherent in retail CBDCs. OMFIF is delighted to work with IBM in examining the challenges, opportuni

19、ties and possible routes forward. Jesse Lund Vice-President of IBM Blockchain Philip Middleton Deputy Chairman of OMFIF Many central banks have devoted considerable effort to examining the viability of introducing digital fiat currency as a complement to physical cash. The social movement behind bit

20、coin has perpetuated a mistaken idea that banks are no longer necessary actors for secure global money transfer. 0 OMFIF IBM 2018_Front section.indd 402/10/2018 13:58:11 2018CENTRAL BANK DIGITAL CURRENCIES | 5 The promise and peril of digital currencies Introduction T HE issue of central bank digita

21、l currencies has come to the fore over the last two years. Although a relatively new popular phenomenon, digital currencies have existed for decades. Virtual in-game currencies are commonplace, as are the use of fiat currencies to purchase them and secondary markets where people trade in-game items

22、for fiat currencies. Businesses and merchants began to offer redeemable virtual currencies in the 1980s. Customers used these for purchases and transfers to other consumers, or stored them as credits. In 1989, David Chaum created DigiCash the worlds first digital currency that was anonymous and coul

23、d prevent double spending. In 1994, the company put forward the first electronic cash transaction over the internet. Although DigiCash went bust, numerous digital cash and web-based money companies have arisen since then. This sets a precedent for the growth of cryptocurrencies. Most digital currenc

24、y companies failed because they relied on a centralised third party to handle transactions. In 2008, Satoshi Nakamotos white paper first presented the concept of Bitcoin, private cryptocurrencies and the underlying distributed ledger technology. Bitcoin was intended to facilitate the instant and ano

25、nymous transfer of wealth, through a decentralised means, operating peer-to-peer. But the currency suffered from significant price volatility as it garnered popularity. Bitcoin is not a universally accepted means of payment, and so remains unqualified as a medium of exchange. The usability of a cryp

26、tocurrency diminishes as it becomes a speculative vehicle with volatile purchasing power. CBDCs denominated in an established currency could resolve this problem. Discussions on CBDCs give central banks the opportunity to examine the potential design of their future infrastructure. It is not necessa

27、ry for central banks to rush to issue digital currencies to compete with cryptocurrencies. Rather, central banks, responsible for maintaining the stability of payments and settlements, must understand the possible impact of these technologies on their overall operations. The marginal cost for centra

28、l banks to issue such liabilities is low, since they can use the markets underlying trust in them. And it may not be necessary to apply blockchain to these currencies, since central banks as ledger keepers are considered sufficiently trustworthy already. Central banks initially questioned the motiva

29、tion behind and possibility of issuing CBDCs, and there was little distinction between retail and wholesale variants. A retail CBDC would provide all individuals with access to a digital version of central bank fiat money, while wholesale CBDCs are limited to financial institutions for interbank set

30、tlements. There are several policy concerns, mainly with regard to financial stability and the implications of widening access to central bank accounts. No major central bank intends to implement a retail CBDC in the near term. However, the debate about wholesale CBDCs has moved on from questions of

31、 feasibility to practical considerations. This report focuses on the aspects considered during the development of wholesale CBDCs, which are certain to be implemented in the future. The report therefore concentrates on the development of wholesale CBDCs the specific variant of digital currencies tha

32、t will be of most relevance for the central banking and regulatory community and all those who follow and do business with central banks worldwide. 0 OMFIF IBM 2018_Front section.indd 502/10/2018 13:58:11 6 | CENTRAL BANK DIGITAL CURRENCIES omfif.org THIS REPORT explains the purpose of wholesale cen

33、tral bank digital currencies, as well as the motivations and business case for central banks to adopt wholesale CBDCs. It also outlines key characteristics of such a system, including: who the developer and issuer should be; the technology options and requirements for a successful payments system; t

