微眾銀行：金融科技行業-境外央行數字貨幣（CBDC）最新進展狀況（46頁）.pdf

1、 1- CBDC: mNrOmMrPqRsOoPoMmRrOnQ7N8QaQmOmMpNoOlOnMnMkPoMoR9PoPnRuOmQsRNZsOmR 新加坡金管局 Ubin項目 3 RTGS , Consensys Quorum Quorum Quorum JPM 201611: 1-2: 3-4: 5: 進展 2020-11-18 DC/EPCBDC : 2020740 PoC 124 狀態 PoC & 試驗 | Ubin 泰國銀行 Inthanon項目 批發型CBDC (1/2) 4 DLT RTGS RTGS 8: / / / / / : R3 Corda 20188: 1: PoC

2、 2: 進展 : 1 & 2 PoC 20209: : 20207: PoC Inthanon-LionRock* Inthanon . = Inthanon ConsenSys20209 2020-11-18 狀態 PoC & 上線 *Inthanon-LionRock 泰國銀行 數字泰銖(2/2) 5 CBDC CBDC : : : Consensys, /Digital VenturesDV /Atato () (ConsenSys): Quorum, ERC20, HyperLedger Besu. Atato (DV):DV/B2B (ConsenSys): MetaMask 進展

3、: :2020Q2 CordaCBDC ConsenSysQuorum HKMA Ubin 2021* 2020-11-18 狀態新方向 *Inthanon-LionRock Inthanon-LionRock* 項目 6 1 (): : & 2( /) + 8 : R3 / CryptoBLK - Corda (R3) CryptoBLK 2019PoC 進展 : 1: PoC : 1: 2020Q4 2: / ConsenSys 1ConsenSys 2020-11-18 狀態PoC * LionRock: CBDC :& : ConsenSys / / 2 (20209): Consen

4、SysQuorum 瑞典國家銀行 數字克朗 7 2020-11-18 -CBDC -DLTRTGS : - -(App) -: API -R3: CordaDLT -PoC Corda 20202: : (R3) () : 1 進展 20202: (AML/KYC) 20206 PoC CBDC 狀態PoC 加拿大銀行 CBDC項目 8 2020-11-18 CBDC C2B BIS DLT 2020 (3 進展 CBDCCBDC 狀態 項目啟動 * See Appendix for summary of 1stBIS Report on CBDC 日本銀行 數字日元 9 CBDC 進展 20

5、20-11-18 20201: CBDC 202010: - 20214 - 201912 CBDC 狀態 工作組 美聯儲 數字美元 10 2020-11-18 - - -/(DDF): token-based - -5-10 進展 CBDC : 20206: DDFCBDC 20208: BIS ) 202010: “CBDC ” 20209: CBDC 狀態 早期 * As opposed to Account-based approach 歐洲央行 數字歐元 11 2020-11-18 -CBDC, CBDC 進展 20205: CBDC 202010: ConsenSys 20209:

6、 CBDC 202011: 1 2-4 狀態 進展緩慢 英格蘭銀行 CBDC 項目 12 2020-11-18 進展 202010CBDC 狀態 很晚啟動 2-CBDC & 其他值得關注的項目 14 2020-11-18 CBDC 20203= 2021 202010: Klaytn 202320207 “” CBDC: -1:1 - - 202010 CBDC CBDC: “” - -: 1-() 2-3- RTGS -: Soramitsu, - 202010. 烏拉圭央行 數字比索 15 Antel (): Giori: InSwitch: RedPagos: 6 201711- 201

7、84: PoC 進展 2020-11-17 2018 CBDC On-hold狀態 摩根大通 JPM幣 16 1 Consensys () Quorum 20192 1: PoCJPM 進展 2020-11-18 JPM Coin : 202010JPM Coin : Quorum : INN(344) 202010 Liinkl 20208: Consensys Quorum “Consensys Quorum” : Quorum CBDC ) 上線狀態 Facebook LIBRA 17 Facebook - - Libra - Libra -CalibraLibra(Facebook )

8、 - FastPay(Facebook ) * 進展 2020-11-18 : 2020: (Ebay, Stripe, Visa, MatserCard, etc.) CBDC Libra FastPay 不明狀態 Overview of CBDC initiatives Insights on leading projects & progress status* *Regular updates - Mainland China DC/EP excluded Geoffrey Maene Nov 2020 1- CBDC: Overview of main initiatives* *E

