1、歐洲數字歐元報告ContentsForeword2E_ecutivesummary31 Introduction62 Reasonstoissueadigitaleuro–possiblescenariosandimplied requirements92.1 Scenariosrelatedtocorecentralbankfunctions92.2 ScenariosrelatedtothebroaderobjectivesoftheEU143 Potentialeffectsofadigitaleuroandimpliedrequirements164 Legalco

2、nsiderationsregardingadigitaleuro245 Digitaleurofunctionaldesignpossibilities265.1 Keydimensionsoffunctionalspecifications265.2 Possiblecoe_istenceoftypesofdigitaleuro346 Technicalandorganisationalapproachestodigitaleuroservices366.1 Back-endinfrastructure366.2 End-useraccesssolutions416.3 Interfaci

3、ngbetweendigitaleurousersandthecentralbank infrastructure437 Follow-upwork457.1 Operationalconsiderations457.2 Institutionalframework46Anne_1:Digitaleurocharacteristicsidentifiedinthereport48Anne_2:Thedigitaleuroisnotacrypto-assetor‘stablecoin50Anne_3:Wholesaleapplicationofadistributedinfr

4、astructure52ForewordAkeypartoftheEurosystemsmissionistoprovidecitizenswithrisklessmoneyfor theirpayments;theEurosystemhasbeenprovidingeurobanknotesfornearlytwo decades.Whilecashisstillthedominantmeansofpayment,newtechnologiesand theincreasingdemandforimmediacyfromconsumersarechangingtheway Europeanc

5、itizenspay.Thisisevidentinthee_pandingroleoffastelectronic payments. Toensurethatconsumerscontinuetohaveunfetteredaccesstocentralbankmoney inawaythatmeetstheirneedsinthedigitalage,theECBsGoverningCouncil decidedtoadvanceworkonthepossibleissuanceofadigitaleuro–anelectronic formofcentralbank

6、moneyaccessibletoallcitizensandfirms.Adigitaleurowouldbe introducedalongsidecash,itwouldnotreplaceit. Adigitaleurowouldcreatesynergieswithprivatepaymentsolutionsandcontributeto amoreinnovative,petitiveandresilientEuropeanpaymentsystem.Byservingas aunifyingforceinEuropesdigitaleconomies,adigitaleurow

7、ouldalsobeanemblem oftheongoingprocessofEuropeanintegration. Itistooearlytomittoaspecificdesignofadigitaleuro.Butitisclearthatanytype ofdesignmustfulfilanumberofprinciplesandrequirementsidentifiedinthisreport– includingaccessibility,robustness,safety,efficiencyandprivacy–whileply

8、ing withrelevantlegislation. IssuingadigitaleurowouldberelevantfornearlyeverythingtheEurosystemdoesand itwouldhavepervasiveeffectsonsocietyasawhole.Thisreportwillthereforeform thebasisforadialoguewithcitizensandothere_ternalstakeholders.Itwillserveasa startingpointforapublicconsultationinwhichweenco

9、urageeveryonetoparticipate.AndtogetherwiththeEuropeanParliamentandotherEuropeaninstitutionsand authorities,wewilldiscusstheoperationalandlegislativeframeworkthatwouldbe necessarytointroduceadigitaleuro.Atthesametime,e_perimentsonthepractical aspectsofadigitaleuroarenecessarytoe_aminethestrengthsandw

10、eaknessesof differentoptions. Lookingahead,weneedtobereadytointroduceadigitaleuro,shalltheneedarise.Fornowwemaintaintheoptionsopenastowhetherandwhenthisshouldhappen. Ourroleistosecuretrustinmoney.Thismeansmakingsuretheeuroisfitforthe digitalage.ChristineLagarde ECBPresidentFabioPataECBE_ecutiveBoard

11、MemberandChair oftheEurosystemHigh-LevelTaskForce onCentralBankDigitalCurrency(HLTF-CBDC)E_ecutivesummaryThisreporte_aminestheissuanceofacentralbankdigitalcurrency(CBDC)–the digitaleuro–fromtheperspectiveoftheEurosystem.Suchadigitaleurowouldbea centralbankliabilityofferedindigita

