央行數位貨幣：推動批發金融市場前所未有的效率

世界經濟論壇 (WEF) 關於批發央行數位貨幣 (wCBDC) 的報告強調了它們在實現金融市場現代化和應對行業挑戰方面的潛力。報告表明，wCBDC 可以提高效率、安全性和包容性，為更具彈性的全球經濟鋪路。所確定的關鍵痛點，包括不同的結算週期和證券市場的操作風險，可以透過採用 wCBDC 來解決。

Central Bank Digital Currencies: Transforming Wholesale Financial Markets with Unprecedented Efficiency

央行數位貨幣：以前所未有的效率改變批發金融市場

Zurich, Switzerland - A comprehensive study released by the World Economic Forum (WEF) has shed light on the transformative potential of wholesale central bank digital currencies (wCBDCs) in revolutionizing global financial markets. Entitled "Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)," the report delves into the current landscape of wCBDC initiatives, exploring their multifaceted use cases and their ability to address critical industry challenges.

瑞士蘇黎世 - 世界經濟論壇 (WEF) 發布的一項綜合研究揭示了批發央行數位貨幣 (wCBDC) 在徹底改變全球金融市場方面的變革潛力。該報告題為“利用批發中央銀行數位貨幣 (wCBDC) 實現金融市場現代化”，深入探討了 wCBDC 舉措的當前格局，探討了其多方面的用例及其應對關鍵行業挑戰的能力。

The Imperative for CBDCs

CBDC 的當務之急

The WEF's report underscores the overwhelming interest in CBDCs among central banks worldwide, with over 98% actively engaged in research, pilot projects, or full-fledged deployments. This surge in exploration stems from the recognition that CBDCs offer a potent avenue for enhancing the efficiency, security, and inclusivity of the financial system, fostering a more resilient global economy.

世界經濟論壇的報告強調了全球央行對 CBDC 的濃厚興趣，超過 98% 的央行積極參與研究、試點計畫或全面部署。這種探索的激增源於人們意識到 CBDC 為提高金融體系的效率、安全性和包容性提供了有效途徑，從而培育了更具彈性的全球經濟。

Addressing Industry Pain Points with wCBDCs

利用 wCBDC 解決產業痛點

The report identifies eight long-standing industry challenges that have hindered the seamless operation of financial markets. Notably, four of these challenges have been deemed "areas ripe for modernization using wCBDC."

該報告指出了阻礙金融市場無縫運作的八個長期存在的行業挑戰。值得注意的是，其中四個挑戰被認為是「使用 wCBDC 實現現代化的成熟領域」。

1. Disparate Settlement Cycles in Cross-Border Securities Settlements: The global nature of capital markets has created a pressing need for harmonized settlement cycles across regions. However, most real-time gross settlement (RTGS) systems operate within limited hours. The WEF proposes that wCBDCs can supplement RTGS systems by providing near 24/7 settlement cycles, enabling a global settlement window.
2. Operational Risk and Settlement Failures: A complex interplay of data quality issues, limited interoperability, and manual processes often leads to settlement failures in securities markets. The WEF suggests that wCBDCs can bolster trade and post-trade operations by securely transmitting settlement data across parties and jurisdictions, thereby supporting automation and mitigating settlement risk.
3. Growing Foreign Exchange Settlement Risk: The high value and complexity of foreign exchange transactions expose the financial system to heightened settlement risk. The WEF posits that wCBDCs can facilitate the expansion of 'payment versus payment' (PvP) arrangements, reducing settlement risk in cross-border foreign exchange transactions.
4. Lack of Tokenized Credit Risk-Free Settlement Medium: The absence of a tokenized, credit risk-free settlement medium impedes the smooth functioning of financial markets. wCBDCs can address this gap by allowing for the tokenization of credit risk-free settlement media, enhancing settlement efficiency and reducing counterparty risk.

The Path Forward

跨國證券結算中的不同結算週期：資本市場的全球性使得跨區域迫切需要統一的結算週期。然而，大多數即時全額結算 (RTGS) 系統都在有限的時間內運作。 WEF 提出，wCBDC 可以透過提供近24/7 的結算週期來補充RTGS 系統，從而實現全球結算視窗。會導致結算失敗證券市場。世界經濟論壇建議，wCBDC 可以透過在各方和司法管轄區之間安全傳輸結算資料來支援貿易和交易後操作，從而支援自動化並降低結算風險。複雜性暴露了金融體系加劇結算風險。世界經濟論壇認為，wCBDC 可以促進「支付對支付」（PvP）安排的擴展，降低跨境外匯交易中的結算風險。阻礙了金融市場的平穩運作。 wCBDC 可以透過允許無信用風險的結算媒介代幣化、提高結算效率並降低交易對手風險來解決這一差距。

The WEF acknowledges that the successful adoption of wCBDCs requires tailored approaches by policy-makers, financial market infrastructures, and private-sector leaders, taking into consideration the unique characteristics of each jurisdiction and institution. The report encourages further exploration and collaboration to realize the transformative potential of wCBDCs.

世界經濟論壇承認，成功採用 wCBDC 需要政策制定者、金融市場基礎設施​​和私營部門領導者採取量身定制的方法，同時考慮到每個司法管轄區和機構的獨特特徵。該報告鼓勵進一步探索和合作，以實現 wCBDC 的變革潛力。

Conclusion

結論

The WEF's report on wholesale central bank digital currencies presents a compelling vision for the future of financial markets. By addressing long-standing challenges and leveraging the innovative capabilities of wCBDCs, the financial sector can unlock new levels of efficiency, security, and inclusivity, paving the way for a more resilient and prosperous global economy.

世界經濟論壇關於批發央行數位貨幣的報告為金融市場的未來提出了令人信服的願景。透過解決長期存在的挑戰並利用 wCBDC 的創新能力，金融部門可以將效率、安全性和包容性提升到新的水平，為更具彈性和繁榮的全球經濟鋪平道路。