BIS：創新中心-Jura項目進展報告 - 使用批發CBDC 的跨境結算（27頁）.pdf

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1、 PROJECT JURA Cross-border settlement using wholesale CBDC Project Jura2 FOREWORD Project Jura was conducted by the Banque de France, the BIS Innovation Hub and the Swiss National Bank in collaboration with a group of private sector firms based on an open call for applications. It is part of a serie

2、s of wholesale CBDC experiments initiated by the Banque de France in2020 and continues the experimentation conducted by the Swiss National Bankand the BIS Innovation Hub under Project Helvetia. “With the great success of Jura, the wholesale CBDC experiment programme launched by the Banque de France

3、in 2020 is now completed. Jura demonstrates how wholesale CBDC can optimise crosscurrency and crossborder settlements, which are a key facet of international transactions.” SylvieGoulard, Deputy Governor, Banque de France “Project Jura confirms that a well designed wholesale CBDC can play a critical

4、 role as a safe and neutral settlement asset for international financial transactions. It also demonstrates how central banks and the private sector can work together across borders to foster innovation.” Benot Cur, Head, BIS Innovation Hub “As a small open economy, Switzerland requires efficient an

5、d robust crossborder payment and settlement arrangements. Project Jura explores how distributed ledger technology can be successfully leveraged to map out how futureproof crossborder settlement between financial institutions could look like.” Andra M Maechler, Member of the Governing Board, Swiss Na

6、tional Bank Project Jura3 REMARKS FROM THE PRIVATE SECTOR CONSORTIUM Accenture, Credit Suisse, Natixis, R3, SDX and UBS with support from Heuking, Linklaters and OCTO Technology are proud to have participated in Project Jura together with the Banque de France, BIS Innovation Hub and the Swiss Nation

7、al Bank. Project Jura advances further the frontier of knowledge about DLTenabled wholesale CBDC (wCBDC) and is expected to make a significant contribution towards laying the foundations for possible wCBDC adoption. wCBDC is about diversification in payments and the emergence of an alternative centr

8、al bank medium of exchange that may offer new functionalities and utilities. It promotes safe and efficient settlement of domestic and international financial transactions. Our consortium recognises the opportunities brought by wCBDC to meet actual and future payment and settlement needs and facilit

9、ate the emergence of more direct international financial relations. Theforeign exchange market in particular could be a key beneficiary by migrating towards outright exchanges in wCBDC where trade execution, payment and settlement may become a single transaction, while mitigating risks and increasin

10、g efficiency. This could help to reduce the fragmentation of liquidity in correspondent banking globally and to promote the international use of central bank money. The use of wCBDCs in the context of securities transactions could also enhance the operational efficiency of primary and secondary mark

11、ets and extend the safety of central bank money to new financial market infrastructures, freeing up bank capital. The group greatly values continued publicprivate partnerships in working towards developing solutions and improving the global financial ecosystem. Project Jura advances the private sect

12、ors commitment towards the use of CBDC for payments and settlements. It builds on projects such as Helvetia with the Swiss National Bankand the BIS Innovation Hub, Ekrona with the Riksbank, Khokha2 with the South African Reserve Bank, Jasper with the Bank of Canada and Ubin with the Monetary Authori

13、ty of Singapore. Project Jura4 EXECUTIVE SUMMARY The global financial system needs better and more diverse payment and settlement arrangements to meet current and future demands. Existing arrangements are often slow, expensive, potentially risky and complex as they involve numerous intermediaries an

14、d financial market infrastructures. A new generation of infrastructures, based on distributed ledger technology (DLT), is emerging and several central banks are exploring use cases for wholesale central bank digital currency (wCBDC) with a view to potentially supporting a safe tokenised financial ec

15、osystem. These novel technologydriven approaches may offer greater choice and competition in terms of crossborder payments and settlements, also by broadening access to central bank money for regulated financial institutions. Project Jura explored the direct transfer of euro and Swiss franc wCBDCs b

16、etween French and Swiss commercial banks on a single DLT platform operated by a third party. Tokenised asset and foreign exchange trades were settled safely and efficiently using payment versus payment (PvP) and delivery versus payment (DvP) mechanisms. Theexperiment was conducted in a nearreal sett

17、ing, used realvalue transactions and met current regulatory requirements. Issuing wCBDC on a thirdparty platform and giving nonresident financial institutions direct access to central bank money raises intricate policy issues. Jura explores a new approach including subnetworks and dualnotary signing

