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    Title: 中央銀行數位貨幣跨境支付系統的路徑選擇——以批發型數位人民幣為中心
    Path Selection of Central Bank Digital Currency Cross-Border Payment Systems - Focusing on Wholesale e-CNY
    Authors: 蔡沐霖
    Contributors: 臧正運
    王文杰
    蔡沐霖
    Keywords: 中央銀行數位貨幣
    跨境支付
    互操作性
    跨境支付系統構建
    國際監理合作
    人民幣國際化
    Central Bank Digital Currency
    Cross-border payment
    Interoperability
    Cross-border payment system construction
    International supervision cooperation
    Internationalization of the Renminbi
    Date: 2024
    Issue Date: 2024-09-04 14:30:02 (UTC+8)
    Abstract: 中央銀行數位貨幣（CBDC）可以改善傳統跨境支付所面臨的速度慢、成本高、訪問受限和透明度不足等問題，自2016年以來，全球主要金融機構和部分中央銀行開始了對CBDC跨境支付的相關理論研究和實驗測試。在各國相繼構建自己的CBDC系統的前提下，如何實現系統間的互操作性成為CBDC跨境支付系統構建的關鍵問題，對此國際金融機構提出了相關理論框架，全球不同國家和地區也合作進行了相關實驗。
    文章重點梳理了批發型CBDC的國際發展軌跡，包括不同國家和地區在CBDC領域的合作項目，深入分析BISIH和SWIFT在CBDC跨境支付系統構建中的角色定位和實踐進展，推論目前批發型CBDC跨境支付系統的構建呈現出雙軌並行的趨勢。
    基於支付系統的網路效應和全球金融格局未來可能出現的巴爾幹化，選擇參與哪一條路徑，或將成為國家參與CBDC跨境支付系統構建的重要考量目標。文章進一步以中國大陸的批發型數位人民幣為核心，對其路徑選擇從角色定位到實踐進展進行多維度分析，提出未來中國人民銀行可能做出的路徑選擇，並為其後續在技術標准和法律監理框架上所需做的努力提出建議。
    Central Bank Digital Currencies (CBDC) have the potential to resolve the challenges associated with traditional cross-border payments, such as low speed, high costs, limited access, and insufficient transparency. Since 2016, major global financial institutions and some central banks have embarked on theoretical researches and experimental trials concerning CBDC in cross-border transactions. Under the premise that each country is building its own CBDC system, how to achieve interoperability between systems has become a key issue in the construction of CBDC cross-border payment systems. In response, global financial organizations have proposed relevant theoretical frameworks, and collaborative experiments have been conducted by countries and regions worldwide.
    This article provides an in-depth review of the international trajectory of wholesale CBDC development, encompassing collaborative projects across different nations and regions within the CBDC domain. It meticulously examines the roles and practical advancements of BISIH and SWIFT in establishing CBDC cross-border payment systems, and infers a current trend towards a dual-track parallel development model for wholesale CBDC systems.
    Based on the network effect of the payment system and the possible Balkanization of the global financial landscape in the future, choosing which path to participate in may become an important consideration for countries in the construction of CBDC cross-border payment systems. The article further analyzes the path selection of China's e-CNY from role positioning to practical progress in multiple dimensions, and puts forward the possible path choices that the People's Bank of China may make in the future. In the end it suggests efforts needed in technical standards and legal supervision frameworks.
