零售央行数字货币（CBDC）、脱媒和金融隐私：巴哈马沙元的案例
Retail Central Bank Digital Currencies (CBDC), Disintermediation and Financial Privacy: The Case of the Bahamian Sand Dollar
摘要：
对加密货币的快速增长、市场驱动的需求令各国央行感到担忧，因为它们的货币政策可能会被完全破坏。中央银行数字货币（CBDC）可以提供一个解决方案，但我们对其设计和后果的理解还处于起步阶段。这篇非技术性论文探讨了巴哈马如何设计沙币，这是零售CBDC的第一个现实世界实例。它将Sand Dollar与基于定义的规范进行了对比。然后，我开发了一个情景分析来说明商业银行的风险。在这一过程中，中央银行成为存款垄断者，导致商业银行业面临高融资风险、脱媒风险和偿付能力风险。我认为，如果要防止银行业的脱媒，限制和上限将成为CBDC监管框架的新规范。我认为CBDC的匿名性是一个比较劣势，将影响其采用。这些发现提供了对中央银行面临的治理问题的洞察，并连贯地导致了沙元的设计。最后，我建议打击加密货币是CBDC无法解决的任务。
英文摘要：
The fast-growing, market-driven demand for cryptocurrencies worries central banks, as their monetary policy could be completely undermined. Central bank digital currencies (CBDCs) could offer a solution, yet our understanding of their design and consequences is in its infancy. This non-technical paper examines how The Bahamas has designed the Sand Dollar, the first real-world instance of a retail CBDC. It contrasts the Sand Dollar with definition-based specifications. I then develop a scenario analysis to illustrate commercial bank risks. In this process, the central bank becomes a deposit monopolist, leading to high funding risks, disintermediation risks, and solvency risks for the com-mercial banking sector. I argue that restrictions and caps will be the new specifications of a regulatory framework for CBDCs if disintermediation in the banking sector is to be prevented. I identify the anonymity of CBDCs as a comparative disadvantage that will affect their adoption. These findings provide insight into governance problems facing central banks, and coherently lead to the design of the Sand Dollar. I conclude by suggesting that combating cryptocurrencies is a task that cannot be solved by a CBDC.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