34、he practicality and regulatory challenges; and the possible risks and policy implications. The report findings were informed by 21 central banks, which participated in OMFIFs survey between July- September 2018. Respondents came from institutions that are researching and trialling wholesale CBDCs (3

35、8%) as well as those that are not currently active in this field (62%). The report provides a holistic view of approaches to setting up a wholesale CBDC and offers guidance for institutions on how to tackle the many challenges in store. Section 1 Defining CBDCs A WHOLESALE central bank digital curre

36、ncy may lead to significant improvements in efficiency, speed and resilience, as well as lower the cost and complexity associated with existing payments systems. The current system is susceptible to technical faults and errors. The layering of different technologies on top of the real- time gross se

37、ttlement system adds to this complexity. A system based on distributed ledger technology can reduce the number of steps in the process. Most survey respondents believe a wholesale CBDC should be issued by the central bank. This removes credit risk and ensures stability of the tokens value. Liquidity

38、 risk is removed as the central bank can issue more tokens. Of respondents, 39% believe a wholesale CBDC should be designed in partnership with the private sector. They argue it is necessary to engage stakeholders from the start, rather than impose new technology on participants. A wholesale CBDC to

39、ken can be part of an atomic transaction, which involves multiple simultaneous changes to the ledger across multiple assets. This enables the full and final settlement of money coupled with the movement of, or change to, the asset. This increases the utility of the payments system. Central banks wil

40、l increasingly prioritise system resilience, say 69% of respondents. Independently validating multiple-node consensus mechanisms, which are a feature of decentralised interbank payment systems, will prevent contagion spreading from a hack of a single central point. If a single node in a wholesale CB

41、DC system is brought offline, the system can continue to function. A decentralised system does not need the central operator to be online. If the participants are online, they can continue to send tokens peer-to-peer and settle central bank money in real time. Central banks concluded that blockchain

42、 systems must improve before they can overcome issues of scalability and speed. Section 2 Technology considerations A WHOLESALE CBDC would have to preserve the existing capabilities of RTGS systems without significant degradation. The system must also preserve confidentiality of payment transactions

43、, the ability to pay interest, monitor compliance against regulatory reserve requirements, change the composition of participants and run liquidity savings mechanisms. Improving access to central bank settlement ledgers will involve multiple policy changes, including extension of operating hours, op

44、ening membership to new member types, better compliance standards for system interfaces, supporting multicurrency and non-cash asset settlement through external system links. The traditional design of payment message flows, which requires the central banks authorisation or signature, can be incorpor

45、ated into DLT platforms such as Hyperledger Foundations Fabric or Corda. Such message designs endorse correctness of transactions. An alternative design can remove the central bank as the authoriser, but still allows it to receive transaction information for real-time audit purposes. Transaction pri

46、vacy can be achieved through a multiple channel approach and the use of private data collection systems. Liquidity saving can be achieved through use of smart contracts and netting algorithms. Central banks experiments with wholesale CBDC DLT systems have produced mixed results, due to differing obj

47、ectives and the tendency of researchers to focus on novel avenues instead of building fully-realised RTGS replacement systems. The challenge that remains for the main vendors of wholesale CBDC systems is to construct a convincing RTGS replacement that can be properly benchmarked against existing sys

48、tems and meet the high standards for security, robustness, efficiency and speed. Executive summary 0 OMFIF IBM 2018_Front section.indd 602/10/2018 13:58:11 2018CENTRAL BANK DIGITAL CURRENCIES | 7 Section 3 Practicalities CENTRAL BANKS addressed critical design and technological questions, including

49、who will have management responsibility, what a possible design of a wholesale CBDC would look like, and how new systems will interoperate with legacy ones. Survey respondents agreed that central banks should oversee the implementation of CBDCs, but were divided on the issue of storage. Almost half of respondents claimed servers should be stored with individual participants, while the remainder insisted they should be stored with central banks. Central banks surveyed almost unanimously stated that