12、lformforusebycitizensandbusinessesfortheir retailpayments.Itwouldplementthecurrentofferingofcashandwholesale centralbankdeposits. Thepossibleadvantagesofadigitaleuroandtherapidchangesintheretailpayment landscapeimplythattheEurosystemneedstobeequippedtoissueitinthefuture.A digitaleurocouldsupporttheE

13、urosystemsobjectivesbyprovidingcitizenswith accesstoasafeformofmoneyinthefast-changingdigitalworld.Thiswouldsupport Europesdrivetowardscontinuedinnovation.Itwouldalsocontributetoitsstrategic autonomybyprovidinganalternativetoforeignpaymentprovidersforfastandefficient paymentsinEuropeandbeyond. Adigi

14、taleuromayevenbeeessentialinanumberofpossiblescenarios.For e_le,iftheuseofcashweretodeclinesignificantly,otherelectronicpayment methodsweretobeeunavailableowingtoe_tremeevents,orforeigndigital moneyweretolargelydisplacee_istingmeansofpayment. Intheabsenceofadigitaleuro,theEurosystemwouldneedtoidenti

15、fyalternative toolstorespondtothepossiblematerialisationofoneormoreofthesescenarios.For e_le,adeclineintheuseofcashasameansofpaymentcoulde_acerbate financiale_clusionforthe“unbanked”andforvulnerablegroupsinoursociety,forcing thecentralbanktointervene.Theintroductionofadigitaleurocouldaddressmultiple

16、 scenariosatonce,butitwouldhaveprofoundimplicationsforkeyareasofcentral banking,forthebroadereconomicandfinancialsystem,and,ultimately,forthelifeof Europeancitizens. AdigitaleurowouldalsosupportotherstrategicobjectivesoftheEurosystem.Itcould providestate-of-the-artpaymentservicesthatreflectpeoplesch

17、angingneedsand activelypromoteinnovationinthefieldofretailpayments,plementingprivate paymentsolutions.Itcouldincreasechoice,petitionandaccessibilitywithregard todigitalpayments,supportingfinancialinclusion. Apossibleroleforthedigitaleuroasatooltostrengthenmoarypolicyisnot identifiedinthisreport,butc

18、ouldemergeinthefutureonthebasisoffurtheranalysis orowingtodevelopmentsintheinternationalfinancialsystem.Finally,thedigitaleuro couldrepresentanoptionforreducingtheoverallcostsandecologicalfootprintofthe moaryandpaymentsystems. TheEurosystemwoulddesignthedigitaleuroinsuchawayastoavoidpossible undesir

19、ableimplicationsforthefulfilmentofitsmandate,forthefinancialindustryand forthebroadereconomy.Somedigitaleurodesignoptionscouldaffectthe intermediationfunctionofbanksandtheirfundingcosts,especiallyinsituationsof stress.Furthermore,somepotentialconfigurationsofadigitaleurocouldleadtoane_pansionofthesi

20、zeoftheEurosystemsbalancesheetandincreaseitse_posureto shocksandcouldgiverisetochallengesininternationalfinancialmarketsrelatedto largercapitalflows.However,theanalysisinthisreportindicatesthatbyfollowing appropriatestrategiesinthedesignofthedigitaleurotheEurosystemcanaddress thesechallenges. TheEur

21、osystemisconductingfurtheranalysistofullyunderstandthechallengesand benefitsthatcouldemergeasaresultoftheintroductionofadigitaleuro.Inparticular, wearee_aminingtheadvantagesandweaknessesofspecifictypesofdigitaleuroand howtheywouldmeettheneedsande_pectationsofEuropeancitizens,businesses andfinanciali

22、ntermediaries.Adigitaleurocouldbedesignedtoreplicatesomekey featuresofcashthatareusefulinthedigitaleconomy,suchastheabilitytomake offlinepayments.However,itshouldalsoprovideonlinepaymentcapabilitiesthat couldsupportthefulfilmentofthemandateoftheEurosysteminotherareas. Thisreportdeliberatelydoesnotad

