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国际清算银行BIS探索如何将CBDC用于跨境支付

2021-3-20 15:56

 


今天,国际清算银行(BIS)发表了一篇关于中央银行数字货币(cbdc)和跨境支付的未来的论文。随着众多央行探索cbdc,人们自然会关注国内需求。国际清算银行希望鼓励银行在设计阶段探索跨境支付,并概述了三种可能的方法。


该论文强调了跨境支付变得越来越具有挑战性的两个原因。


在国际支付中扮演关键角色的代理银行数量有所减少。这些代理机构提供了一种服务,以便在目的地没有账户的银行可以跨境汇款。以中美洲、南美洲和加勒比地区为例,2012年至2018年,该地区的石油产量下降了30%。


此外,消费者已经更加意识到这个问题,因为零售使用的外币在过去十年中显著增长。尤其是在跨境电子商务、旅游和移民劳动力汇款方面。

零售跨境支付


这正是facebook创立的Diem(原名Libra)项目计划解决的问题。该项目在论文中多次被提及。该报告称:“与涉及创建私营部门全球稳定币的提议相比,多cbdc安排更可取。”


目前跨境支付的一些问题包括外汇汇率不明确、费用不可预测以及不同地区的开放时间。此外,使用了多种通信标准,而且透明度有限。有大量的中介和高成本的合规。

这三个模型


第一个可能的模型旨在为技术领域、消息格式和数据创建具有通用标准的兼容CBDC系统。


ISO 20022的缓慢推出凸显了这类方法的挑战,调整法律框架将是耗时的。但人们希望,CBDC可能会提供一个干净的石板。


然而,目前很大一部分研究集中在两层系统上,私营实体承担了面向消费者的CBDC分发角色。所以有可能会重复当前经历的相同问题。而现有的大型银行可能会占主导地位。


第二种模式是国内CBDC系统互联。但这被比作尝试连接不同流量的水管。这被认为是高风险的,需要大量的协调。这条路线将需要一个集中或分散的清算系统。


第三种选择是使用单一规则手册创建单一共享的多货币系统。一种可能的方法是采用在Inthanon - Lion Rock(泰国-香港)试验中探索的共享走廊。这些M-CBDC测试已经扩大到包括中国和阿联酋央行与BIS创新实验室的合作。


该论文的结论是:“一个与其他国家兼容并受益于多样化和竞争激烈的服务市场的CBDC,将是一种真正的公共产品。”为了实现这一目标,各国央行将需要合作。”

 

Today the Bank for International Settlements (BIS) published a paper on central bank digital currencies (CBDCs) and the future of cross border payments. As numerous central banks explore CBDCs, there’s a natural focus on domestic requirements. The BIS hopes to encourage banks to explore cross border payments at the design stage and outlines three potential approaches.

The paper highlights two reasons why cross border payments have become increasingly challenging. 

There has been a decline in the number of correspondent banks, which play a critical role in international payments. These correspondents provide a service so that banks that don’t have accounts at the destination can send money across borders. As an example of the contraction, in Central, South America and the Caribbean, there was a 30% decline between 2012 and 2018.

Additionally, consumers have become more aware of the issues because retail use of foreign currencies has grown significantly in the last ten years. That’s especially in cross border e-commerce, travel and migrant labor remittances.

retail cross border payments

It’s this sort of area that the Facebook-founded Diem (formerly Libra) project plans to address. The project received multiple mentions in the paper. “Multi-CBDC arrangements are preferable to proposals that involve the creation of a private sector global stablecoin,” the paper says.

Some of the current issues with cross border payments include unclear foreign exchange (FX) rates, unpredictable fees, and different opening hours across regions. Additionally, a variety of communication standards are used and there’s limited transparency. There are a large number of intermediaries and a high cost of compliance.

The three models

The first potential model aims to create compatible CBDC systems with common standards for technical areas, message formats and data. 

The slow rollout of ISO 20022 highlights this sort of approach’s challenges and aligning legal frameworks would be time consuming. But there are hopes that CBDC might offer a clean slate. 

However, a significant proportion of current research focuses on two-tier systems, with private entities taking on the consumer facing role for CBDC distribution. So there’s a risk this could repeat the same issues as currently experienced. And that large incumbent banks might dominate.

The second model is to interlink domestic CBDC systems. But this was likened to trying to connect water pipes with different flow rates. It’s seen as high risk and would involve significant coordination. This route would require a clearing system, either centralized or decentralized.

The third option is to create a single shared multicurrency system with a single rulebook. One potential approach is to adopt a shared corridor as explored in the Inthanon – Lion Rock (Thai Hong Kong) trials. These M-CBDC tests have since been expanded to include the central banks of China and the UAE in association with the BIS Innovation Lab.

The paper concludes, “A CBDC, compatible with others and benefiting from a diverse and competitive market for services, would be a real public good. To achieve this, central banks will need to collaborate.”

 

来自: Ledger Insights