BIS：中央银行数字货币的崛起：动因、途径和技术（全球金融科技行业）.pdf

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BIS Working Papers

No 880

Rise of the central bank digital

currencies: drivers, approaches

and technologies

by Raphael Auer, Giulio Cornelli and Jon Frost

Monetary and Economic Department

August 2020

JEL classification: E58, G21.

Keywords: central bank digital currency, CBDC, central

banking, digital currency, digital money, distributed

ledger technology, blockchain.

BIS Working Papers are written by members of the Monetary and Economic

Department of the Bank for International Settlements, and from time to time by other

economists, and are published by the Bank. The papers are on subjects of topical

interest and are technical in character. The views expressed in them are those of their

authors and not necessarily the views of the BIS.

This publication is available on the BIS website (www.bis.org).

reproduced or translated provided the source is stated.

ISSN 1020-0959 (print)

ISSN 1682-7678 (online)

Rise of the CBDCs: drivers, approaches and technologies

Rise of the central bank digital currencies:

drivers, approaches and technologies

∗

Raphael Auer,

♦

Giulio Cornelli

♦

and Jon Frost

♦

†

Abstract

Central bank digital currencies (CBDCs) are receiving more attention than ever before.

Yet the motivations for issuance vary across countries, as do the policy approaches

and technical designs. We investigate the economic and institutional drivers of CBDC

development and take stock of design efforts. We set out a comprehensive database

of technical approaches and policy stances on issuance, relying on central bank

speeches and technical reports. Most projects are found in digitised economies with

a high capacity for innovation. Work on retail CBDCs is more advanced where the

informal economy is larger. We next take stock of the technical design options. More

and more central banks are considering retail CBDC architectures in which the CBDC

is a direct cash-like claim on the central bank, but where the private sector handles

all customer-facing activity. We conclude with an in-depth description of three

distinct CBDC approaches by the central banks of China, Sweden and Canada.

Keywords: central bank digital currency, CBDC, central banking, digital currency,

digital money, distributed ledger technology, blockchain.

JEL classifications: E58, G21.

∗

The views expressed here are those of the authors and do not necessarily reflect those of the Bank

for International Settlements. For comments and input, we thank David Archer, Douglas Arner,

Codruta Boar, Haiwei Cao, Stijn Claessens, Carl-Andreas Claussen, Sebastian Doerr, Umar Faruqui,

Leonardo Gambacorta, Philippe Haene, Henry Holden, Martin Hood, Linda Jeng, Taejin Park, Mateo

Piccolo, Martin Summer, Tara Rice, Amber Wadsworth, Hye-Rim Yoo, Nouran Youssef, Dirk Zetzsche

and participants at a BIS research meeting, an Arab Monetary Fund Fintech Working Group meeting

and a meeting of the OECD Experts Group on Finance and Digitalisation. We thank Mu Changchun,

Lyu Yuan, Scott Hendry, Francisco Rivadeneyra, Dinesh Shah, Gabriela Guibourg, Martin Johansson

and Stig Johansson for conversations regarding the CBDC approaches of the People’s Bank of China,

Bank of Canada and Sveriges Riksbank.

♦

Bank for International Settlements (BIS),

†

Cambridge Centre for Alternative Finance (CCAF).

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