央行数字货币在中国的发展分析
The Development of Central Bank Digital Currency in China: An Analysis
摘要：
中国人民银行（PBOC）启动了一项雄心勃勃的项目，旨在开发一种用于国内零售交易的数字货币，这是迄今为止全球最先进的数字货币。除了让不同的利益相关者参与进来，中国人民银行还制定了一套基本原则，包括隐私、包容性和保守性，并在翻译成英文的公开文件中阐述了其进展。我们认为，尽管中国人民银行从2014年至今的研究中得出的基本原则和结论基本上是合理和适当的，但中国人民银行也遗漏了一些重要的考虑因素，并接受了一些有问题的假设，世界上许多中央银行也这样做。在本分析中，我们考虑了中国人民银行目前提出的数字货币主张的优点和缺点，并为中国人民银行和世界各地的其他中央银行提出了一个根本而具体的变化：架构必须适应隐私保护，非托管钱包。随着这一变化和一系列相关的微小调整，中国有机会领导世界实施中央银行数字货币（CBDC）解决方案，保护中央银行实施货币政策的权威，保留公共部门和私营部门银行机构的作用，提高零售交易和业务的效率，满足监管目标，并保障零售消费者的人权，包括他们的隐私和参与经济的权利。我们希望中国人民银行和世界各地的其他中央银行将有决心和决心实施我们提出的变革，并继续实施符合其用户利益的CBDC架构。
英文摘要：
The People's Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by far, the most advanced globally in this regard. In addition to involving a diverse set of stakeholders, the PBOC established a set of fundamental principles, including privacy, inclusiveness, and conservatism, and has articulated its progress in a public document translated into English. We maintain that although both its first principles and its conclusions drawn from the research conducted by the PBOC from 2014 to date are broadly reasonable and appropriate, the PBOC has also missed some important considerations and entertained some questionable assumptions, which many central banks around the world have also done. In this analysis, we consider the strengths and weaknesses of the digital currency proposition articulated by the PBOC as it exists today, and we propose one fundamental and specific change for the PBOC and other central banks around the world: The architecture must accommodate privacy-preserving, non-custodial wallets. With this change and a related set of minor adjustments, China has an opportunity to lead the world in the implementation of a central bank digital currency (CBDC) solution that protects the authority of the central bank to implement monetary policy, preserves the role of public-sector and private-sector banking institutions, promotes the efficiency of retail transactions and businesses, satisfies regulatory objectives, and safeguards the human rights of retail consumers, including their privacy and their right to participate in the economy. We hope that the PBOC, and other central banks around the world, will have the resolve and strength of purpose to implement our proposed change and carry on with implementing a CBDC architecture that serves the interests of its users.
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