從主要國家中央銀行的視角下看數位貨幣發展概況、 影響及前景展望

Abstract

自2009年比特幣問世以來,私人發行的虛擬貨幣的發展極為迅速,而且價格波動顯著，引起國際金融機構和技術公司都紛紛投入數位貨幣的研發,並已取得一定進展。比特幣這個暴漲暴跌的虛擬貨幣，就像是一種賭場(casino)中的籌碼，它的價格完全是市場炒作出來的結果，當雲霧散去，投資人終究是要認清「一場遊戲，一場夢」的真相。 在這一背景下,幾個主要經濟體的央行紛紛開始研究央行發行數位貨幣，儼然是要以政府的立場來發行官方版的比特幣。本文試圖探討是甚麼考量促使這些國家要發行央行數位貨幣，以及其他主要國家對央行發行數位貨幣的態度。並在對比特幣的底層技術區塊鏈(Blockchain)及分散式帳簿技術(Distributed Ledger Technology; DLT）進行了解後,探索央行數位貨幣(Central Bank Digital Currency; CBDC)的發行概念與設計架構。

Since the advent of bitcoin in 2009, the rapid development of privately-issued virtual currencies and the significant fluctuations in prices have caused both international financial institutions and technology companies to invest in digital currency research and development and have made some progress. Bitcoin, the soaring virtual currency, is like a chip in a casino. Its price is entirely the result of speculation in the market. When the cloud is dispersed, investors eventually need to recognize the truth is Bitcoin is only 'a game or a dream”. In this context, the central banks in several major economies have started to study the issuance of digital currencies by the central bank one after another, just as it is to release the official version of bitcoin from the government's standpoint. This article attempts to explore the considerations that motivated these countries to issue central bank digital currencies(CBDC) and the attitudes of other major countries to the issuance of central bank digital currencies. And based on the understanding of the Bitcoin underlying technologies – the Blockchain and Distributed Ledger Technology (DLT)，to explore the distribution concept and design architecture of the Central Bank Digital Currency (CBDC).