18、, which may give central banks comfort to issue wCBDC on a thirdparty platform and to provide nonresident financial institutions with access to wCBDC. The project complements the ongoing G20work on crossborder payments. Specifically, it contributes to the building blocks on PvP adoption, multilatera

19、l platforms and CBDC by extending access to the safety of central bank money for crossborder settlements. Theproposed solution design not only addresses existing deficiencies but could also open up new approaches to conducting international financial transactions, including foreign exchange, securit

20、ies and other financial instruments. Jura is a publicprivate collaboration involving the Banque de France (BdF), the BIS Innovation Hub (BISIH) Swiss Centre and the Swiss National Bank (SNB) and a consortium led by Accenture and comprising Credit Suisse, Natixis, R3, SIX Digital Exchange (SDX) and U

21、BS. It leveraged the test environment of a DLTbased Swiss licensed exchange and central securities depository for tokenised assets (SDX), and a newly developed issuance platform for unlisted commercial papers under French law (the Digital Asset Registry, DAR). Both platforms are based on Corda by R3

22、. It is essential for central banks to remain uptodate with technological developmentsthat could potentially enhance the functioning of the financial system. Project Jura shows how collaboration between central banks and the private sector, based on an open call for applications, can shed light on t

23、he potential of tokenisation and DLT in crossborder settlements. While the experiment demonstrates the technical feasibility of using wCBDCs for this purpose, the decision will rest with individual central banks as to whether and how they will further explore the issuance of wCBDC. Project Jura5 ACR

24、ONYMS, ABBREVIATIONS AND TERMS Atomic settlement Transfer of two transaction legs so that the transfer of one transaction legoccurs if and only if the transfer of the other transaction legalso occurs Banks Shorthand for financial institutions or multinational financial services firms with access to

25、an account at a central bank BdF Banque de France BIS Bank for International Settlements BISIH BIS Innovation Hub CBDC Central bank digital currency Corda DLT technical platform by R3 CPMI Committee on Payments and Market Infrastructures Crossborder settlement The exchange of assets or currencies be

26、tween financial institutions domiciled in different jurisdictions CSD Central securities depository CLS Continuous Linked Settlement DAR Digital Asset Registry a new DLT based registry for tokenised commercial papers issued under French law (NEU CP) DLT Distributed ledger technology DvP Delivery ver

27、sus payment FINMA Swiss Financial Market Supervisory Authority FoP Free of payment FSB Financial Stability Board FX Foreign exchange MC Markets Committee Hash time locked contract A smart contract that facilitates transfers across ledgers NEU CP Negotiable European Commercial Paper. In the experimen

28、t, the NEU CP is issued in tokenised form. Offshore settlement The exchange of domestic assets or currencies between foreign financial institutions abroad PvP Payment versus payment Resident and nonresident banks Resident bank refers to banks with some specified form of authorised establishment with

29、in a domestic currency area, including banks with local branches but primarily regulated elsewhere. By contrast, nonresident banks have no such establishment (CPSS (2003). RTGS Realtime gross settlement individual and transactionbytransaction settlement for interbank payment systems SDX SIX Digital

30、Exchange a licensed exchange and CSD for tokenised assets SIC Swiss Interbank Clearing Swiss RTGS system SNB Swiss National Bank SWIFT Society for Worldwide Interbank Financial Telecommunications a global provider of financial messaging services TARGET2 TransEuropean Automated Realtime Gross Settlem

31、ent Express Transfer System the euro zones RTGS system. In the report, depending on the context, “TARGET2” stands either for the TARGET2Banque de France, Frenchcomponent of TARGET2 or the overall TARGET2 system. Tokenised assets Assets issued on a DLT based platform or network wCBDC Wholesale CBDC P

32、roject Jura6 CONTENTS Foreword 2 Remarks from the private sector consortium 3 Executive summary 4 Acronyms, abbreviations and terms 5 Introduction 7 Crossborder settlement 9 The experiment 10 Transaction flow 10 Experiment design 11 Technical details 14 Policy considerations 17 Financial stability 1

33、8 Monetary policy implementation 18 Access policy 18 Conclusion 20 References 22 Annex: Dualnotary signing function 25 Contributors 27 Project Jura7 1 INTRODUCTION The global financial system needs better and more diverse settlement arrangements to meet current and future demands. Existing arrangeme

