統一帳本：中央銀行、代幣化存款和數位資產統一在一個平台上

在中央銀行數位貨幣（CBDC）的討論中，國際清算銀行（BIS）提出了一個統一帳本，可以將各種形式的數位資產整合到一個網路上。來自摩根大通和Circle的專家在BIS創新高峰會上分享了他們對這個概念的看法。摩根大通的 Umar Farooq 強調需要一個值得信賴和負責任的交易系統，而不是公共區塊鏈，而 Circle 的 Dante Disparte 則對影響跨境支付和全球支付碎片化的地緣政治影響表示擔憂。

Unified Ledger: Transforming Central Bank Money, Tokenized Deposits, and Digital Assets into a Cohesive Ecosystem

統一帳本：將中央銀行貨幣、代幣化存款和數位資產轉變為一個有凝聚力的生態系統

In a pivotal development last year, the Bank for International Settlements (BIS) unveiled its vision for a Unified Ledger, a transformative concept that aims to seamlessly integrate central bank money, tokenized deposits, and digital assets onto a single, unified platform. This groundbreaking initiative seeks to address fundamental inefficiencies and foster programmability within the financial sector.

去年的一項關鍵進展是，國際清算銀行（BIS）公佈了統一帳本的願景，這是一個變革性的概念，旨在將央行貨幣、代幣化存款和數位資產無縫整合到一個統一的平台上。這項開創性的措施旨在解決金融領域根本性的低效率問題並促進可程式化。

JP Morgan's Perspective on Public Blockchains and the Value of Accountability

摩根大通對公共區塊鏈和問責價值的看法

JP Morgan's Umar Farooq, a prominent figure in the financial industry, shared his insights on the Unified Ledger concept during the recent BIS Innovation Summit. Farooq emphasized the pressing need for such a solution, citing the limitations of public blockchains for high-value transactions.

金融業知名人士摩根大通的 Umar Farooq 在最近的 BIS 創新高峰會上分享了他對統一帳本概念的見解。 Farooq 強調了對這種解決方案的迫切需要，並指出了公共區塊鏈對於高價值交易的限制。

"Public blockchain ledgers are not suitable for large transactions at present," Farooq stated. He highlighted the lack of recourse in the event of errors or disputes, posing the question, "Who do I sue?"

「公共區塊鏈帳本目前不適合大額交易，」Farooq 表示。他強調了在發生錯誤或爭議時缺乏追索權，並提出了「我該起訴誰？」的問題。

Farooq stressed the importance of establishing a framework where financial institutions can engage in trusted transactions with some form of accountability. This rationale underscores the significance of the Unified Ledger and similar concepts like the Regulated Liability Network (RLN), mBridge, and Singapore's Global Layer 1.

法魯克強調了建立一個框架的重要性，使金融機構可以參與具有某種形式問責制的可信交易。這個基本原理強調了統一帳本和監管責任網絡 (RLN)、mBridge 和新加坡全球第一層等類似概念的重要性。

Another concern raised by Farooq involves the proliferation of tokens on public blockchains. He argued that this token-centric approach creates barriers to convergence and detracts from the core principles of finance.

Farooq 提出的另一個擔憂涉及公共區塊鏈上代幣的擴散。他認為，這種以代幣為中心的方法為融合製造了障礙，並偏離了金融的核心原則。

"The internet was developed as a public good," Farooq said, drawing parallels to existing financial infrastructures such as real-time gross settlement (RTGS) systems, Swift, and CLS. He advocated for an evolutionary shift towards viewing technology as a public utility rather than a means of financial speculation.

Farooq 表示：「網路是作為公共產品而開發的。」他將其與即時全額結算 (RTGS) 系統、Swift 和 CLS 等現有金融基礎設施進行了比較。他提倡將科技視為公共事業而非金融投機手段的進化轉變。

Circle's Observations on Marginal Enhancements and Geopolitical Influences

Circle 對邊際增強和地緣政治影響的觀察

Dante Disparte, a senior executive at Circle, raised concerns about the narrow focus of many initiatives that prioritize banks while neglecting non-banks. Disparte highlighted the need for inclusivity, advocating for a seat at the table for all stakeholders.

