CBDC央行數位貨幣：動機與架構設計
－瑞典與中國個案研究

近年來，尤其是臉書倡議一項超主權貨幣天秤幣(Libra)計畫之後，中央銀行數字貨幣(CBDC)引起了公眾和監管機構的關注。流通現金的減少、私營企業電子貨幣的蓬勃發展以及穩定代幣的出現是中央銀行積極籌備發行CBDC的主要驅動力。融合國家信用與新型態分散式帳本技術(Decentralized Ledger Technology, DLT)提供各國央行發展更具彈性與配合未來多重政策目標的CBDC。大多數國家從批發CBDC開始實驗，爾後於過去兩年逐漸轉向設計本國零售CBDC方案，以替代部分實體現金、提升本國支付便利性和實踐普惠金融。學術文獻和中央銀行已辨識出CBDC的主要屬性並提供概念性發行框架。可用性、匿名、移轉機制、計息、限制或上限是發行良好CBDC應考量的特徵。出於金融穩定，雙層結構是最常見的選擇，中央銀行將充當發行人，商業銀行將幫助向公眾分發CBDC。本文中將瑞典（e-krona）和中國（人民幣DC / EP）列為兩個案例研究國家，主因其領先發展地位和文化比較性。自2019年以來，越來越多的國家加入央行數位貨幣探索行列，使其在數字時代繼續保有公眾對央行的信任。央行數位貨幣有潛力未來成為關鍵的金融基礎架構，支持相關創新和高效率跨境交易。

關鍵字

央行數位貨幣；天秤幣；人民幣；穩定幣；雙層結構；分散式帳本

並列摘要

Central bank digital currency (CBDC) has caught public and regulatory attention in recent years, particularly after Facebook initiates a bold super sovereign currency project called Libra. Declining cash in circulation, thriving digital money adoption from private firms as well as emergence of stable coins are among main drivers to propel central banks’ proactive preparation for CBDC issuance. New decentralized ledger technology (DLT) on the back of sovereign credit empowers central banks to develop more flexible CBDC for multiple policy objectives. Most countries started with wholesale CBDC experiment while switching into designing own retail CBDC in past 2 years for partial substitute for physical cash, domestic payment efficiency and financial inclusion orientation. Literature and central banks have identified key CBDC attributes and provided conceptual issuance framework. Availability, anonymity, peer-to-peer transfer, interest-bearing and limits or caps are notable CBDC features. Two-tier structure is the most common choice for financial stability reason. Central bank will act as issuer and commercial banks will help distribute CBDC to the public. In this paper, Sweden (e-krona) and China (Renminbi DC/EP) are two case study countries due to their leading status and culture comparison. Since 2019, more countries have joined the CBDC exploration for maintaining public trust in central bank in ever digital era. CBDC has the potential to become a critical layer-one infrastructure supporting financial innovation and efficient cross-border transaction.