各國央行數字貨幣的技術現狀

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"當前，我國的數字人民幣正在緊張測試中。工、農、中、建、交、郵儲等六大國有銀行已經開始推廣數字人民幣貨幣錢包，深圳、蘇州、北京、成都等地也以發紅包的模式開啓了數字人民幣的測試。數字人民幣的應用場景不僅涵蓋了京東、美團等線上平臺，還覆蓋了線下連鎖餐飲、購物、物流等。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在當前形勢下，越來越多的央行正在探索擁有央行數字貨幣（CBDC）的可能性，數字貨幣的國際競爭也已經勢不可擋。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/99\/9902923fe610ae4fd42f3fba0b9261e9.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"各國 CBDC 開發進度，圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"各國 CBDC 項目的區別"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"爲了量化各國 CBDC 的當前進展，Inca 團隊整理出一份圖表，列出了項目的技術、立法和使用規模等重要指標。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"爲了保證不遺漏任何特定項目的實際進展，該團隊額外設置了 3 項獨立指標類別作爲冗餘。例如，雖然俄羅斯在發行數字盧布方面幾乎沒能取得任何顯著進展，但其在與委內瑞拉就石油幣項目開展合作時積累的實際經驗，足以令俄羅斯在這場 CBDC 競賽中與其他領先者並駕齊驅。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/74\/74ac11894f2cf856020f7a1a83e949b8.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"與委內瑞拉石油幣相關的各實體，圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"各國 CBDC 項目之間的根本區別，在於其選定的具體分類賬模型。一般而言，項目的總賬架構範圍極廣，從高度集中化到完全去中心化皆有可能。但需要注意的是，協議設計當中最重要的因素爲交易驗證組件。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"現在，大多數即將上線的 CBDC 項目都會選擇從零開始構建集中式分類賬。儘管多數項目需要藉助第三方方案以執行各類功能，但項目第一方總會將交易有效性的判斷權牢牢把握在手中。以此爲基礎，中央銀行能夠隨時廢除任何區塊鏈地址、停用目標地址或者撤銷先前存在的有效交易。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"但也有一些國家決定不自建分類賬，而是依靠現有分佈式分類賬及其驗證器。雖然這種方式能夠幫助發行方快速與現有加密貨幣生態系統相集成，但也顯然限制了其影響用戶行爲的能力。不過即使在這種情況下，CBDC 發行方仍然保留對於關聯智能合約的控制權，保證其能夠凍結地址並行使其他形式的資本控制措施。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"各國發布 CBDC 的目的"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"通過觀察 CBDC 的設計取捨，我們能夠更好地理解中央銀行的行動理由、及其試圖解決的獨特問題。CBDC 用例可以分爲三大主要類別：支付系統、價值存儲與跨境結算。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"大多數項目跨越多個類別，但在某些情況下，中央銀行也明確表示要避免特定 CBDC 用例引發意外後果。例如，歐盟擔心其 CBDC 成爲價值存儲載體，在金融形勢不穩定的情況下引發銀行擠兌。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"跨境結算是 CBDC 項目的初始用例之一。目前，多國政府已經意識到以美元作爲基礎貨幣引發的嚴重問題。因此，如何在不影響其他貨幣及支付系統的前提下高效結算貿易款項與貸款額度，已經成爲各大型出口經濟體與受到嚴厲制裁的發展中國家選擇開發 CBDC 的核心理由。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/bc\/bccb3562603f8a20778dd67a167b8089.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"將 CBDC 作爲跨境結算系統的國家，圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"CBDC 作爲一種支付系統，能夠幫助發行方更好地瞭解市場活動，並將其業務擴展到缺少銀行服務的地區。這類用例，解決的是美國及歐洲民衆對於當地支付服務商大量收集個人信息的強烈擔憂。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/9c\/9c7c92b3271e8d06055e41116ec52ed4.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"將 CBDC 作爲支付系統的國家。圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"CBDC 作爲價值存儲載體，有助於推行更復雜的經濟政策、輕鬆實現分配與稅收自動化。智能合約則可帶來額外的驅動力與適應性激勵措施，進一步影響資金的使用方式。這類用例還在中央銀行的管轄範圍之外創造出新的投資機會，允許外部投資者使用 BDC 作爲儲備貨幣以參與經濟規劃。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"但需要強調的是，使用 CBDC 作爲價值載體，往往要求首先建立一套能夠抵禦市場操縱與波動的健全貨幣體系。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/8d\/8d2d849506e91f0549d4dbd5c2e56a72.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"將 CBDC 作爲價值載體的國家，圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"團隊還採取了大量難以操縱的應用指標，希望藉此將 CBDC 發行方對外公示部分與實際進展情況做區分。