23、vocateaspecifictypeofdigitaleuroanddoesnot reachconclusionsonissuessuchasthesetting-up,runningcostsorcostrecoveryof adigitaleuro.Anypotentialsolutionmustsatisfyanumberofprinciplesand requirementsthatareidentifiedinthisreport–includingrobustness,safety,efficiency andprotectionofprivacy&

24、ndash;whileplyingwithrelevantlegislation,including legislationonmoneylaunderingandthefinancingofterrorism. Ouranalysissuggeststhatmostofthedesirablefeaturesofadigitaleuroderivedfrom ouranalysisaremutuallypatibleandcanbebinedtomeettherequirements oftheEurosystemandofusers.Thereportfollowsapragmatic,p

25、olicy-oriented approachtoidentifytheessentialelementsofaneffectivedigitaleuro.First,wederive itscoreprinciples,whichmustfullyplywiththeEurosystemsmandate,policies andprinciples.Wethendetermineitsscenario-drivenrequirements,whichwould maketheintroductionofadigitaleuroconsistentwiththefulfilmentofthe

26、Eurosystemsobjectivesandtheneedsofpotentialusers.Finally,weidentifythe broadersetofgeneralrequirementsneededinallforeseeablescenariostoprotectthe Europeaneconomy,theEuropeanfinancialsystemandtheEurosystemfrom unwarrantedimplicationsarisingfromtheissuanceofadigitaleuro. Adigitaleurocouldalsosupportth

27、egeneraleconomicpoliciesoftheEuropeanUnion (EU).Itcouldsatisfytheemergingpaymentneedsofamoderneconomybyoffering, alongsidecash,asafedigitalassetwithadvancedfunctionalities.Thepublicsector mayprovetobebestplacedtoprovidethesafety,scale,levelofconvenienceand accessibilityneededtoallowcitizens,business

28、esandfinancialinstitutionsto participateinthedigitalpaymentmarket. WhiletheEurosystemwouldalwaysretaincontrolovertheissuanceofadigitaleuro, supervisedprivateintermediarieswouldbebestplacedtoprovideancillary,user-facingservicesandtobuildnewbusinessmodelsonitscoreback-end functionality.Amodelwherebyac

29、cesstothedigitaleuroisintermediatedbythe privatesectoristhereforepreferable. Thetechnicalimplementationofadigitaleuroneedstobethoroughlytestedandlegal considerationscarefullye_aminedbeforeanydecisionistakenonissuance.Implementationrequiresanewinfrastructure,perhapsbuildingonthee_isting Eurosysteminf

30、rastructureandincorporatingnewtechnology.Practical e_perimentationisnecessarytotestfunctionaldesignsandtoe_plorethetechnical feasibilityofdifferentoptions,aswellastheirabilitytosatisfytheneedsofprospective users.E_perimentalworkshouldaimatidentifyinganddevelopinga“minimumviable product”withthecharac

31、teristicsidentifiedinthereport. TheHigh-LevelTaskForceonCBDCwillcoordinatethise_perimentation,sothatthe resourcesoftheEurosystemareleveragedefficiently.Toensurethatmeaningful answersareobtainedtotheopenquestionsraisedinthisreport,towardsmid-2022 theEurosystemwilldecidewhethertolaunchadigitaleuroproj

32、ect,whichwouldstart withaninvestigationphase. TheEurosystemmustaddressanumberofimportantlegalconsiderationsrelatedtoa digitaleuro,includingthelegalbasisforissuance,thelegalimplicationsofdifferent designfeaturesandtheapplicabilityofEUlegislationtotheEurosystemastheissuer.AclosedialoguewithotherEurope

33、anauthoritiesandinstitutionsisnecessaryatan earlystageinordertoanalysethelegislativechangesthatwouldbeneededtoissuea digitaleuro. Feedbackfromfutureendusersandpotentialintermediariesisalsonecessary.Hence,theEurosystemwillsolicittheviewsofotherpublicauthorities,financial institutionsandsocietyatlarge

34、toassesstheneed,feasibilityandactualbusiness casesforadigitaleuro,withoutpre-emptingadecisiononissuance. 1 IntroductionTheEurosystemprovidessafemoneyandreliablemeansofpaymentstohouseholds, businessesandthebroaderfinancialsystemintheeuroarea.Bypursuingitstasksof maintainingmoaryandfinancialstabilitya