34、nts are often slow, expensive, potentially risky and complex as they involve numerous intermediaries and financial market infrastructures. A new generation of infrastructures, based on distributed ledger technology (DLT), is emerging and several central banks are exploring use cases for wholesale ce

35、ntral bank digital currency (wCBDC) with a view to potentially supporting a new tokenised financial ecosystem.1 These novel technologydriven approaches may offer greater choice and competition in terms of crossborder payments and settlements, also by broadening access to central bank money for regul

36、ated financial institutions. In June2021, Banque de France (BdF), the BIS Innovation Hub (BISIH), and the Swiss National Bank (SNB) announced that they would test the use of wCBDC for crossborder payments and settlements together with a private sector consortium comprising Accenture (lead), Credit S

37、uisse, Natixis, R3, SIX Digital Exchange (SDX) and UBS, with support from Heuking, Linklaters and OCTO Technology. Known as Project Jura, the experiment is part of a BdF series of wCBDC experimentations announced in a public call for applications in March2020 (BdF (2020)2 and it continues the work o

38、n wCBDC by SNB and BISIH that started with Project Helvetia (BIS, SIX and SNB (2020). The BdF experimentation programme aims to (i)show how “traditional” interbank settlement could be carried out using wCBDC based on different technologies; (ii)identify the benefits of wCBDC for the current ecosyste

39、m of market and payment infrastructures and clarify how wCBDC could foster financial innovation; and (iii)analyse what effects a wCBDC might have on financial stability, monetary policy and the regulatory environment (BdF (2020). Project Jura investigates crossborder settlement with euro and Swiss f

40、ranc wCBDCs and a French tokenised financial instrument on a thirdparty DLTbased platform. The aim is to conduct paymentversuspayment (PvP) and deliveryversuspayment (DvP) settlement between French and Swiss banks and to explore how the safety of central bank money can be extended across borders. To

41、 this end, the experiment deploys a new architecture that may give central banks comfort to issue wCBDC on a foreign thirdparty platform and to provide nonresident financial institutions3 with access to wCBDC. By allowing different wCBDCs to coexist on a single platform, crossborder payments can flo

42、w directly between financial institutions. Moreover, adding other tokenised assets opens up new possibilities for crossborder settlement of FX, securities and other financial instruments. 1 DLT refers to the technological infrastructure and protocols that allow simultaneous access, validation and im

43、mutable record updating to a synchronised ledger that is used by a network of participants that may spread across multiple entities and/ or locations. In the context of payment, clearing and settlement, DLT enables entities, to carry out transactions without necessarily relying on a central authorit

44、y to maintain a single “golden copy” of the ledger (CPMI (2017). 2 The application by the consortium was one of eight selected out of 40 applications submitted (BdF (2021). 3 Resident and nonresident financial institutions or banks involved in the Jura experiment are all regulated. Project Jura8 Wit

45、h its new approach, Project Jura complements earlier and ongoing projects that explore the use of wCBDC in crossborder payments and settlements. Such experiments include JasperUbin (Bank of Canada and Monetary Authority of Singapore (2019), Stella (European Central Bankand Bank of Japan (2019), Inth

46、anonLionrock (Bank of Thailand and Hong Kong Monetary Authority (2020), Aber (Saudi Central Bankand Central Bank of the UAE (2020) Dunbar (BISIH (2021a), mCBDC bridge (BISIH (2021b), and the series of experiments by the Banque de France (BdF (2021). The experiment was conducted using realvalue trans

47、actions within the existing legal and regulatory frameworks not in a “regulatory sandbox”. This added significant complexity but also realism to the project. It helped to test different technologies in a nearreal setting and shed light on technical limitations as well as legal and regulatory challen

48、ges. To ensure compliance with existing legal and regulatory frameworks, the wCBDCs issued on the SDX test platform did not represent a direct central bank liability for the purpose of the experiment. Final settlement of the cash legwas achieved only in the corresponding RTGS systems.4 This report d

49、escribes the Jura experiment and presents the findings and lessons learned. It is organised as follows. Section2 outlines current challenges in crossborder settlement. Section3 then details the experiment transactions and solution design. Policy considerations are outlined in Section4 and Section5 c

50、oncludes. 4 Project Helvetia Phase I showed that CHF wCBDC could be issued and transferred under Swiss law on SDX. In such a setup, holders of the wCBDC would have a direct claim against the SNB, which would allow a final settlement to be achieved on the SDX platform (BIS, SIX and SNB (2020). Projec