    Reference: 一、中文部分（依姓氏筆劃排序）
    （一）專書
    1.姚前、陳華，數字貨幣經濟分析，1版，中國金融出版社，2018年。
    （二）期刊論著
    1.宋科等，雙邊貨幣互換能夠推動人民幣國際化嗎——兼論匯率市場化的影響，中國工業經濟，7期，頁35，2022年。。
    2.范一飛，中國法定數字貨幣的理論依據和架構選擇，中國金融，17期，頁11，2016年。
    3.郎平，央行數字貨幣跨境支付系統：模式、風險及其治理之探，金融監管研究，3期，頁43-59，2024年。
    4.林樂芬、王少楠，「一帶一路」建設與人民幣國際化，世界經濟與政治，11期，頁89，2015年。
    5.馬紅霞，全球央行數位貨幣的發展現狀、運行風險及趨勢預測，湖湘論壇，5期，頁1-10，2023年。
    6.姚前，數字貨幣與銀行帳戶，清華金融評論，7期，頁63-67，2017年。
    7.姚前，中央銀行數字貨幣原型系統實驗研究，軟件學報，29期，頁2716-2732，2018年。
    8.姚前、湯瑩瑋，關於央行法定數字貨幣的若干思考，金融研究，第7期，頁83-84，2017年。
    9.陳偉光、明元鵬，國家金融安全視角下SWIFT系統與央行數字貨幣：發展路徑於邏輯關係，經濟學家，2期，頁56，2023年。
    10.劉媛，央行數字貨幣跨境支付系統：研發進展、構建挑戰及法制因應，39卷7期，頁103-120，2023年。
    11.劉瑾，中國人民銀行法定數字貨幣探索，清華大學國家金融研究院研究報告，9期，頁3，2017年。
    12.楊榮海、李亞波，全球央行數字貨幣競爭現狀與數字人民幣的發展策略，5期，頁46-56，2023年。
    13.趙越強、徐迎迎、李小平、洪勇，多邊央行數字貨幣安排：發展動因、運行機製與應用前景，國際貿易，4期，頁81-88，2023年。
    14.鐘紅、于夢揚，央行數字貨幣對全球跨境支付體系的影響，新金融，10期，頁49，2023年。
    （三）研究報告
    1.中國人民銀行數字人民幣研發工作組，中國數字人民幣的研發進展白皮書，頁7-9，2021年。
    2.中國人民銀行，2023年人民幣國際化報告，頁6，2023年。
    3.《中華人民共和國國民經濟和社會發展第十四個五年規劃和2035年遠景目標綱要》，頁45，可見於https://www.gov.cn/xinwen/2021-03/13/content_5592681.htm?dt_dapp=1 （最後瀏覽日：2024年7月7日）
    （四）網路資料
    1.中國人民銀行行長周小川等就“金融改革與發展”答問，中國人大網，2018年3月9日，http://www.npc.gov.cn/zgrdw/npc/zhibo/zzzb36/node_9654.htm（最後瀏覽日：2024年7月7日）。
    2.王蕙蓉，多邊央行數字貨幣橋項目五大發起方齊聚北京：討論了啥？釋放了什麼信號？澎湃新聞，2023年7月23日，https://www.thepaper.cn/newsDetail_forward_23711530 （最後瀏覽日：2024年7月7日）
    3.央行就“金融改革與發展”答記者問，新華網，2018年3月9日，http://www.xinhuanet.com/politics/2018lh/zb/20180309a/index.htm（最後瀏覽日：2024年7月7日）。
    4.杜燕飛，數字人民幣（試點版）APP來了 已上架各大應用商店，人民網，2022年1月4日，http://finance.people.com.cn/n1/2022/0104/c1004-32323727.html（最後瀏覽日：2024年7月7日）。
    5.張明，數字貨幣如何助推人民幣國際化，北大金融評論，15期，可見於https://hfri.phbs.pku.edu.cn/2023/fifteenth_0508/2098.html （最後瀏覽日：2024年7月7日）。
    6.張莫，央行：加快推進我國法定數字貨幣研發，經濟參考報，2019年8月5日，http://www.jjckb.cn/2019-08/05/c_138283558.htm（最後瀏覽日：2024年7月7日）。
    7.鄒傳偉，對2020年以來G20改進跨境支付工作的綜述，上海金融與發展實驗室，2024年2月1日，https://www.shifd.net/yanjiu/detail/9663.html（最後瀏覽日：2024年7月7日）。
    8.劉錚、王文迪，央行：爭取早日推出數字貨幣，中國政府網，2016年1月20日，https://www.gov.cn/xinwen/2016-01/20/content_5034823.htm（最後瀏覽日：2024年7月7日）。
    9.劉曉春，什麼是SWIFT？美歐為何能用SWIFT發起制裁，澎湃新聞，2022年2月28日，https://www.thepaper.cn/newsDetail_forward_16878594 （最後瀏覽日：2024年7月7日）
    10.數字人民幣APP上架2週年：已推出28個版本，體驗不斷完善，新浪財經，2024年1月4日，https://finance.sina.com.cn/money/bank/bank_hydt/2024-01-05/doc-inaamksk3195514.shtml（最後瀏覽日：2024年7月7日）
    11.新浪財經，央行李偉：法定數字貨幣標準建設的三個成效和三個方向，新浪網，2021年4月2日，https://finance.sina.com.cn/china/bwdt/2021-04-02/doc-ikmyaawa4025893.shtml （最後瀏覽日：2024年7月7日）
    二、英文部分
    （一）期刊論著
    1.Brian Wong, The Era of Financial Balkanization, Yale Journal of International Affairs, Vol. 18:1, Dec. 12, 2022.
