[20200320]IF11471_金融创新：中央银行数字货币.pdf

https:/crsreports.congress.gov March 20, 2020Financial Innovation: Central Bank Digital CurrenciesCertain observers assert that private digital currenciessuch as Bitcoin, Ethereum, and the Facebook-proposed Libracould become widely accepted forms of payment. In response, some analysts suggest central banks should issue central bank digital currencies (CBDCs) to maintain government-issued moneys central economic role. Although no major central bank has issued a CBDC to date, this In Focus describes how foreign central banks and the Federal Reserve (Fed) are approaching the issue. It also examines policy issues raised by a CBDC. Background Traditional electronic payment systems enable the transfer of fiat currency (i.e., money backed by government decree) and are operated by banks and central banks that record transfers between accounts on private ledgers. Although these systems generally offer fast, convenient, and safe payment options, they involve significant costs, physical infrastructure, and sometimes delays. In recent years, privately issued digital currenciesthat is, money that has no physical form and is not supported by any government authorityhave been developed, but have