央行對數位新台幣（CBDC）的態度到底為何？從中英論述看起！

【原文】

Taiwan’s Central Bank Governor Yang Chin-long（楊金龍）spoke about the progress in developing a central bank digital currency (CBDC).

【單字&佳句】

In light of economies becoming increasingly digitalized, with more financial innovation and decreasing use of cash, the cryptocurrency boom has become a focus of central banks around the world — and Taiwan is no exception.
因為 because of

Yang said that phase 2 of the study is underway.
正在進行 happening now

Yang emphasized in his speech that there is no first-mover advantage for the technology and its development should not become a competition among countries. What matters is to ensure that the rollout meets domestic needs.
先行者優勢 the competitive advantage gained by the initial significant occupant of a market segment
首度推行 first time launching proposals, laws, information, products or services

Latecomers could take cues from first movers’ experience, implement better risk-mitigation mechanisms and build a more comprehensive digital currency ecosystem.
後進者 people who arrive late
參考、效法、借鏡 take notice of previous words or behavior as a reference
風險減緩、風險抵免機制 mechanisms for lowering risks

The launch of a CBDC needs to be carefully designed and give the financial system time to adjust and provide safeguards.
保護 protection

Moreover, it is vital that the central bank continues testing the technology, so that whenever public consultations and policy discussions reach a conclusive result, Taiwan can launch a CBDC that people can use as a cash substitute without a second thought.
公眾諮詢 one of the key regulatory tools employed to improve transparency, efficiency and effectiveness of regulation, achieved by interacting with interested members of the public
毫不猶豫 not hesitating at all

【大綱＆心得】

這篇 Taipei Times 的社論文章主要在說台灣央行總裁楊金龍公開對中央銀行數位貨幣（CBDC）的整備狀況，他講完不久十一月初就出了央行專題報告，從中可以一窺央行對未來「數位新台幣」的態度，蠻有趣的。

央行報告引用了國際清算銀行（BIS）與美、加、英、歐、日、瑞 士、瑞典 7 家主要國家央行共同訂定的三項「CBDC 基本原則」，如果我們仔細看看 BIS 原文跟央行的解釋，會發現：台灣央行相較於國外央行，其實採非常保守謹慎的態度。

這三項原則分別為：無害（do no harm）、共存（coexistence）、創新與效率（innovation and efficiency）。一起解讀 BIS 與央行對這三項原則的解釋後，便可看出端倪。

BIS: “Do no harm”. New forms of money supplied by the central bank should continue supporting the fulfillment of public policy objectives and should not interfere with or impede a central bank’s ability to carry out its mandate for monetary and financial stability. For example, a CBDC should maintain and reinforce the “singleness” or uniformity of a currency, allowing the public to use different forms of money interchangeably.

央行：央行首要承諾 CBDC 的發行，須能確保對公共政策目標的執行是「無害」的，至少不會干擾或阻礙央行執行貨幣穩定與金融穩定的職責。特別是銀行體系的存款貨幣是信用創造的來源， 而 CBDC可能會影響銀行既有的支付業務，並使銀行存款流失；尤其在危機發生期間，CBDC 對銀行存款流失的影響可能更甚，因為 CBDC「數位擠兌」（digital runs）速度更快，使銀行面臨更為嚴峻的流動性風險。因此，如何在符合大眾需求及維持金融中介間取得平衡，避免影響金融穩定，將是 CBDC 要面臨的挑戰。

哈哈！有沒有發現 BIS 只是提醒說 CBDC 要維持央行貨幣的一致性，並可與其他貨幣互相兌換，但台灣央行一連舉出兩個 CBDC 可能造成的危機（使銀行存款流失與嚴峻的流動性風險），央行的護子之心不言而喻！（畢竟銀行們都是央行的孩子嘛）我們來看看下一個：

BIS: ”Coexistence”. Central banks have a mandate for stability and proceed cautiously in new territory. Different types of central bank money – new (CBDC) and existing (cash, reserve or settlement accounts) – should complement one another and coexist with robust private money (eg commercial bank accounts) to support public policy objectives. Central banks should continue providing and supporting cash for as long as there is sufficient public demand for it.

央行：支付體系的便捷是建構在多元的支付工具選擇 上，發行 CBDC 的目的不是要取代其他形式的貨幣或支付工具，而是要與既有的現金、商業銀行貨幣、信用卡、金融卡、電子支付等多種工具「共存」互補，以應用於更多樣的支付場域。現行歐美日等主要經濟體及台灣的支付均是多元發展，CBDC 的推出要如何與這些支付工具共存、 互通與公平競爭，也是將來要面臨的挑戰。

這一點兩者解釋方式倒沒有太大的差異，但你看到最後一項會大吃一驚。

BIS: ”Innovation and efficiency”. Without continued innovation and competition to drive efficiency in a jurisdiction’s payment system, users may adopt other, less safe instruments or currencies. Ultimately this could lead to economic and consumer harm, potentially damaging monetary and financial stability. The payments ecosystem is comprised of public authorities (in particular the central bank) and private agents (eg commercial banks and payment service providers). There is a role for the public and private sectors in the supply of payment services to create a safe, efficient and accessible system. Private economic agents should generally be free to decide which means of payment they use to conduct their transactions.

央行：可程式化（programmable）貨幣可能是未來創新的重點；此外，現行金融體系跨境支付涉及中間轉匯行，處理程序較複雜且費用高，CBDC 可能是一種改善方案。創新雖開啟發展 CBDC 的機會，但如為金融、 經濟體系帶來風險，並損害大眾對央行貨幣的信任， 這樣 CBDC 的潛在效益也無從彰顯，所以必須在確保「無害」與「共存」前提下，「創新與效率」方具實質意義。

BIS 大概是說：公部門與私部門是共榮共好的，應該一同促進創新與效率的支付環境。而央行雖然一開始肯定創新的優點，但最後卻結尾在：不准損害原本金融機構、多元支付方式必須存在，之後我們再來談創新。

BIS 偏向肯定創新，央行希望的是有條件的創新；BIS 的三項原則並列，但央行把創新與效率放在最後。Taipei Times 文章寫道 ”The question is no longer whether Taiwan should issue a digital currency, but when it should do so.” 但我個人分析完央行態度，覺得⋯⋯不好說啊！國家政策涉及層面廣泛，怎麼決定都有好有壞，我們且走且看！（學習跟央行一樣的態度 XD）