Jon Cunlife：数字英镑Jon Cunlife：数字英镑

Page1Page2Publishedon07February2023SpeechetodaypublishedasanPaperthereportoftheBankofEnglandHMTreasuryTaskforceonthefthethinkingbehindthereportandthenextstepsweproposeenttrendsitislikelythataretailgeneralpurposedigitalcentralnkcurrencyadigitalpoundwillbeneededintheUKThiswouldbeanewdigitalformofnessesforeverydaypaymentsalinfrastructureprojectthatwouldtakeseveraltionsforthewayweectorandtheeconomyingeneralTheTaskforcesconclusionisthatwearenotyetatapointwhereafirmdecisioncanbemadetoimplementadigitalpound.willnowproceedtothenextstageofdetailedpolicyandtechnicaldevelopmentofthedigitalngthedevelopmentofatechnicalblueprinthisstagewilltakearoundtwotothreeyearsfollowingwhichadecisionwillbemadewhetheroritalpoundintheUKTheworkoverthenextolaunchshouldthedecisionattheendofthisstagebetoimplementthedigitalpoundintheUKwhichcouldthenbeintroducedinthesecondhalfofthedecade.hedevelopmentofatechnicalitalpoundwewillworkcloselywithprivatesectortexperimentationaswellasonthedevelopmentoftheblueprintPage3opmentworkwillhaveimportantbenefitsforboththetheeventualdecisionisnottointroduceadigitalpoundothenextstageweneedclarityaboutthemodelofadigitalpoundtobedtodaysetsoutforconsultationthekeyfeaturesofthemodelweproposetotakeforward.ThereportisaccompaniedbyaTechnologyWorkingPaperthatsetsoutanaccompanyingillustrativeconceptualmodelandseeksfeedbackonpotentialapproachestokeytechnologyconsiderations.tendantgyrationsandfailureshasreceivedinrecentyears,itisperhapsunderstandable,thatthedigitalpoundcanbeconfusedinpeoples'mindswithcryptoassetssuchasbitcoinIshouldtakethisopportunitytocorrectthismisapprehension.ruthiveassetswhosevalueisextremelyvolatilebleandnotusedforgeneralpaymentpurposesOnecanthinkofthemasmoreakintoabeteasafetrustedformofmoneyacceptedfortionsbyhouseholdsandfirmsinthesamewayasBankofEnglandnotesaretisofcoursepossiblethatsomeofthetechnologiesdevelopedinthecryptoworldmightnlaterthereisalargerangeoftechnologiesthatarenowunderconsideration.Whyisadigitalpoundlikelytobeneeded?ThereareanumberofconsiderationsbehindourassessmentthatadigitalpoundislikelytobetrendsinthewayweusemoneytomakepaymentsandthepotentialofemergingdigitaltechnologiesandsecondonthepublicpolicyresponsenecessarytoensureinnovationandcompetitioncanflourishwithoutdisingthesafetyanduniformityofthemoneyweuseintheUKocialconventionbasedontrustthatallowsustostoretransferandsettleobligationsweholdoneachotherinsociety.It’ssafeandefficientoperationis,ashistoryhasundamentaltosocialandeconomicstabilityTheformsthatmoneytakesandthengdemandsofevermoresophisticatedandcomplexeconomies.However,trustinmoneyisthebedrockonwhichthatinnovationisbuilt.ueaphysicalformofmoneytothepublicbanknotesandcoinsotherwiseknownascashPrivatecommercialbanksissuepredominantlydigitalmoneyintheformofelectronictransfersbetweenbankdepositaccounts[3].Page4akepaymentsInthemid-1960s,mostworkerswerepaidweeklyincash,andaround70%ofthepopulationdidnothaveabankaccountVeryfewhadaccesstocreditordebitcards.Consequently,foreveryoffundsthatpeopleheldtomakepaymentsoverathirdwouldbeheldascash.Nowadays,lessthan5%isheldascash.Even15yearsago,60%oftransactionsintheUKusedphysicaloughforeverydaytransactionsdigitalisationofeverydaylifehastransformedthewayweusemoney.Privatecommercialbankmoneyaccountedforofthepaymentsmadebythepublic.Withinthat,debitandcreditcardtransactionsaccountedfor69%oftransactions.ContactlesspaymenthasmadesuchmucheasierforeverydaylifeAndthegrowthofinternetcommercehasrequiredtheuseofdigitalmoney.esandsocialtrendswillplayoutowthofamassiveandhefunctionalityofthesmartphoneecentlyseenduringthepandemicwouldtransformdailylivesmentswillendwiththestatusquo.Therearealreadyinexistencenewdigitaltechnologiesthatarebeingappliedtothedigitalrepresentation,transferandstoringofmoneylikeobligations.Theseoffertheprospectofnewpossibilitiesinthewaymoneyandpaymentscanbeconfiguredtointeractwithdigitalprocesses.lecouldenablethedevelopmentofsmartcontractswhichcarryoutspecificactionsbasedonpre-definedactionsandconditions[5].playershavealreadybeensuccessfulinprovidinginnovativepaymentservices.Lookingforwardawiderangeofnonbankpaymentfirms,includingbigtechsandsomeplayersfromthecryptouniverse,arebecomingincreasinglyinterestedinthepossibilitiesofthesenewtechnologiesinmoneyandpayments.gitalpoundislikelytobeneededisgroundedfirstintheviewthatfurtherseandfurtherdevelopmentinthedigitalisationofmoneyandpaymentsislikelyandsecondintheviewthatthesedevelopmentsraiseimportantquestionstowhichtheBankofnmentshouldrespondAsfarasthedeclineofcashisconcerned,theimmediateresponseistomakesurecashwillPage5toproduceitandtheGovernmentistakingpowersundertheFinancialServicesandMarketsBilleBankofEnglandandFCAnewpowerstoensurethefutureeffectivenessresilienceabilityofthecashecosystemssuedbythestateforgeneralusewillbecomeincreasinglylessusefulanduseableandnkingrelevancetoalargepartofthepopulationNorcanweignorethelikelihoodthatwewillseetheemergenceofnewformsofmoney,offeringnewpossibilitiesandissuedbynewaswellasestablishedplayers.owwecancontinuetoensureredenominatedinSterlingremainsafeandthatmoneywithoutlossofvalueingpubliclyissuedBankofEnglandmoneythatissuemoneybyrequiringbankstosettleamongstthemselvesinBankofEnglandmoney(i.e.BankofEnglandrivatemoneytobeexchangeableforBankofEnglandprovisionofBankofEnglandmoneytothepublicandreservemoneytocommercialbanksyofmoneyintheUKOurmentsinpaymentsandmoneywillmakeitlikelythatalongsideeedadigitalpoundissuedbytheBankofEnglandtoperformthisTheexperienceofdigitalisationisthatnewproductsandservicesenabledbynewtechnology,canbeadoptedrapidlyatscale.TheGovernmenthasidentifiedseveralcharacteristicsofdigitalmarketsthatmayleadtoconcentration.Suchcharacteristicsincludenetworkeffects,economiesofscaleandscopeanddataadvantageswhichcanactasbarrierstoentryThissuggeststhattheentofprivatemoneyissuancecouldtendtowardsasmallnumberoffirmstakingasignificantmarketshare.vativeproductsandservices,theycandamageconsumerchoice,competitionandinnovation.Dominantissuersofnewformsofprivatedigitalmoneymaycreate‘walledgardens’-paymentsystemsthatestrictthedevelopmentbysmallerfirmsofpaymentservicesusingAdigitalpoundissuedbytheBankofEnglandwouldprovideanalternative,public,digitalmoney-anopenplatformwhichwouldbeavailabletoalldevelopersofnewdigitalpaymentservices.Moreover,ifdesignedappropriately,adigitalpoundcouldcomplementandsupportnewformsofprivatedigitalmoneyandpaymentservices,forexamplebyactingasthe‘bridgingasset’betweenPage6rentplatformsenablingconvertibilityByestablishingtechnicalstandardsavailabletoallitcouldhelpensureinteroperabilitybetweendifferentplatforms.Ourassessmentisthatadigitalldhelpensurecompetitionandinnovationanddriveefficiencyinpayments.reotherimportantpotentialbenefitsThereisscopeforinnovationtogeneratefurtherefficienciesinpayments,allowingforfasterand/orcheaperpayments.ThatimprovementmightbetedbynewtechnologiesandnewentrantstopaymentsmarketsofferingnewfunctionalitiesForexample,smallandmedium-sizedmerchantspayfarhigherfeesforacceptingcardpaymentsctlybycustomerstheymayfeedintohigherpricesintheeconomyoverall.Andcross-bordertransactionsinparticularareoftenThedigitalpoundcouldalsocomplementexistingfinancialinclusioninitiatives,forexampleifitfflinepaymentsItcouldwithinternationalcooperationpresentanopportunitytoimprovecrossborderpaymentsAndbyprovidingahighlyresilient,alternativeeinforcetheoverallresilienceoftheUKpaymentssystemTheseionsareexploredmorefullyinthepaperwehavepublishedtodayThemodelforadigitalpoundncurrenttrendsadigitalpoundwouldhavebenefitsandisarenotatpresentatapointatwhichafirmdecisioncouldbetakentoimplementthedigitalpound.Furtherwork,especiallydetailedtechnicalexplorationanddevelopmentisnecessarytoassessthefeasibilityandcostofcfinancialinfrastructureprojectWeexpectthisintensiveexplorationandtechnicaldevelopmentphasetotakearoundthreeyears.ldafirmdecisionbetakeninthefuturetoimplementthedigitalpoundsothatadigitalpoundcouldbeintroducedinthesecondhalfofthedecade.AndduringseemoreevidenceofhowthecurrenttrendsandchangesinhwillhelptoinformafuturedecisionityaboutthemodelofthedigitalpoundwewishWehavetodaysetoutthatmodelindetailforconsultationWeareseekingindustryandpublicviewsonthekeydesignchoicesthatdeterminethemodel.TheConsultationPaperisaccompaniedbyaTechnicalWorkingPaperwhichsetsoutourcurrentthinkingontherelevanttechnologyandseeksfeedbackontheapproachesweproposetoconsider.hemostimportantdetailsofwhatwepropose.Page7Weenvisagethedigitalpoundasapartnershipwiththeprivatesector.TheBankwouldprovideructureincludingthecoreledgerPrivatesectorfirmswhichcouldbebanksorapprovednon-bankfirms–wouldprovidetheinterfacebetweentherastructureandusersbyofferingwalletsandpaymentservicesTheseprivatecompanieswouldbeabletointegratethedigitalpound,asthesettlementasset,intotheservicesrsdnotconstitutenkNorwouldtheytotheBanksinfrastructureAllofthedigitalpoundswouldbeheldontheBankofEngland’scentralledger.ementwithindustryandthepublicWeigitalpoundwouldhavethesameorstrongerprivacyprotectionsasbankaccountsdebitcardsorchequeswhicharenowusedfor85%oftransactionsintheeconomy.ndtransactionrecordswouldbeknownonlytotheirprivatesectoryareforbankaccountproviderstodayandsubjecttothesameprivacyprotectionsButindividuals’detailsandrecordswouldnotbeknownbytheprotectingagainstfraudandfinancialcrime.nstrumentlikecashbutphysicalcashwouldremainavailabletothosewhowantedtouseit.uldprogramadigitalpoundorrestricthowitwasspenteprivatesectortoprovideprogrammabilityfeaturesforusers.Thosefeatureswouldrequireuserconsent.taccountsnointerestwouldbepaidonadigitalpoundItspurposewouldbeasameansoftransaction-tomakeandreceivepayments-ratherthanasasavingsproductNordoweseethedigitalpoundasamonetarypolicyinstrumentandassuchitwouldlikecashhaveneitherpositivenornegativeremuneration.Inour2021DiscussionPaperon‘NewFormsofDigitalMoney’,weexploredthefinancialstabilityrisksandimpactonthebankingsectoroftheemergenceofnon-bankdigitalmonies.Modellingofanillustrativescenariosuggestedthatretaildepositoutflowsintodigitalmoneywouldaffectngandcouldleadtohigherbanklendingratesalthoughtheimpactwasexpectedtobemodest.Thismodellingwasbasedonassumptions,settobehighlycautious[9],abouttheinessesmightwanttoholdandhencethescaleofpossibleoutflowsfromretailbankdeposits.Page8Wecannotofcourseknowexantehowhouseholdsandbusinesseswouldrespondtoadigitalomanagefinancialyrisksinitiallyatanyratethedigitalpoundwouldneedtobedesignedinawaythatenabledsomerestrictionstobeplacedonamountanindividualorbusinesscouldhold.Weproposealimitofbetween£10,000and£20,000perindividualastheappropriatebalancebetweenmanagingrisksandsupportingwideusabilityofthedigitalpound.Alimitof£10,000wouldmeanthatthreequartersofpeoplecouldreceivetheirpayindigitalpounds,whilea£20,000limitwouldallowalmosteveryonetoreceivetheirpayindigitalpounds[10],keepingthebankingsystembroadlywithintheassumptionssetoutintheBanksearliermodellingwork.Weare,asIhavesaid,alsoseekingfeedbackonthetechnicalapproachesforsuchamodelofthedigitalpoundTheTechnologyWorkingPaperaccompanyingtheConsultationPapersetsoutentaryconceptualmodelconsistingofacoreledgerAPIlayeranalyticsandaliasservice.ThecoreledgeroperatedbytheBankmightbecentralised,runningasatraditionaldatabase,oritmightuseDistributedLedgerTechnology(whetherablockchainorhenextphaseofworkludingforexamplewhichprivacyenhancingtechnologiesmightsupportourpolicyobjectiveswhatfeaturesofanAPIforthedigitalpoundwouldbestenableinnovativeusecasesThedigitalpoundwithinadigitalpaymentslandscapesandhouseholdstransactionsmightsitalongsideawholesalecentralbankdigitalcurrencyprivatelyissueddigitalmoney,andalsoalongsidecentralbankdigitalcurrenciesissuedbyotherjurisdictions.Onthequestionofa‘wholesaleCBDC’thefirstpointtoemphasiseisthatfortheBankthisisnotonbotheytocommercialbanksintheformofBankofEnglandreserves.alforwholesalefinancialtransactionstotakeplaceatlowercost,higherspeedandwithgreaterresilience.Inmanycasesthesameconsiderationsaroundthepotentialbenefitsofnewtechnologicalapproaches,forexamplethedeploymentofsmartcontracts,atomicsettlementorpotentialresiliencebenefits,lytothewholesaleworldHowever,wholesalemarketsdifferfromretailinseveralrespectsandadigitalpounddesignedforarketsOurviewisthatforsuchPage9icklyandeffectivelyallowfornewformsofdigitalrepresentation,the‘tokenisation’,ofcentralbankmoneytobeusedinfinancialtransactions.Thereisnowagreatdealofexperimentationinthisareaamongcentralbanks,includingtheBankofEnglandandwithintheprivatesector.Someoftheapproachesproposedwouldinvolvearparticularlythelargefinancialfirmsthatalreadyhaveaccesstoyinthetokenisationandtransferofcentralbankmoneyntsaretestingthefeasibilityofnetworksofcentralbankdigitalcurrencysystemsforcrossborderwholesaletransactions2].BankislookingparticularlyathowwecanexploitthecapabilitiesofthenewRTGSsystemwearebuildingwiththenewcoreRTGSsettlementenginelaunchinginWeareexaminingfeaturesthatcouldmakeiteasiertoconnecttotheRTGSservice,includingabroaderrangeofavailabilitywithnearoperationandsynchronisationoftheRTGSsystemwithotherledgersincludingthoseusingdistributedledgertechnologyandtokenisationofassets[13].Atthesametime,theBankofEnglandisworkingwiththeFCAandHMTtoestablishasandboxtoexploreinnovativeformsofdigitalsettlementofwholesalefinancialmarkettransactions.WeareCentre,atexperimentstolookatthepotentialforimprovedsettlement.Allofthisworkwillproceedalongsidethenextphaseofdevelopmentoftheretaildigitalpound.etechnicalworkinthisphasewillprovideinsightsthatwillbeofsignificantvaluetoourworkonthefuturedigitalisationofwholesalefinancialmarkets.evelopmentofthedigitalpoundwillalsobenefittheBanksworkonprivatesectorstablecoins[14].TheFinancialServicesandMarketsBill(2023)providespowersfortheBankofEnglandtoregulatestablecoinsusedinsystemicpaymentsystemsintheUK.AswithwholesaleCBDC,thisisnotaquestionofwhetherwehaveadigitalpoundissuedbytheBankofEnglandorprivatesectorstablecoinsissuedbyprivatesectorfirmsInafuturepaymentslandscape,therecouldbeopportunitiesforprivatelyissuedstablecoins,regulatedtothesamestandardsasweregulateotherformsofprivatelyissuedmoney.Weenvisagethatthesecouldoperatealongsidethedigitalpoundandalongsidecommercialbankmoneyandcash.ThedigitalpoundcouldactasabridgingassetbetweendifferenttypesofdigitalmoneyandestablishstandardsforinteroperabilityAndcruciallytherequirementforprivatelyissueddigitalmoneytobeexchangeableondemandandatparforBankchangeabilityanduniformityofmoneyintheUK.rosstheglobeareexploringtheissuanceofacentralbankdigitalPage10Thereisclearlyagreatopportunityandagreatneedforinternationalcooperationinthisarea.Interoperabilitybetweennationalandregionalcentralbankdigitalcurrenciescouldbringsubstantialbenefitsbyreducingthecostandfrictionsincrossborderpayments.Atthesametime,therearebroadermacro-economicandgeopoliticalissuesthatneedtobeconsidered.ueswithinternationalcounterpartsthroughketInfrastructuresCPMIthroughtheGtheGandFSBandthroughclosecooperationwithasmallgroupofadvancedsConclusionperandaccompanyingTechnologyWorkingPapermarkstheassessmentthatadigitalpoundissuedbytheBankofEnglandislikelytobeneeded;thenextarytoenableafirmdecisiontobetakeninthefutureonwhethertoimplementthedigitalpound;andconsultsonthemodelwenowproposetodevelop.asurywillthenreviewtheresponsesandconsiderwhetherchangestotheproposedmodelareublishourresponsetotheconsultationgewithprivatesectorfirmsandotherstakeholdersonthenextstageofworkticularlythroughcollaborationwiththeprivateproofsofconceptThisworkwillsupportthefeasibilityoftheproposedmodeltherefinementoftheassociatedtechnicalrequirementsandthedevelopmentofatechnologicalcethatwillallowustoevaluatethefeasibilityandcostsofdevelopingadigitalpound.Thiswillbethekeystoneofourassessmentofwhetherornottoproceedtobuild.LTOurtechnologyworkingpapersetsouthighlevelrequirementsforaledger,andmakesclearthatinprinciplethesecouldprivateorpublic,willbeimportanttoensureitisappropriatelyconsidered.Wewillbeputtinginplacethecapabilitiesandmechanismstoincreaseourtechnologyexpertise,andtoenhanceourgwithDLTtechnologyprovidersandthoseseekingtodeployDLTinfinanceboththroughtheFMISandboxandthedigitalpounddesignphase.romawiderangeofviewsandexpertceonthedigitalpoundThisconsultationisanimportantelementinthatregardasisthehwillcontinuecietyWehaveseensignificantchangesinrecentyearsandcurrentggestthatwearelikelytoseefurthermajorchangeastechnologyandthedigitalisationofeverydaylifeadvance.TheproposalssetouttodayaredesignedtoensurethattheUKiswellplacedtotakeadvantageDovileNaktinyteZakiSaidSimonScorer,DannyRussell,MichaelYoganayagamandCormacnBenBroadbentVictoriaCleland,AndrewHauserandTomMuttonfortheircomments.1.Tofunctionmoneyreliesonasharedunderstandingthattherelevantinstrumentcanbeusedtocalibrate,exchange,storeandsettleclaims.Forfurtherdiscussiononthispointseerecentspeeches‘It’sTimetoTalkaboutMoney’(2020)and‘DoWeNeedPublicMoney(2021)’.2.TheBankofEnglandalsoissuesreservestofinancialinstitutions.ThisisaformofwholesalemoneythatallowsregulatedfirmstoholdclaimsontheBankofEngland.3.OnlytheBankofEnglandissuesbanknotesinEnglandandWales,butsixbanksinScotlandandNorthernIrelandalsoissuebanknotes,backedlargelybyassetsattheBankofEngland.SeeScottishandNorthernIrelandbanknotes|BankofEnglandandtheScottishandNorthernIrishBanknotesRegulations(2009)forfurtherdetails.4.ThePaymentsofWagesAct1960,asamendedbytheTruckAct.5.Someexamplesofprogrammablefunctionalitymightinclude:instantaneouscurrencyexchangeswithreducedsettlementrisk;moreefficientrealestatepurchaseswherebyallparties’transactionsareexecutedsimultaneouslybyasmartcontract;oranautomatedpaymentmadebyavehicleatatollbooth.6.FinancialServicesandMarketsBill(2023).InDecember2022,theBankofEnglandpublishedaconsultation,closingon10February,settinghowitintendstousethesenewpowers.7.SeeforexampleHaldane,A.:‘SeizingtheOpportunitiesfromDigitalFinance’(2020).8.WorldBank(2022)–RemittancesPricesWorldwideQuarterly.9.TheIllustrativeScenarioassumeddemandforthedigitalpoundwasaround20%ofretailandbusinessdeposits,whichwasequivalenttonearlyalltransactionaldepositsinthebankingsystem.Thisassumptionisparticularlycautiousforhigherinterestrateenvironmentswhendepositswouldbeexpectedtopayholderssomewhatmoreinterestthanan(unremunerated)digitalp