央行对数位新台币（CBDC）的态度到底为何？从中英论述看起！

【原文】

EDITORIAL: Bank-backed e-cash vital to Taiwan

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

【单字&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.
因为because of

Yang said that phase 2 of the study is underway .
正在进行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.
先行者优势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.
后进者people who arrive late
参考、效法、借镜take notice of previous words or behavior as a reference
风险减缓、风险抵免机制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 .
保护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.
公众咨询one of the key regulatory tools employed to improve transparency, efficiency and effectiveness of regulation, achieved by interacting with interested members of the public
毫不犹豫not hesitating at all

【大纲＆心得】

这篇Taipei Times 的社论文章主要在说台湾央行总裁杨金龙公开对中央银行数位货币（CBDC）的整备状况，他讲完不久十一月初就出了央行专题报告，从中可以一窥央行对未来「数位新台币」的态度，蛮有趣的。

央行报告引用了国际清算银行（BIS）与美、加、英、欧、日、瑞士、瑞典7 家主要国家央行共同订定的三项「CBDC 基本原则」，如果我们仔细看看BIS 原文跟央行的解释，会发现：台湾央行相较于国外央行，其实采非常保守谨慎的态度。

这三项原则分别为：无害（do no harm）、共存（coexistence）、创新与效率（innovation and efficiency）。一起解读BIS 与央行对这三项原则的解释后，便可看出端倪。

无害（do no harm）

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：央行首要承诺CBDC 的发行，须能确保对公共政策目标的执行是「无害」的，至少不会干扰或阻碍央行执行货币稳定与金融稳定的职责。特别是银行体系的存款货币是信用创造的来源， 而CBDC可能会影响银行既有的支付业务，并使银行存款流失；尤其在危机发生期间，CBDC 对银行存款流失的影响可能更甚，因为CBDC「数位挤兑」（digital runs）速度更快，使银行面临更为严峻的流动性风险。因此，如何在符合大众需求及维持金融中介间取得平衡，避免影响金融稳定，将是CBDC 要面临的挑战。

哈哈！有没有发现BIS 只是提醒说CBDC 要维持央行货币的一致性，并可与其他货币互相兑换，但台湾央行一连举出两个CBDC 可能造成的危机（使银行存款流失与严峻的流动性风险），央行的护子之心不言而喻！ （毕竟银行们都是央行的孩子嘛）我们来看看下一个：

共存（coexistence）

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：支付体系的便捷是建构在多元的支付工具选择上，发行CBDC 的目的不是要取代其他形式的货币或支付工具，而是要与既有的现金、商业银行货币、信用卡、金融卡、电子支付等多种工具「共存」互补，以应用于更多样的支付场域。现行欧美日等主要经济体及台湾的支付均是多元发展，CBDC 的推出要如何与这些支付工具共存、 互通与公平竞争，也是将来要面临的挑战。

这一点两者解释方式倒没有太大的差异，但你看到最后一项会大吃一惊。

创新与效率（innovation and efficiency）

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）货币可能是未来创新的重点；此外，现行金融体系跨境支付涉及中间转汇行，处理程序较复杂且费用高，CBDC 可能是一种改善方案。创新虽开启发展CBDC 的机会，但如为金融、 经济体系带来风险，并损害大众对央行货币的信任， 这样CBDC 的潜在效益也无从彰显，所以必须在确保「无害」与「共存」前提下，「创新与效率」方具实质意义。

BIS 大概是说：公部门与私部门是共荣共好的，应该一同促进创新与效率的支付环境。而央行虽然一开始肯定创新的优点，但最后却结尾在：不准损害原本金融机构、多元支付方式必须存在，之后我们再来谈创新。

结语

BIS 偏向肯定创新，央行希望的是有条件的创新；BIS 的三项原则并列，但央行把创新与效率放在最后。 Taipei Times 文章写道”The question is no longer whether Taiwan should issue a digital currency, but when it should do so.” 但我个人分析完央行态度，觉得⋯⋯不好说啊！国家政策涉及层面广泛，怎么决定都有好有坏，我们且走且看！ （学习跟央行一样的态度XD）