法兰西银行：批发型中央银行数字货币实验报告（EN）.docx

WHOLESALE CENTRAL BANK DIGITAL CURRENCY EXPERIMENTS WITH THE BANQUE DE FRANCE Results key findings November 2021 Wholesale Central Bank Digital Currency experiments with the Banque de France Wholesale Central Bank Digital Currency experiments with the Banque de France PAGE 10 Contents Executive summary 3 Rationale 5 Two main use cases 9 A wholesale CBDC could help to ensure the safe development of tokenised financial markets by preserving the pivotal role of central bank money 9 Issuing a wholesale CBDC could help to improve cross-border and cross-currency payments 12 Two additional key technical findings 17 Central banks can retain control over a wholesale CBDC issued on distributed ledger technology 17 Different technical options are available for efficiently implementing a wholesale CBDC on distributed ledger technology 18 Conclusion 21 Executive summary The ongoing digitalisation of financial markets and payments brings the promise of substantial benefits through improvements in the functioning and efficiency of the financial system. However, this movement also comes with new challenges and potential risks for users, consumers and investors. In order to continue to fulfil their public objectives of monetary stability and financial stability while promoting sustainable innovation, central banks are considering issuing a new form of central bank money (CeBM), called Central Bank Digital Currency (CBDC), which can be used for retail or wholesale payments. Meanwhile, the financial industry has been exploring the opportunities of new technologies, such as Distributed Ledger Technologies1 (DLT) with a view to tokenising traditional financial instruments, i.e. designing a digital representation of rights and circulating them on a network in the form of tokens. More generally, the landscape for payments is rapidly shifting, at both the retail and wholesale level. Along with the rise of new technologies such as DLT, new crypto-assets are emerging – includi