9、xcluding Mainland China MAS Project Ubin 3 Multi-currency Blockchain-based RTGS payment system to simplify fund transfers Strategy Full digitization of SGD & Cross-Border transfersScope Monetary Authority of Singapore & Temasek Lead JPMorgan then Consensys from Aug. 2020 Quorum Platform & technical

10、developments Accenture Use Cases Stakeholders Leverage on Quorum Tech capacities Use of Quorum Open-Source Platform - based on Ethereum Protocol to develop the Interbank Network Use of JPM Coin for payment technology (JP Morgan) Technical specificities Started in November 2016: Phases 1-2: Build tec

11、hnical capabilities for Domestic Payment Network Phases 3-4: Build interoperability to enable DvP & PvP Phase 5: Multi-currency settlements Planning Updates 2020-11-18 Probably one of the most advanced & ambitious CBDC project apart from Chinas DC/EP: July 2020: Multi-currency settlements PoC succes

12、sfully completed with 40 participant companies (FIs & non-FIs) Ready for diversification with 124 Use Cases identified by Accenture in the Financial Industry & beyond (No news since July 2020) Progress Diversification of Use Cases outside Financial Services: Provide services in exchange for value (M

13、edia & Advertising), salary payments, account receivables, etc. Modifications in scope Status PoC & Pilots Bank of Thailand (BoT) Inthanon Project Wholesale CBDC (1/2) 4 Thailands Wholesale CBDC project to set a decentralized RTGS for Thailands interbank payments based on DLT Technology Strategy Bui

14、ld a DLT-based Real-Time Gross Settlement RTGS system for cash, bond, liquidity Management Scope 9 participating Banks: Bangkok Bank / Krungthai / Krungsri / Siam Commercial Bank / HSBC / Standard Chartered / Bank of Ayudhya / Kasikorn bank / Thanachart Bank Partnership: R3 Stakeholders Use of Corda

15、 DLT Platform Technical specificities Launched in August 2018: Phase 1: Build a PoC concept around Tokenisation of cash, bonds & automated liquidity provisioning Phase 2: Bond Life Cycle Management, Interbank Repo & Trading, Data Reconciliation & Compliance / Privacy definition Planning Updates Comp

16、leted: Phases 1 & 2 PoC successfully completed on time with convincing results Sept. 10th2020: Go-Live of Government Savings Bond Platform “DLT Scripless Bond Project”: No feedback yet Next Steps: July 2020: Start of PoC for Fund Transfers between large corporates (Until end of year) with fast imple

17、mentation expected if good results Broaden the scope of Government Bonds (Retail & Wholesale): Dependent on recent Go-Live results Progress = Inthanon-LionRock Project Wholesale*: Cooperation project with HKMA leveraging on Inthanons key milestones Objective: Improve Cross-border settlement efficien

18、cy between HKG & Thailand: Fund Transfer, Liquidity Management, Compliance, Privacy, etc. = It is not clear yet how the Inthanon project Wholesale CBDC will evolve regarding what is already Live Vs the recent partnership between BoT & ConsenSys in Sept. 2020 (See hereafter) Modifications in scope 20

19、20-11-18 Status PoC & Live *Inthanon-LionRock Project See hereafter Bank of Thailand (BoT) Digital Baht (2/2) 5 Thailands newly announced Retail CBDC project to complement the Inthanon Project (Wholesale CBDC) Strategy Retail CBDC for Individuals & SMEs Digital BahtScope Leader: Bank of Thailand (Bo

20、T) Participating Banks: Not yet disclosed Partnership: Consensys, Siam Cement Group/Digital Ventures (DV), Atato (Thai Blockchain Fintech) Stakeholders Technology (ConsenSys): Quorum (ETH-based permissioned Blockchain), ERC-20 Smart Contracts, HyperLedger Besu (Software). Implementation with Atato P

21、latform (DV): Tests to be performed on B2P platform initially developed by DV/Accenture (Procurement solution) Wallet (ConsenSys): MetaMask Crypto Wallet Technical specificities No planning disclosed yetPlanning Updates Next Steps: To be monitored when Working Groups are more mature Progress Major s

22、trategy shift: Siam Cement & BoT were already working on a retail CBDC leveraging Cordas platform since Q2 2020 ConsenSys seems to be taking on APAC since the purchase of Quorum from JP Morgan. The recent partnership with HKMA & long-standing project UBIN with the MAS in Singapore will further push

23、their positioning in Asia in 2021* Modifications in scope 2020-11-18 Status New direction *Inthanon-LionRock Project See hereafter Inthanon-LionRock* Project 6 DLT-based corridor for cross-border payments between two Hong Kong & Thailand Strategy Phase 1 (Original scope): Wholesale CBDC for Corporat

