CBDC-III-设计与架构的选择

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Digital Currency Implementation Checklist for Central Banks

快问快答

  1. Is the DFC(Digital Fiat Currency) to be a token-based or account-based system, or some combination? Discussion: Account-based systems are actor-centric, while token-based systems are object centric. Each has specific benefits and disadvantages relating to interoperability, (de)centralization, efficiency, and security. The relative merits of the two approaches have been discussed in depth elsewhere in the CBDC and DFC literature, and ultimately depends on the specific needs and goals of the jurisdiction in question. 基于帐户的系统以参与者为中心，而基于令牌的系统以对象为中心。每个都有与互操作性、（去）中心化、效率和安全性相关的特定优点和缺点。这两种方法的相对优点已在 CBDC 和 DFC 文献的其他地方进行了深入讨论，最终取决于相关司法管辖区的具体需求和目标。
  2. Will interest be paid on DFC balances? If so, how much, and under what conditions? Discussion: In contexts where the goal of implementation of DFC is merely to replace physical coins and paper currency, the capacity to pay interest directly on DFC balances is of less importance. Conversely, if the aim of introducing DFC is to precipitate a broader reorganization of the payments system, the ability to pay interest directly on DFC balances may be important to the implementation of monetary and fiscal policy, as well as for preserving technical features of the existing payments system (i.e. the capacity to pay interest on-reserves). 如果引入 DFC 的目的是促成更广泛的支付系统重组，那么直接为 DFC 余额支付利息的能力对于货币和财政政策的实施以及保留现有技术特征可能很重要。
  3. Will DFC funds have durational features? If so, how much, and under what conditions? Discussion: DFC instruments are commonly thought of as a digital equivalent to cash instruments, or a retail-accessible form of digital reserve balances, both of which have zero duration. However, in the modern central banking era, government securities accounts also operate on similar payments and accounts infrastructure. Hence, DFC has the potential to perform other functions that involve duration, such as providing consumer savings and/or investor securities accounts, and also serving as the settlement layer for smart contracts and financial trading platforms. DFC 工具通常被认为是现金工具的数字等价物，或零售可访问的数字准备金余额形式，两者的久期均为零。然而，在现代中央银行时代，政府证券账户也在类似的支付和账户基础设施上运作。因此，DFC 有潜力执行其他涉及持续时间的功能，例如提供消费者储蓄和/或投资者证券账户，以及充当智能合约和金融交易平台的结算层。
  4. Will certain kinds of transactions be prohibited at the technical layer? What?
    Discussion: It is possible to design a DFC system to allow for discrimination and censorship on a transaction-by-transaction basis. Doing so would further a range of law enforcement and security interests. However, such interests must also be weighed against privacy and security considerations. Once the capacity for transactional censorship is hardwired into the DFC infrastructure, it cannot be easily removed and may be used for purposes beyond the initial scope that justified its adoption. 可以设计一个 DFC 系统以允许在逐笔交易的基础上进行歧视和审查。这样做将促进一系列执法和安全利益。然而，这些利益也必须与隐私和安全考虑进行权衡。一旦交易审查能力被硬连接到 DFC 基础设施中，它就不能轻易删除，并且可能用于超出其采用的初始范围的目的。
  5. Will DFC transactions and wallets be usable offline? How? Discussion: While digital payments systems offer many benefits over physical cash, they suffer from vulnerabilities regarding network-connection and power consumption. In order to provide a true substitute for physical cash, some form of offline transaction capacity is crucial. Such capacity is also important in the event of network failure, and/or for actors who exist on the margins of the electric/internet grid. 离线交易是必要的。
  6. Will the DFC intermediary network be an open system, or restricted to a limited number of pre-approved institutions? Discussion: Most DFC systems, at least in the first iteration, will likely incorporate and/or rely on intermediaries to fulfill some core infrastructural functions, from wallet-management through to data-storage. Consequently, it is important for regulators to develop a framework for evaluating and approving potential intermediaries, to maintain quality and security standards while simultaneously avoiding excessive regulations that stifle innovation and widespread adoption. One way of authorizing intermediaries is to subjectively identify and approval specific applicants on an institution-by-institution basis. Another approach is to develop objective standards and criteria and approve any and all actors that meet those criteria. Determining which approach to use (or some combination) will depend on the needs and interests of the specific jurisdiction. 大多数 DFC 系统，至少在第一次迭代中，从钱包管理到数据存储，可能会合并和/或依赖中介来实现一些核心基础设施功能。