    2.Cheng-Yun Tsang1 & Ping-Kuei Chen, Policy Responses to Cross-border Central Bank Digital Currencies - Assessing the Transborder Effects of Digital Yuan, Capital Markets Law Journal, Apr. 14, 2022.
    3.Cheng-Yun Tsang & Ping-Kuei Chen, Global Financial Order at a Crossroads- Do CBDCs Lead to Balkanisation or Harmonization? Journal of Financial Transformation, Vol. 59, Nov. 18, 2023, Page 7, Available at SSRN: https://ssrn.com/abstract=4636943.
    4.Dale Satre, Weaponized Interdependence, Payment Systems, and Distributed Ledger Technologies: Examining Policy Challenges and Opportunities in Financial Infrastructure, Mar. 21, 2024, page 30. Available at SSRN: https://ssrn.com/abstract=4798504 or http://dx.doi.org/10.2139/ssrn.4798504.
    5.George Danezis & Sarah Meiklejohn, Centrally Bank Cryptocurrencies, May. 26, 2015, page 2, DOI: https://doi.org/10.48550/arXiv.1505.06895.
    6.Heng Wang & Simin Gao, The future of the international financial system:The emerging CBDC network and its impact on regulation, Regulation and Governance, Apr. 11, 2023.
    （二）研究報告
    1.ABS & MAS, Project Ubin phase2, Re-imaging Interbank Real-Time Gross Settlement System Using Distributed Ledger Technologies, Nov. 14, 2017.
    2.Anneke Kosse & Ilaria Mattei, Making headway – Results of the 2022 BIS survey on central bank digital currencies and crypto, BIS Papers, Jul. 10, 2023.
    3.Bank of Canada et al., Central bank digital currencies: Foundational principles and core features, BIS Other Publications, Oct. 10, 2020.
    4.BISIH, Using CBDCs across borders: lessons from practical experiments, BIS Innovation Hub other publication, Jun. 21, 2022.
    5.BISIH et al., Central bank digital currencies for cross-border payments - Report to the G20, BIS Other Publications, Jul. 8, 2021.
    6.BISIH et al., Project Jura: cross-border settlement using wholesale CBDC, BIS Innovation Hub projects, Dec. 8, 2021.
    7.BISIH et al., Project Dunbar: international settlements using multi-CBDCs, BIS Innovation Hub projects, Mar. 22, 2022.
    8.BIS et al., Options for access to and interoperability of CBDCs for cross-border payments, Report to the G20, Jul. 10, 2022.
    9.BISIH et al., Project mBridge: connecting economies through CBDC, BIS Innovation Hub other publication, Oct. 26, 2022.
    10.BISIH et al., Exploring multilateral platforms for cross-border payments, CPMI publications, Jan. 18, 2023.
    11.BISIH, Project mBridge update: experimenting with a multi-CBDC platform for cross-border payments, Oct. 31, 2023.
    12.BOC & MAS, Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies, Jasper-Ubin Design Paper, May. 2, 2019.
    13.CPMI, Enhancing cross-border payments: building blocks of a global roadmap, Jul. 13, 2020.
