零售央行数字货币技术的关键设计挑战与权衡

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本文档《零售角度的央行数字货币技术（英文）[2021-05-10]》深入探讨了中央银行发行零售级数字货币（Central Bank Digital Currencies, CBDC）的可能性与技术挑战。随着公众对数字货币的关注度日益增长，这篇17页的研究论文重点分析了在中央银行考虑发行CBDC给普通大众时，需要面对的技术设计要素。首先，文章指出零售CBDC旨在提供类似于现金的安全性和便利性，支持点对点支付。为了实现这一目标，CBDC必须具备高度的抗风险性和可访问性。技术设计的不同方案在满足这些属性上有所差异，这取决于它们是否涉及中介机构、采用传统的还是分布式基础设施、账户或令牌为基础的访问方式，以及是否支持跨境零售联系。关键的技术设计考量包括： 1. **中介还是去中心化**：传统CBDC通常通过金融机构作为中介，提供账户体系，而分布式架构则可能通过区块链技术实现，去除了中介，提高交易透明度和效率。 2. **账户 vs. 令牌**：账户模型要求用户有一个官方认可的数字身份，而令牌模型则更侧重于价值转移，无需用户拥有账户直接进行交易。 3. **隐私与执法**：保障用户隐私是设计的重要一环，但同时需要确保法律执行的有效性，这涉及到如何在技术层面上平衡数据保护和个人信息追踪的需求。 4. **跨境零售链接**：考虑到全球化的经济环境，设计需要允许无缝的国际交易，这涉及到技术的标准化和互操作性问题。 5. **技术选择与权衡**：文章详细分析了各种技术架构之间的内在权衡，如安全与速度、隐私与监管的要求等，并提出了设计选择的层次结构。研究者并未深入探讨CBDC的发行理由、系统性影响及其管理策略，而是聚焦于技术层面的具体设计讨论。因此，这篇论文为中央银行在制定零售CBDC战略时提供了实用的技术参考框架，对于理解数字货币政策和技术实施具有重要意义。

88 BIS Quarterly Review, March 2020

points of failure. Importantly, this decision can only be made once the architecture

has been decided upon, as DLT is only feasible for some operational setups. This is

why the choice of infrastructure lies in the pyramid’s second layer.

Two further consumer needs are easy, universal access and privacy by

default.

From a technical perspective, there is an underlying trade-off between

privacy and ease of access on the one hand and ease of law enforcement on the

other. The associated design choice – the pyramid’s third layer – is whether access

to the CBDC is tied to an identity system (ie an account-based technology) or

instead via cryptographic schemes that do not require identification (ie an access

technology based on so-called digital tokens).

The final consumer need we consider is that CBDCs should also enable cross-

border payments. At a design level, this could be arranged via technical connections

at the wholesale level that are built on today’s systems. Alternatively, novel

interlinkages could be envisaged at the retail level, ie allowing consumers to hold

foreign digital currencies directly. Importantly, the means of implementing the latter

option would depend on whether the CBDC was account- or token-based. This is

why this design choice belongs in the top layer of the pyramid.

Architecture: indirect or direct claims, and the operational

role for the central bank

The CBDC pyramid’s bottom layer is the legal structure of claims and the respective

operational roles of the central bank and private institutions in payments. Our

analysis starts with an overview of possible technical architectures for CBDCs. In all

three architectures shown in Graph 2, the central bank is, by definition, the only

party issuing and redeeming CBDC. We note that all three architectures could be

either account- or token-based, and might run on various infrastructures. These

choices are discussed below.

The key differences here are in the structure of legal claims and the record kept

by the central bank. In the “indirect CBDC” model (Graph 2, top panel), the

consumer has a claim on an intermediary, with the central bank keeping track only

of wholesale accounts. In the “direct CBDC” model (centre panel), the CBDC

represents a direct claim on the central bank, which keeps a record of all balances

and updates it with every transaction. The “hybrid CBDC” model (bottom panel), is

an intermediate solution providing for direct claims on the central bank while

allowing intermediaries to handle payments.

Consider first the indirect CBDC model (top panel). This term is used by Kumhof

and Noone (2018), and is equivalent to the “synthetic CBDC” in Adrian and Mancini-

Griffoli (2019). This model is also known as the “two-tier CBDC” for its resemblance

to the existing two-tier financial system; a token-based variant is proposed as a

“multi-cell CBDC” in Ali (2018). For consumers, this type of CBDC is not a direct

claim on the central bank. Instead, the intermediary (labelled “CBDC bank” in

Graph 2 for its close resemblance to a narrow payment bank) is mandated to fully

back each outstanding indirect CBDC-like liability to the consumer (labelled “ICBDC”

Privacy here means that the consumer’s data are used only in steps strictly necessary for the

specific purpose of determining whether a transaction is lawful and, if this the case, executing it. “By

default” implies that privacy is ensured without requiring any intervention by the user.

Electronic copy available at: https://ssrn.com/abstract=3561198

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