隨著中央銀行考慮數位貨幣，代幣化徹底改變了資本市場

代幣化在資本市場上具有巨大的潛力，可以實現貨銀付款交易並消除交易對手風險。然而，要實現全部利益，需要現金的代幣化表示，最好是中央銀行數位貨幣（CBDC）的形式。隨著人們對 CBDC 的興趣日益濃厚，各國央行正在探索 mBridge 等項目，並進行試驗以開發可互通的全球網路。然而，就監管和流動性安排達成共識仍然是一個挑戰，促使各國央行適應不斷變化的形勢，並考慮建立新的市場基礎設施​​，以確保金融穩定並防止碎片化。

Tokenization: Revolutionizing Capital Markets with Central Bank Digital Currencies

代幣化：利用央行數位貨幣徹底改變資本市場

The advent of blockchain technology has sparked immense enthusiasm within capital markets, as it holds the potential to tokenize a wide array of financial and tangible assets. This transformative process can unlock numerous benefits, prominently including the facilitation of transactions on a delivery-versus-payment basis. This eliminates counterparty risk, a pervasive and costly characteristic of many markets that necessitates participants to safeguard against the possibility of failed settlements. However, the efficacy of tokenized assets hinges on the availability of a tokenized equivalent for cash.

區塊鏈技術的出現引發了資本市場的巨大熱情，因為它具有將各種金融和有形資產代幣化的潛力。這個變革過程可以帶來許多好處，其中最突出的是促進基於貨到付款的交易。這消除了交易對手風險，這是許多市場普遍存在且成本高昂的特徵，需要參與者防範結算失敗的可能性。然而，代幣化資產的功效取決於代幣化現金等價物的可用性。

Stablecoins: A Potential Solution from the Private Sector

穩定幣：私營部門的潛在解決方案

Stablecoins, cryptoassets designed to maintain a stable peg to a specified currency, have emerged as a potential solution proffered by the private sector. These digital tokens offer a representation of on-ledger cash, enabling the seamless exchange of assets. Nonetheless, the Bank for International Settlements (BIS), in its principles for financial market infrastructures, emphasizes the significance of utilizing central bank money for settlement when feasible.

穩定幣是一種旨在與特定貨幣保持穩定掛鉤的加密資產，已成為私營部門提供的潛在解決方案。這些數位代幣提供帳本現金的代表，從而實現資產的無縫交換。儘管如此，國際清算銀行（BIS）在其金融市場基礎設施​​原則中強調了在可行的情況下利用央行資金進行結算的重要性。

Central Bank Digital Currencies: The Key to Infrastructure Overhaul

央行數位貨幣：基礎建設改革的關鍵

Central banks currently face a critical decision: whether to issue tokenized forms of their currencies for capital markets. Wholesale central bank digital currencies (CBDCs) could be instrumental in overhauling capital markets infrastructure, providing a secure and efficient means of representing cash on-chain. This tokenized central bank cash could eliminate counterparty risk and propel the digitization of capital markets.

各國央行目前面臨一個關鍵決定：是否為資本市場發行代幣化形式的貨幣。批發央行數位貨幣（CBDC）可能有助於徹底改革資本市場基礎設施​​，提供安全有效的鏈上現金表示方式。這種代幣化的央行現金可以消除交易對手風險並推動資本市場的數位化。

The Debate: Retail versus Wholesale CBDCs

辯論：零售與批發 CBDC

While much public discourse has focused on retail CBDCs, recognizing the transformative implications of digital payments for individuals, some representatives of the Eurosystem of central banks believe that wholesale CBDCs may materialize first. Wholesale CBDCs are tailored to cater to the needs of financial institutions and capital markets, facilitating seamless and efficient transactions between these entities.

儘管許多公眾討論都集中在零售 CBDC 上，但認識到數位支付對個人的變革性影響，歐元體系中央銀行的一些代表認為批發 CBDC 可能會首先實現。批發 CBDC 專為滿足金融機構和資本市場的需求而量身定制，促進這些實體之間的無縫高效交易。

Fragmentation Concerns

碎片化問題

However, the fragmented nature of blockchain systems poses a potential challenge. Tokenization of both assets and cash may occur on diverse blockchain protocols, potentially limiting the ability of investors to trade assets across different platforms. This fragmentation could hinder market liquidity and impede the full realization of tokenization's benefits.

然而，區塊鏈系統的分散性帶來了潛在的挑戰。資產和現金的代幣化可能發生在不同的區塊鏈協議上，這可能會限制投資者跨不同平台交易資產的能力。這種分散化可能會阻礙市場流動性，並阻礙代幣化優勢的充分實現。

Shared Principles and Interoperability

共享原則和互通性

To mitigate the risks of fragmentation, capital markets bodies must establish a comprehensive set of shared principles. These principles should ensure that tokenization does not lead to the entrapment of assets within specific protocols, fostering interoperability and ease of asset exchange.

