(本文翻譯自 陳冲 央行數位貨幣(CBDC)疫後的戰略意涵 2021-06-11)
Fifteen years ago on Feb. 27th 2006 when I published an article about digital money in the newspaper column, I just never imagined splendor development of CBDC in various countries today. In that article I wrote “ Currency used to be metal based, now it is paper based, and in the future it may be card based or software based.” It might be just a fantasy when I wrote and our central bank might also think it not worth a glance. Looking back on the development recently, the list Central Bank Digital Currency Events compiled by Appacus Foundation from 2014 onwards alone has nine pages so far. How grand it is! Seeing the attitude of major central banks around the world in recent month, we probably have the chance to experience such a revolutionary moment in the history.
Over the years, I have many times called on the central bank to seize the opportunity of digital currency. Well, we can not be too harsh on those central bank friends long bothered by exchange rate issue. Most countries in the world didn’t pay much attention to the development either. Cryptocurrencies, although popular now, are ignored by central banks due to its dramatic value fluctuations. Not until Jun. 2019, when Facebook announced to launch Libra and that the participating members all have large customer base, did central banks started to feel the threat, condemn cryptocurrencies and begin to face up to stablecoin, the potential respectable opponent.
Let us first skip over PBoC, who has been working hard on CBDC (or DCEP) for over seven years. Less than ten days ago, the ECB released a report arguing that the issuance of CBDC will help enhance strategic autonomy in economic and financial matters and support the use of a currency in cross-border payments. Beforehand, ECB President Lagarde had publicly stated that the bank will focus on security, low transaction costs and compatibility with other services, and will issue digital euro within four years to increase the influence of the euro in the world.
J. Powell, Chairman of the FED, struggled for a long time, finally said on May. 21st that there would be a research report on CBDC this summer, and claimed that the government hopes to hear a wide range of voices before the decision. The US wants to play a vital role in formulating international standard for CBDC.
The above-mentioned ECB report is obviously more positive and timely than that of the US because on Jun. 7th, BOE released its second report, following the first one last year, discussing the cost-effectiveness and functionality of CBDC, and expressing affirmation that CBDC will improve the effectiveness of monetary policy. Of course, this report still emphasizes the security of digital currency. Whether the digital currency in UK will be stablecoins (cooperating with private sector) or the central bank’s CBDC still welcome opinions and suggestions. It is also another development after Cunliffe, Deputy Governor of BOE, gave speech in May to maintain public confidence, stating that the issuance of digital cash looks probable.
In contrast, Powell’s announcement seems somewhat implicit but he still utter clear words that are rarely seen in conservative central bank statement to declare that this summer’s report will focus on benefits and risks of CBDC. Powell doesn’t deny that the US Fed wants to play a leading role in setting international standard for CBDC and it’s generally expected that the US research report will come out in July. Now that the reports of the ECB and BOE are released consecutively, the US report may only come sooner. We can also see that statements of these countries obviously show their concerns for national strategy.
Taiwan has failed to deploy troops in advance of the vaccine R&D, procurement and injection. In terms of CBDC, already missing the preemptive opportunity fifteen years ago, as a technologically advanced country, we can’t not just sit still and find that we can’t even catch up with Ghana, who had announced to enter the advanced stage of CBDC a week ago!
(Released on Appacus Foundation, Jun. 11th, 2021)