CBDC 与快速支付系统 (FPS) 和电子货币：国际货币基金组织权衡选择

国际货币基金组织 (IMF) 于 2024 年 10 月发布了一篇论文，研究了 CBDC、FPS 和电子货币之间的可能选择。

The International Monetary Fund (IMF) has examined the possible options between retail central bank digital currencies (CBDCs), fast payment systems (FPSs), and e-money in an October 2024 paper.

国际货币基金组织 (IMF) 在 2024 年 10 月的一篇论文中研究了零售央行数字货币 (CBDC)、快速支付系统 (FPS) 和电子货币之间的可能选择。

With a particular emphasis on emerging markets, the paper underscores the risks that dollar stablecoins and foreign CBDCs pose to monetary sovereignty.

该论文特别强调了新兴市场，强调了美元稳定币和外国 CBDC 对货币主权构成的风险。

“The IMF is often approached with the question of how a retail central bank digital currency (CBDC) compares to fast payment systems (FPSs) and even e-money, and which to prioritize in the context of constrained resources.

“国际货币基金组织经常被问及零售央行数字货币（CBDC）与快速支付系统（FPS）甚至电子货币相比如何，以及在资源有限的情况下优先考虑哪一个的问题。

There is no ‘one answer’ to this question; working through this analysis requires authorities to carefully consider their jurisdictions’ payments landscape, their objectives and core needs, and the practical constraints which they face.

这个问题没有“唯一的答案”；通过这一分析，当局需要仔细考虑其辖区的支付格局、目标和核心需求以及面临的实际限制。

”

”

According to the global institution, the fundamental difference between CBDC, FPS, and e-money is that CBDCs are first and foremost a form of central bank money that could sustain the presence and choice to use a publicly issued money, as well as a public payment solution, in a retail payments landscape which may otherwise be moving toward 100 percent private money.

根据该全球机构的说法，CBDC、FPS 和电子货币之间的根本区别在于，CBDC 首先是中央银行货币的一种形式，可以维持公开发行货币以及公共货币的存在和选择。零售支付领域的支付解决方案，否则可能会走向 100% 私人货币。

In contrast, FPSs are payment arrangements to smooth and accelerate the transfer of private liabilities, and e-money are private liabilities which act as an alternative to bank deposits with a lower access threshold in many markets.

相比之下，FPS是平滑和加速私人负债转移的支付安排，而电子货币是私人负债，在许多市场中作为银行存款的替代品，准入门槛较低。

Brazil's Pix and India's UPI represent two prominent FPS success stories of recent years, according to IMF.

据国际货币基金组织称，巴西的 Pix 和印度的 UPI 代表了近年来 FPS 的两个著名成功案例。

Meanwhile, the success of Alipay and WeChat Pay in China and M-Pesa in Kenya, categorized as E-money, showcases how primarily closed-loop systems can establish a substantial market share through network effects.

与此同时，中国的支付宝和微信支付以及肯尼亚的M-Pesa（被归类为电子货币）的成功展示了主要闭环系统如何通过网络效应建立可观的市场份额。

According to the IMF, CBDC has two distinct benefits. The most significant benefit is maintaining retail access to central bank money as cash usage declines, noting a troubling trend whereby as cash becomes less utilized, fewer merchants are inclined to accept it.

根据国际货币基金组织的说法，CBDC 有两个明显的好处。最显着的好处是，随着现金使用量的下降，零售业仍能获得央行资金，并注意到一个令人不安的趋势，即随着现金使用量的减少，愿意接受现金的商家越来越少。

By providing access to a CBDC, central banks can effectively tackle the two primary threats to monetary sovereignty posed by stablecoins and foreign CBDCs.

通过提供 CBDC 的访问权限，央行可以有效应对稳定币和外国 CBDC 对货币主权构成的两个主要威胁。

“Although stablecoins have not gained much use outside of crypto-asset ecosystems in advanced economies, preliminary data suggest that in emerging and developing market economies, they are being used in a limited capacity for cross-border transactions and remittances (FSB 2024).”

“尽管稳定币在发达经济体的加密资产生态系统之外尚未得到太多应用，但初步数据表明，在新兴和发展中市场经济体中，稳定币在跨境交易和汇款方面的使用能力有限（FSB 2024）。”

The same analysis also suggested that there was a perceived preference for U.S. dollar-denominated stablecoins as a store of value in countries with high inflation, currency devaluation, or the presence of capital flow measures, the authors wrote.

作者写道，同一分析还表明，在通货膨胀高、货币贬值或存在资本流动措施的国家，人们普遍偏好以美元计价的稳定币作为价值储存手段。

They warn that if there's significant adoption, a stablecoin could start being used as an alternative unit of account.

他们警告说，如果稳定币得到广泛采用，那么稳定币可能会开始被用作替代记账单位。

The IMF also sees competition as another area where a CBDC can offer advantages. Private faster payment systems (FPS) may limit competition, while many e-money systems operate as closed loops, potentially leading to monopolistic behavior.

国际货币基金组织还将竞争视为 CBDC 可以提供优势的另一个领域。私人快速支付系统（FPS）可能会限制竞争，而许多电子货币系统作为闭环运行，可能导致垄断行为。

In contrast, the IMF believes that a CBDC could reduce barriers for non-bank payment service providers fostering greater competition in the financial ecosystem.

相比之下，国际货币基金组织认为，CBDC 可以减少非银行支付服务提供商的障碍，从而促进金融生态系统的更大竞争。