央行數位貨幣之風險與監理

Risks and Regulatory Supervision of Central Bank Digital Currencies

本文研究核心為央行數位貨幣（CBDC）之風險與監理問題。首先央行數位貨幣之發展背景與基本概念，並就全球主要經濟體於此一領域之發展進行回顧與分析。並說明CBDC之多種發行模式、研發動機以及其在零售與批發型CBDC之考量與應用。CBDC應用新興科技於貨幣所帶來之金融風險中，可能對金融穩定、隱私權和個人資料保護、跨境支付、交易互通性，以及系統安全等方面帶來風險。例如在特殊之CBDC應用環境下，可能發生例如黑天鵝事件，須以離線支付進行因應，亦衍生風險。故CBDC如能落實，需事先就相應之問題評估，並以研發技術與監理因應。其中包括發行機構和監理機關之確立、與虛擬資產的互通風險以及國際合作和監理規則的統一等。本文旨在研究央行數位貨幣之風險，以更有效地管理與監管CBDC之落實，著重控制相關風險和建立健全監理機制之重要性。

The gist of this article is on the risks and regulatory challenges associated with Central Bank Digital Currencies (CBDCs). Initially, this article provides an introduction to the developmental background and fundamental concepts of stablecoins and CBDCs; a review and analysis of the progress made in this domain by major global economies. The article elucidates the various issuance models of CBDCs, the motivations for issuance, and the underlying reasons and applications in both retail and wholesale CBDCs. In terms of the monetary and financial risks posed by the application of emerging technological to CDBCs. The article highlights potential risks to financial stability, privacy rights, personal data protection, cross-border payments, transaction interoperability, and system security. Specific risks associated with unique CBDC usage scenarios, such as black swan events and the need for offline payment solutions, are also discussed, underscoring the potential risk implications. In light of the risks associated with the implementation of CBDCs, a prior evaluation of the corresponding challenges is necessitated, with a focus on research, technological development, and regulatory responses. This encompasses issues related to the establishment of issuing authorities and regulatory bodies, the risks of interoperability with virtual assets, and the imperative for international cooperation and the harmonisation of regulatory rules. The primary aim of this article is to investigate the risks associated with Central Bank Digital Currencies, to facilitate more effective management and regulation of their implementation. This underscores the importance of controlling related risks and establishing robust regulatory mechanisms.