中央银行发行数字货币:发展方向和主要风险

Q3 Economics, Econometrics and Finance
V. Kuznetsova, O. Larina
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引用次数: 0

摘要

目前,许多中央银行已开始开发、研究和引入中央银行数字货币(CBDC)。由于缺乏足够的经验、潜在的问题和风险,因此开展相关研究以促进此类金融创新具有重要意义。本文分析了创建 CBDC 的项目。本文的目的是确定 CBDC 应用中尚未解决的方面,具体任务包括确定零售 CBDC 营销中的问题以及确定其产生的风险。作者采用了一般和特殊研究方法,包括比较分析和系统化。文章探讨了俄罗斯联邦卢布数字流通的前景。CBDC 的使用为数字经济的发展带来了巨大机遇,但其实际应用却充满风险。文章指出了第三种国家货币形式的风险:技术风险(包括环境风险)、经济风险、金融风险、社会风险和法律风险。作者认为,CBDC 的广泛使用意味着国家中央银行活动的转变,包括国家中央银行角色和职能的改变,并提供了几种可能的情况。作者认为,数字证券的广泛实际使用还需要解决一些尚未解决的问题,其中包括:缺乏对从一个用户向另一个用户转移过程中所有权转移机制的了解、明确的审慎监管以及对大数据分析的有效管理。此外,金融中介部门对金融科技创新的监管范围尚未确定;不同政府机构之间没有数据交换系统,无法及时、更准确地评估潜在风险;所需专家数量不足。在俄罗斯实施发行数字货币的举措时,这项研究对数字货币消费者和政府部门都很重要。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Central banks Digital Currencies Issuance: Development Directions and Key Risks
Currently, many central banks have begun to develop, study and introduce central bank digital currencies (CBDC). Due to the lack of sufficient experience, potential problems and risks’ research that can stimulate such financial innovations is relevant. The paper analyzes the projects for the creation of CBDC. The purpose of the paper is to identify unresolved aspects of the application of CBDC, and specific tasks include identifying the problems of the marketing of retail CBDC and the identification of the risks generated by them. The authors use general and special research methods, including comparative analysis and systematization. The article examines the prospects for digital ruble circulation in the Russian Federation. The use of CBDCs opens up enormous opportunities for the development of the digital economy, but their actual deployment is replete with risk. The article identifies the risks of the third form of national currency: technological (including environmental), economic, financial, social and legal. The authors consider that the widespread use of CBDC implies a transformation of the activities of national central banks, including a change in the role and functions of the national central bank, and provide several possible scenarios. The authors include among the unresolved problems that require solutions for the widespread practical use of digital securities: lack of understanding of the mechanism for transferring ownership during transfers from one user to another, clear prudential regulation, and effective management of big data analytics. Furthermore, the scope of regulation of the financial intermediation sector with regard to fintech innovations has not been defined; there is no system for exchanging data between different government agencies for a timely and more accurate assessment of potential risks; and the required number of specialists is not sufficient. The research can be important for both digital money consumers and authorities when the initiative to issue digital money in Russia is implemented.
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来源期刊
Finance: Theory and Practice
Finance: Theory and Practice Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
1.30
自引率
0.00%
发文量
84
审稿时长
8 weeks
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