    14.CPMI & MC, Central Bank Digital Currencies, CPMI Publications, Mar. 12, 2018.
    15.ECB & BOJ, Payment Systems: liquidity saving mechanisms in a distributed ledger environment, Sept. 6, 2017.
    16.FSB, Enhancing Cross-border Payments-Stage1 report to the G20, FSB Publications, Apr. 9, 2020.
    17.FSB, G20 Roadmap for Enhancing Cross-border Payments: Priorities for the next phase of work, FSB Publication, Oct. 10, 2022.
    18.Hong Kong SAR Center et al., Inthanon-LionRock to mBridge, Building a multi CBDC platform for international payments, BIS Innovation Hub other publication, Sept. 28, 2021.
    19.Morten Bech & Rodney Garratt, Central bank cryptocurrencies, BIS Quarterly Reviews, Sept. 17, 2017.
    20.Noriyuki Yanagawa & Hiromi Yamaoka, Digital Innovation, Data Revolution and Central Bank Digital Currency, Bank of Japan Working Paper Series, Feb. 19, 2019.
    21.PMPG, Central Bank Digital Currency Paper for Swift, Oct. 10, 2023.
    22.Raphael Auer, Philipp Haene & Henry Holden, Multi-CBDC arrangements and the future of cross border payments, BIS papers, Mar. 19, 2021.
    23.SWIFT, Exploring central bank digital currencies: How they could work for international payments, May. 11, 2021.
    24.SWIFT, Connecting digital islands: CBDCs Results of Swift experiments interlinking CBDC networks and existing payment systems to achieve global interoperability, Oct. 4, 2022.
    25.SWIFT, Connecting digital islands: Swift CBDC sandbox project, Mar. 10, 2023.
    26.SWIFT, Connecting digital islands: Swift CBDC sandbox project-Phase 2, Mar. 25, 2024.
    27.Walter Engert & Ben S. C. Fung, Central Bank Digital Currency: Motivations and Implications, Bank of Canada, Stuff Discussion Paper 2017-16, Nov. 7, 2017.
    （三）演講
    1.Bank of England, One Bank Research Agenda, BIS Central Bankers’ Speeches, Feb. 27, 2015.
    2.Bend Broadbent, Central banks and digital currencies, BIS Central Bankers’ Speeches, Mar. 3, 2016.
    （四）網路資料
    1.Bank of Canada, Digital Canadian Dollar，at https://www.bankofcanada.ca/research/digital-currencies-and-fintech/projects/ (last visited on Jul. 7, 2024)
    2.BISIH, Project mBridge reaches minimum viable product stage and invites further international participation, BISIH projects, June 13, 2024, available at https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm (last visited on Jul. 7, 2024)
    3.BOC & MAS, Central Banks of Canada and Singapore conduct successful experiment for cross-border payments using Distributed Ledger Technology, at https://www.mas.gov.sg/news/media-releases/2019/central-banks-of-canada-and-singapore-conduct-successful-experiment-for-cross-border-payments (last visited on Jul. 7, 2024)
    4.ECB, Progress on a digital euro, Preparation phase-part 1, at https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202406.en.html#toc11 (last visited on Jul. 7, 2024)
    5.Dani Kahil, Envisioning To Delivery - POC, Prototypes, Pilots and MVP, at https://danikahil.com/2021/01/envisioning-to-delivery-poc-prototypes.html (last visited on July 7, 2024)。
    6.MAS, Project Ubin’ s Fifth and Final Phase highlights commercial potential, paving way towards live adoption, at https://www.mas.gov.sg/news/media-releases/2020/project-ubin-fifth-and-final-phase-highlights-commercial-potential-paving-way-towards-live-adoption (last visited on Jul. 7, 2024)
    7.SWIFT, Swift offers secure financial messaging services to CIPS, at https://www.swift.com/news-events/press-releases/swift-offers-secure-financial-messaging-services-cips (last visited on July 7, 2024)
    Description: 碩士
    國立政治大學
    法律學系
    106651066
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106651066
    Data Type: thesis
    Appears in Collections:[Department of Law] Theses

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