统一账本：中央银行、代币化存款和数字资产统一在一个平台上

在关于中央银行数字货币（CBDC）的讨论中，国际清算银行（BIS）提出了一个统一账本，可以将各种形式的数字资产整合到一个网络上。来自摩根大通和Circle的专家在BIS创新峰会上分享了他们对这一概念的看法。摩根大通的 Umar Farooq 强调需要一个值得信赖和负责任的交易系统，而不是公共区块链，而 Circle 的 Dante Disparte 则对影响跨境支付和全球支付碎片化的地缘政治影响表示担忧。

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

统一账本：将中央银行货币、代币化存款和数字资产转变为一个有凝聚力的生态系统

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.

去年的一项关键进展是，国际清算银行（BIS）公布了统一账本的愿景，这是一个变革性的概念，旨在将央行货币、代币化存款和数字资产无缝整合到一个统一的平台上。这项开创性的举措旨在解决金融领域根本性的低效率问题并促进可编程性。

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

摩根大通对公共区块链和问责制价值的看法

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.

金融行业知名人士摩根大通的 Umar Farooq 在最近的 BIS 创新峰会上分享了他对统一账本概念的见解。 Farooq 强调了对这种解决方案的迫切需要，并指出了公共区块链对于高价值交易的局限性。

"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?"

“公共区块链账本目前不适合大额交易，”Farooq 表示。他强调了在发生错误或争议时缺乏追索权，并提出了“我该起诉谁？”的问题。

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.

法鲁克强调了建立一个框架的重要性，使金融机构可以参与具有某种形式问责制的可信交易。这一基本原理强调了统一账本和监管责任网络 (RLN)、mBridge 和新加坡全球第一层等类似概念的重要性。

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 提出的另一个担忧涉及公共区块链上代币的扩散。他认为，这种以代币为中心的方法为融合制造了障碍，并偏离了金融的核心原则。

"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：“互联网是作为公共产品而开发的。”他将其与实时全额结算 (RTGS) 系统、Swift 和 CLS 等现有金融基础设施进行了比较。他提倡将技术视为一种公共事业而不是金融投机手段的进化转变。

Circle's Observations on Marginal Enhancements and Geopolitical Influences

Circle 对边际增强和地缘政治影响的观察

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 高级管理人员但丁·迪斯帕特 (Dante Disparte) 对许多优先考虑银行而忽视非银行的举措的关注点狭窄表示担忧。 Disparte 强调包容性的必要性，主张为所有利益相关者在谈判桌上占有一席之地。

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

法鲁克承认接近央行的监管影响，强调需要加强监管以减轻系统性风险。

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

Disparte 提出了关于统一账本的两个关键观察结果：缺乏重大改进和地缘政治的影响。

"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.

“机构经常寻求边际增强，”迪斯帕特说。然而，他强调了渐进式创新和变革性创新的必要性，正如国际清算银行 (BIS) 负责人奥古斯汀·卡斯滕斯 (Augustin Carstens) 所阐述的那样。

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.

迪帕特还表示，缺乏紧迫感和利润动机可能导致货币流动创新步伐缓慢。他指出，银行系统的速度是一项优质服务，而传统金融在工作时间之外仍然缺乏足够的执行能力。

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.

地缘政治成为迪斯帕特分析中的一个重要因素。他说：“这种类型的跨境资金整合往往与国家安全利益过于一致。”这种地缘政治格局带来了挑战，并可能导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.

统一账本概念和国际清算银行涉及中国的 mBridge 倡议凸显了技术与地缘政治之间复杂的相互作用。技术是推动者，但地缘政治因素可以塑造创新的方向。

Conclusion: A Paradigm Shift Towards Unified and Accountable Financial Infrastructure

结论：向统一和负责任的金融基础设施的范式转变

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.

统一账本代表了对金融未来的大胆愿景，旨在将央行货币、代币化存款和数字资产统一在一个平台上。这一变革性概念解决了公共区块链的局限性，并强调了问责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，前方的道路并非没有挑战。边际增强、地缘政治影响以及平衡创新与监管的需要都是必须仔细考虑的因素。

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.

随着金融行业的不断发展，统一账本概念成为向更高效、透明和负责任的金融生态系统范式转变的催化剂。