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China's central bank digital currency and its impacts on monetary policy and payment competition: Game changer or regulatory toolkit?

机译:中国的央行数字货币及其对货币政策和支付竞争的影响:游戏更换者或监管工具包?

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摘要

After carrying out some preparatory work for several years, China is likely to issue central bank digital currency (CBDC). Built upon the relevant experience and research in other countries, China has been carefully designing its own version of digital currency and issuance mechanism with a purpose of not disrupting financial intermediation. Nevertheless, it still leaves some residual issues unanswered, in particular, the narrow bank concern and application scenarios. While this article proposes to use interest rates as a policy solution to mitigate the narrow bank concern, the ultimate success of CBDC still depends on market competition. China's CBDC, while initially being used as a regulatory toolkit to compete with other digital currencies, has potential to become a game changer once used in a large scale. (C) 2021 Wei Shen and Liyang Hou. Published by Elsevier Ltd. All rights reserved.
机译:在进行几年的筹备工作后,中国可能发布央行数字货币(CBDC)。 根据其他国家的相关经验和研究建立,中国一直在仔细设计其自身版本的数字货币和发行机制,目的是不扰乱金融中介。 然而,它仍然留下了一些剩余问题,特别是狭隘的银行关注和应用方案。 虽然本文提出利用利率作为减轻银行令人担忧的政策解决方案,但CBDC的最终成功仍取决于市场竞争。 中国的CBDC,而最初被用作与其他数字货币竞争的监管工具包,可能成为一个大规模使用的游戏更换器。 (c)2021魏沉和溧阳侯。 elsevier有限公司出版。保留所有权利。

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