Circle 高級管理人員但丁·迪斯帕特 (Dante Disparte) 對許多優先考慮銀行而忽視非銀行的舉措的關注點狹窄表示擔憂。 Disparte 強調包容性的必要性，主張為所有利害關係人在談判桌上佔有一席之地。

Farooq acknowledged the regulatory implications of proximity to central banks, emphasizing the need for enhanced regulation to mitigate systemic risks.

法魯克承認接近央行的監管影響，強調需要加強監管以減輕系統性風險。

Disparte presented two key observations regarding Unified Ledgers: the lack of significant improvements and the influence of geopolitics.

Disparte 提出了關於統一帳本的兩個關鍵觀察：缺乏重大改進和地緣政治的影響。

"Institutions often seek marginal enhancements," Disparte said. However, he emphasized the necessity for both incremental and transformative innovations, as articulated by BIS head Augustin Carstens.

「機構經常尋求邊際增強，」迪斯帕特說。然而，他強調了漸進式創新和變革性創新的必要性，正如國際清算銀行 (BIS) 負責人奧古斯汀·卡斯滕斯 (Augustin Carstens) 所闡述的那樣。

Disparte also suggested that lack of urgency and profit motives may contribute to the slow pace of innovation in money movement. He noted that velocity in the banking system is a premium service, and that traditional finance continues to lack adequate execution capabilities outside of business hours.

迪帕特也表示，缺乏緊迫感和利潤動機可能導致貨幣流動創新步伐緩慢。他指出，銀行體系的速度是一項優質服務，而傳統金融在工作時間之外仍缺乏足夠的執行能力。

Geopolitics emerged as a significant factor in Disparte's analysis. "Cross-border funds integration of this type is often aligned too far for national security interests," he said. This geopolitical landscape poses challenges and may drive fragmentation in global payments.

地緣政治成為迪斯帕特分析中的重要因素。他說：“這種類型的跨境資金整合往往與國家安全利益過於一致。”這種地緣政治格局帶來了挑戰，並可能導致全球支付的碎片化。

The Unified Ledger concept and the BIS's mBridge initiative, which involves China, highlight the complex interplay between technology and geopolitics. Technology serves as an enabler, but geopolitical considerations can shape the direction of innovation.

統一帳本概念和國際清算銀行涉及中國的 mBridge 倡議凸顯了科技與地緣政治之間複雜的相互作用。科技是推動者，但地緣政治因素可以塑造創新的方向。

Conclusion: A Paradigm Shift Towards Unified and Accountable Financial Infrastructure

結論：統一和負責任的金融基礎設施的典範轉移

The Unified Ledger represents a bold vision for the future of finance, aiming to unify central bank money, tokenized deposits, and digital assets on a single platform. This transformative concept addresses the limitations of public blockchains and emphasizes the importance of accountability and inclusivity.

統一帳本代表了對金融未來的大膽願景，旨在將央行貨幣、代幣化存款和數位資產統一在一個平台上。這個變革性概念解決了公共區塊鏈的局限性，並強調了問責制和包容性的重要性。

However, the road ahead is not without challenges. Marginal enhancements, geopolitical influences, and the need to balance innovation with regulation are all factors that must be carefully considered.

然而，前方的道路並非沒有挑戰。邊際增強、地緣政治影響以及平衡創新與監管的需求都是必須仔細考慮的因素。

As the financial industry continues to evolve, the Unified Ledger concept serves as a catalyst for a paradigm shift towards a more efficient, transparent, and accountable financial ecosystem.

隨著金融業的不斷發展，統一帳本概念成為向更有效率、透明和負責任的金融生態系統範式轉變的催化劑。