這些代表性指標包括："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"與現有支付系統或分類賬的集成情況"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"以 CBDC 爲基礎的上層產品（錢包、支付處理終端、金融產品）"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"技術能力"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"爲相關軟件開發專家提供的職位空缺：通過前文提到的方式掌握民衆資金使用模式、具有良好信譽的相關指定實體（IT 廠商、工程師、技術中心）"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"先進應用案例（取證、監控、智能合約、衍生工具）"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"開放使用情況統計"}]}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/4e\/4ed1105c2992d23c5a4b9b223ae1826a.png","alt":null,"title":null,"style":null,"href":null,"fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"數字人民幣、數字歐元與數字盧布比較，圖片來源: NTerminal"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"需要說明的是，這份統計中也包括了部分非國家參與方，如 IT 企業、爭取獨立的非主權地區、甚至某些恐怖組織。"}]},{"type":"image","attrs":{"src":"https:\/\/static001.geekbang.org\/wechat\/images\/00\/0047322b05199914f69b68616c6ee19e.png","alt":null,"title":null,"style":[{"key":"width","value":"75%"},{"key":"bordertype","value":"none"}],"href":null,"fromPaste":true,"pastePass":true}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":"center","origin":null},"content":[{"type":"text","text":"CBDC“技術樹”"}]},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"近 80％央行缺乏法律支持"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"然而，國際貨幣基金組織（IMF）近期在其官網上發佈報告稱，全球近 80％的央行要麼根據其現行法律不被允許發行數字貨幣，要麼法律框架不明確。在 IMF 審查的 174 個成員國中，只有大約 40 個成員國被合法允許發行數字貨幣。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"數字貨幣可以有不同的形式。我們的分析集中在各中央銀行正在考慮的主要概念的法律含義。例如，它將是“基於賬戶的”或“基於令牌的”。第一種方法是將央行賬簿上當前賬戶的餘額數字化，而第二種是設計一種新的數字代幣，不與商業銀行在中央銀行持有的現有賬戶相連。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"第一種模式與中央銀行本身一樣古老，是 17 世紀早期由被認爲是現代中央銀行前身的阿姆斯特丹交易銀行發展起來的。相比之下，數字代幣的歷史很短，法律地位也不明確。有的央行被允許發行任何類型的貨幣 (可能包括數字形式)，而大約 61% 的央行僅限於發行紙幣和硬幣。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"另一個重要問題是，央行數字貨幣是隻在金融機構間使用，還是可以向公衆開放 (“零售”)。商業銀行在他們的中央銀行有賬戶，因此是他們傳統的“客戶”。如果允許公民個人賬戶使用，這將對央行組織方式帶來結構性轉變，並將需要重大的法律變革。在 IMF 的調查樣本中，目前只有 10 家央行被允許這樣做。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"如果一個國家發行數字貨幣，那麼轄區內的每個人都必須能夠方便地訪問該支付系統，這可能會對金融基礎設施構成一定的挑戰。央行數字貨幣的創建還將引發包括稅收法、財產法、合同法和破產法等在內的法律問題，支付系統、隱私和數據保護等防洗錢和恐怖主義融資問題。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"IMF 表示，如果要讓央行數字貨幣成爲“下一個里程碑”，央行數字貨幣需要強大的法律基礎，以確保順利融入金融體系，確保可信度，並得到各國公民和金融機構的廣泛接受。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"相關鏈接："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"link","attrs":{"href":"https:\/\/inca.digital\/intelligence\/nakamoto-terminal-cbdc-factbook\/?ref=hackernoon.com","title":"","type":null},"content":[{"type":"text","text":"https:\/\/inca.digital\/intelligence\/nakamoto-terminal-cbdc-factbook\/?ref=hackernoon.com"}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"link","attrs":{"href":"https:\/\/blogs.imf.org\/2021\/01\/14\/legally-speaking-is-digital-money-really-money\/","title":"","type":null},"content":[{"type":"text","text":"https:\/\/blogs.imf.org\/2021\/01\/14\/legally-speaking-is-digital-money-really-money\/"}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}}]}