聯準會否認數位美元的債券惡棍計劃，研究揭穿了全球貨幣擔憂

Does the Fed Have a Bond Villainous Plan for a Digital Dollar?

聯準會是否有針對數位美元的債券邪惡計畫？

Federal Reserve Chairman Jerome Powell emphatically denies harboring Bond villain-esque ambitions to unleash a central bank digital currency (CBDC) upon the unsuspecting populace. However, a recent study debunks the exaggerated concerns surrounding the potential of Bitcoin (BTC) and other digital currency tokens as global currency.

聯準會主席鮑威爾堅決否認懷有邦德惡棍般的野心，向毫無戒心的民眾釋放央行數位貨幣（CBDC）。然而，最近的一項研究揭穿了人們對比特幣（BTC）和其他數位貨幣代幣作為全球貨幣潛力的過度擔憂。

Powell's CBDC Clarifications

鮑威爾對 CBDC 的澄清

In response to inquiries regarding the Fed's CBDC plans, Powell asserted that the institution has yet to reach a definitive conclusion. He emphasized that Congressional legislation would be required to authorize the creation of a "retail CBDC," which would enable direct use by the public.

在回答有關聯準會 CBDC 計劃的詢問時，鮑威爾堅稱該機構尚未得出明確的結論。他強調，需要國會立法來授權創建“零售 CBDC”，以便公眾直接使用。

"We're nowhere near that," Powell declared. "We're simply exploring the frontiers of digital finance, which encompasses a wide range of areas. We need to stay informed, but it's incorrect to assume we're actively developing a CBDC or harboring secret plans."

鮑威爾宣稱：“我們還遠未達到這一目標。” “我們只是在探索數位金融的前沿，它涵蓋了廣泛的領域。我們需要隨時了解情況，但假設我們正在積極開發 CBDC 或隱藏秘密計劃是不正確的。”

Republican Fears and China's Digital Yuan

共和黨的恐懼和中國的數位人民幣

Powell's assurances may not appease Republicans like Rep. Tom Emmer, who suspect the Fed is plotting to introduce a CBDC surreptitiously. These fears stem largely from the Chinese government's enthusiastic adoption of the digital yuan, which boasts advanced citizen surveillance capabilities.

鮑威爾的保證可能無法安撫眾議員湯姆·埃默（Tom Emmer）等共和黨人，他們懷疑聯準會正在密謀推出 CBDC。這些擔憂很大程度上源於中國政府對數位人民幣的熱情採用，該數位人民幣擁有先進的公民監控能力。

Other nations, including some that former President Donald Trump dismissed as "shitholes," are also considering the pros and cons of digitizing their currencies. For instance, Sweden's Riksbank recently reported on the challenges of synchronizing offline payments with online balances in a digital currency context.

其他國家，包括一些被前總統川普斥為「糞坑」的國家，也在考慮貨幣數位化的利弊。例如，瑞典央行最近報告了在數位貨幣背景下同步離線支付與線上餘額的挑戰。

Stablecoin Bill: Stalled in Congress

穩定幣法案：在國會陷入停滯

Some Republicans favor approving legislation for U.S.-friendly stablecoins before the current Congressional term concludes. However, the likelihood of this materializing appears to be diminishing.

一些共和黨人贊成在本屆國會任期結束前批准對美國有利的穩定幣立法。然而，這種實現的可能性似乎正在減少。

Rep. Patrick McHenry, Chairman of the House Financial Services Committee, acknowledged that a "workable frame" for advancing the Clarity for Payment Stablecoins Act of 2023 exists. However, he cautioned that the legislation's passage is far from certain.

眾議院金融服務委員會主席、眾議員帕特里克·麥克亨利 (Patrick McHenry) 承認，推進 2023 年《支付穩定幣清晰度法案》的「可行框架」是存在的。然而，他警告說，該立法的通過還遠未確定。

Disagreements persist over the oversight of payment stablecoin issuers, with McHenry advocating for state-level regulation and Rep. Maxine Waters pushing for federal control. The need to attach the bill to a more urgent legislative vehicle further complicates its prospects.

在支付穩定幣發行人的監管問題上分歧依然存在，麥克亨利主張州級監管，眾議員瑪克辛·沃特斯則推動聯邦控制。將該法案附加到更緊迫的立法框架的必要性使其前景更加複雜。

Digital Currency as a Global Reserve Currency: Overblown Fears

數位貨幣作為全球儲備貨幣：過度的擔憂

While companies like Coinbase and Circle promote the concept of "payment stablecoins," the widespread use of digital currency tokens as cash remains limited. A recent study casts doubt on the notion that certain tokens will replace the U.S. dollar as the world's reserve currency.

儘管 Coinbase 和 Circle 等公司提倡「支付穩定幣」的概念，但數位貨幣代幣作為現金的廣泛使用仍然有限。最近的一項研究對某些代幣將取代美元成為世界儲備貨幣的觀點提出了質疑。

The study argues that regimes opposed to U.S. monetary dominance have a strong incentive to ban digital currency technologies within their own borders. Authoritarian regimes, in particular, are wary of the potential for digital currencies to undermine their control over local economies.

研究認為，反對美國貨幣主導地位的政權有強烈的動機在本國境內禁止數位貨幣技術。獨裁政權尤其擔心數位貨幣可能會破壞對當地經濟的控制。

Dollar-Based Stablecoins: A Hedge Against Inflation

以美元為基礎的穩定幣：對沖通膨

The study highlights the popularity of dollar-based stablecoins in countries experiencing rapid inflation and currency devaluations. This suggests that digital currencies could potentially strengthen the dollar's international role, although security concerns may temper enthusiasm among U.S. policymakers.

該研究強調了以美元為基礎的穩定幣在經歷快速通貨膨脹和貨幣貶值的國家的受歡迎程度。這表明數位貨幣可能會增強美元的國際地位，儘管安全擔憂可能會削弱美國政策制定者的熱情。

The possibility of government bailouts for stablecoin issuers or the seizure of Tether's alleged T-bill reserves could further dampen international trust in digital greenbacks.

政府對穩定幣發行人進行救助或扣押 Tether 所謂的國庫券儲備的可能性可能會進一步削弱國際社會對數位美元的信任。

Conclusion

結論

Powell's insistence that the Fed is not plotting a CBDC may not assuage Republican fears. However, a recent study suggests that concerns about digital currencies as a global reserve currency are overblown. While stablecoin legislation remains stalled in Congress, the widespread adoption of digital currency tokens as cash faces significant challenges.

鮑威爾堅稱聯準會不會策劃 CBDC，這可能無法緩解共和黨的擔憂。然而，最近的一項研究表明，對數位貨幣作為全球儲備貨幣的擔憂被誇大了。儘管穩定幣立法在國會仍處於停滯狀態，但數位貨幣代幣作為現金的廣泛採用面臨重大挑戰。