35、ndthesmoothoperationofpayment systems,itensuresthatmoneyandpaymentsserveEuropeansociety.Wehave alwaysbeenmittedtomaintainingconfidenceinourcurrency,whichhasmeant adaptingtheformofmoneyandpaymentservicesweprovidetothechangingwaysin whichpeoplespend,saveandinvest.1Thespeedofinnovationisacceleratingand

36、citizensshowanincreasingpreferencefor digitalpayments.Thisischangingthepaymentlandscape,raisingquestionsthatgoto theveryheartofourcorefunctions.Againstthisbackground,theGoverningCouncilof theEuropeanCentralBank(ECB)establishedaHigh-LevelTaskForceinJanuary 2022inordertoadvanceworkoncentralbankdigital

37、currencies(CBDC)intheeuro area.ThisreportpresentsthemainfindingsoftheTaskForce,whichanalysedthe possiblebenefitsandchallengesaswellasthelegal,functionalandtechnicalissues associatedwiththeintroductionofaCBDCintheeuroarea–i.e.adigitaleuro. Inthisreport,thetermdigitaleurodenotesaliabilityoft

38、heEurosystemrecordedin digitalformasaplementtocashandcentralbankdeposits.Theanalysisfocuses onthedesignofadigitaleuroforuseinretailtransactionsavailabletothegeneral public–thatis,includingcitizensandnon-bankfirms–ratherthanonlybeingavailable totraditionalparticipants(typicallyban

39、ks)inthelarge-valuepaymentsystem managedbythecentralbank. Theanalysiscoversthekeydimensionsofadigitaleuro,suchasthescenariosin whichitcouldhelptoachievetheobjectivesoftheEurosystem; 2theidentificationof viabledesignsandtheirassessment,withparticularreferencetotheapplicablelegal frameworkandtheimplic

40、ationsformoarypolicy,financialstabilityandthepayment system;andpossibleoptionsfortheunderlyinginfrastructureandthepracticaltesting ofsuchaninfrastructurebytheEurosystem. Thedigitalisationoftheeconomyandtechnologicalinnovationsareinfluencing consumerperceptionsofpaymentservicesandfuellinginterestinth

41、epossible issuanceofadigitaleuro.Centralbanksarethenaturalcandidatesforissuingadigital currency.Evenleavingasidelegalconsiderations(fore_le,thelegaltenderstatus1F orin st anc e, t heE urosy st emr espondedt ot echnologicalchangeandincreasingdemandf or muchf a st er payments byenhancingi ts in f ras

42、t ru ct ureandcr ea t ingt heTA R GET I n st a nt P ayment Set t lement ( TIPS) ser v icet oenablei nst antandco st -e ff icientpayments t hrougho ut E urope .2T hi s r epor t i s i nt endedt oasse ss whether t hein t rodu ct ionof adigi t aleuroc ouldf ul f ilr ele vant objec t i v es inanyof t hes

43、c enariosunder considera t io n, bu t i t doe s n ot asse ss whethert hi s wouldbet heopt imal sol ut ionin parisonwi t ho t heravailableo pt ion s.ofcentralbankliabilities)citizensplacethemostconfidenceindigitalmoneyissuedby theirdomesticmoaryauthority.3Moreover,thecurrentstatusandfastevolutionofth

44、epaymentsecosystemneedtobe borneinmind.First,thepublicperceptionofcashrelativetoelectronicpaymentsis changing.Cashremainsthedominantmeansofpaymentintheeuroareaasawhole, butitsuseisdeclininginsomecountries, 4andpreferencesmightchangerapidlyand une_pectedly.Forinstance,theCOVID-19crisisinducedashiftin

45、paymenthabits towardscontactlesspaymentsande-merce.5Second,accordingtorecentECB surveys,youngEuropeansmakee_tensiveuseofcashbuthaveapreferencefor electronicpaymentsande_pecttherelatedinfrastructuretoguaranteesafetyand speed.6Otherkeyissuesarethoseofconfidentiality,includingenhancedprivacyfor users,andconcernsrelatedtopotentialmoneylaunderingandterroristfinancing. Asregar