為了降低分散風險，資本市場機構必須建立一套全面的共同原則。這些原則應確保代幣化不會導致資產陷入特定協議中，從而促進互通性和資產交換的便利性。

International Cooperation for Global Impact

國際合作促進全球影響

Beyond domestic interoperability, the international nature of capital markets demands consideration. The issuance of a wholesale CBDC by a single central bank would be insufficient to fully achieve the transformative potential of tokenization. A global network of interoperable CBDCs is essential to facilitate seamless cross-border transactions and promote efficient capital flows.

除了國內互通性之外，資本市場的國際性質也需要考慮。由單一中央銀行發行批發 CBDC 不足以充分發揮代幣化的變革潛力。可互通的 CBDC 全球網路對於促進無縫跨境交易和促進高效資本流動至關重要。

Central Bank Projects and Collaboration

中央銀行專案與合作

Recognizing the imperative for global cooperation, several consortia of central banks are actively pursuing projects to create interoperable CBDCs. Project mBridge, a collaborative initiative involving the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, is among the most advanced endeavors in this domain.

認識到全球合作的必要性，多家中央銀行財團正在積極開展創建可互通的 CBDC 的計畫。 mBridge 計畫是一項由中國人民銀行、香港金融管理局、泰國銀行和阿拉伯聯合大公國中央銀行共同發起的合作項目，也是該領域最先進的項目之一。

The European Central Bank (ECB) is also engaged in trials and experiments, including collaborations with the Swiss National Bank, to address the challenges associated with CBDC interoperability. However, achieving a harmonized global system requires central banks from diverse regulatory regimes to reach consensus on crucial issues such as anti-money laundering (AML) measures, know-your-customer (KYC) protocols, and liquidity arrangements. While the incentive to standardize these elements has long been acknowledged, reaching an agreement remains a complex and protracted process.

歐洲中央銀行（ECB）也正在進行試驗和實驗，包括與瑞士國家銀行的合作，以解決與 CBDC 互通性相關的挑戰。然而，實現統一的全球體系需要不同監管制度的央行就反洗錢（AML）措施、了解你的客戶（KYC）協議和流動性安排等關鍵問題達成共識。儘管人們早已認識到對這些要素進行標準化的動機，但達成協議仍然是一個複雜而漫長的過程。

Central Banks and the Digital Age

中央銀行和數位時代

As the financial landscape transitions towards a tokenized ecosystem, central banks face the prospect of payment and asset settlement mechanisms evolving beyond their direct oversight. They must adapt to these rapidly changing realities to maintain their role in ensuring financial stability. If the private sector assumes a leading position in digital asset development, competition, while fostering innovation, could potentially hinder adoption and exacerbate the fragmentation concerns mentioned earlier.

隨著金融格局向代幣化生態系統過渡，央行面臨支付和資產結算機制超越其直接監管的前景。他們必須適應這些快速變化的現實，以維持其在確保金融穩定方面的作用。如果私營部門在數位資產開發中佔據主導地位，競爭在促進創新的同時，可能會阻礙採用並加劇前面提到的碎片化擔憂。

Central Banks as Infrastructure Providers

中央銀行作為基礎設施提供商

Central banks can mitigate these risks by establishing new rails for capital markets on infrastructure designed and managed by them. By taking on the role of infrastructure providers, central banks can create a level playing field for innovation while ensuring the stability and efficiency of the financial system.

央行可以透過在其設計和管理的基礎設施上建立新的資本市場軌道來減輕這些風險。透過扮演基礎設施提供者的角色，央行可以為創新創造公平的競爭環境，同時確保金融體系的穩定性和效率。

Conclusion

結論

Tokenization holds immense promise for capital markets, offering the potential to enhance transaction efficiency, reduce counterparty risk, and accelerate the digitization of assets. However, the full realization of these benefits hinges on the availability of tokenized cash and the creation of a global network of interoperable CBDCs. Central banks must navigate the challenges of cooperation, standardization, and adaptation to ensure that tokenization becomes a catalyst for innovation and progress, rather than a source of fragmentation and uncertainty.

代幣化為資本市場帶來了巨大的前景，提供了提高交易效率、降低交易對手風險並加速資產數位化的潛力。然而，這些好處的充分實現取決於代幣化現金的可用性以及可互通的 CBDC 全球網路的創建。中央銀行必須應對合作、標準化和適應的挑戰，以確保代幣化成為創新和進步的催化劑，而不是碎片化和不確定性的根源。