24、es Cross-border settlements between HK & Thailand * Scope Leaders: HKMA & BoT 2 HK Banks (HSBC / ZA) + 8 Thai Banks Partners: R3 / CryptoBLK Stakeholders - Corda platform (R3) implemented with CryptoBLK - Report (CH&Co) Technical specificities Complete PoC by end of 2019 (Report in January 2020) Pla

25、nning Updates Completed: Phase 1: Completion of PoC & report in January 2020 covering Real-Time Cross-Border Settlement tests & Compliance capabilities Next Steps: Phase 1: Go-Live of Wholesale Cross-Border Payments by Q4 2020 = TBC? Phase 2: First workshops to start by end of year (No precisions ye

26、t) Progress Strategy shift with the recent partnership HKMA / ConsenSys meaning switching everything from platform to Blockchain solution Not clear if the scope of work of phase 1 with R3 will be completed or overwritten by Consensys in the project strategy Modifications in scope 2020-11-18 StatusPo

27、C * LionRock Project: Not detailed here as it was limited to a study on Wholesale CBDC issuance. The initiative took off only when HKMA joined the BoT initiative Leaders: HKMA & BoT Participating banks not disclosed yet Partnership: ConsenSys / PwC / Forms HK Phase 2 (From Sept. 2020): Work on a PoC

28、 for Cross- Border payments using CBDC between HK & Thailand (No details yet) * Phase 1 Report main takeaways available in Appendix 2) ConsenSyss Quorum Forms HK to support Implementation PwC to probably write report TBD Sveriges Riksbank Sweden e-Krona 7 2020-11-18 - Implement a User-friendly & “in

29、clusive” CBDC, that must serve everyone including elderly, disabled - DLT-based RTGS system with a clear preference for a centralized model with private sector intermediaries: Central Bank solely authorized to issue/redeem e-Kronor token or add new participants to the Chain Private Payment/Service P

30、roviders authorized to handle operations (Transactions, platform, etc.) with the above limitations (Still not fully defined dependent on Pilot) Strategy -Must cover most of financial needs (Deposit, transfers, withdrawals, cross-border remittances, loans) -Access (Mobile App, Smart Watch, Cards & of

31、fline solutions to ensure inclusive model) Scope - Accenture: Multi-access Digital Wallet, API & Tech architecture with Central Bank systems - R3: Corda private-DLT - Commercial Banks to be involved during the PoC Stakeholders Use of Corda DLT Platform incl. the notary node system to avoid duplicati

32、ons of tokens Technical specificities 1 year-Pilot launched in February 2020 with Accenture: Technology: Build e-Krona architecture (R3) & multi- access user interface (Accenture) Scope: 1stphase focused on Deposits & transfers Planning Updates Pilot launched in February 2020 to be completed in Feb.

33、 2021 with main objectives: To validate main functionalities & UX Ensure security (AML/KYC, security of process) Validate Performance Mature approach with the release of a dense report in June 2020 that analyses the needs, challenges & risks associated with CBDC projects incl. experts detailed views

34、 Cross-Border remittances do not seem to be the core topic for the first phase of the PoC but interoperability is a main concern for Sweden Progress Initial scope quite broad including analysis of future deposit & loan systems with the full adoption of CBDC Central Bank opened to analyse other innov

35、ations such as auto-deposits & transfers and other non-financial services depending on the results of the current PoC Modifications in scope StatusPoC Bank of Canada CBDC Initiative 8 2020-11-18 Retail CBDCStrategy Retail CBDC with Central Bank opened to P2P & P2B transaction schemes 4 Conditions: U

36、niversal, free, high-level of privacy, possibility of offline transfers Scope Bank of Canada (Internal Working Group & Project Team) In parallel, BoC shares views & progress with BIS* dedicated Working Group (See Appendix) Stakeholders DLT-based Technology not yet defined Technical specificities Off

37、icial project launched in summer 2020 with the setup of a dedicated project team to work on the conception and pilot program 3 year timeline Planning Updates Recent launch of the CBDC Project Team (Members recruited in June) with the objective to design & test a Retail CBDC respecting the guidelines

38、 and directions formalized by the Bank of Canada since Feb. 2020 Bank of Canada seems to be willing to move fast & then actively joins global working groups, esp. as they fear to be outpaced by other CBDCs that may interfere in their monetary system (Currency dominance risk) Progress Modifications i

39、n scope Status Project initiation * See Appendix for summary of 1stBIS Report on CBDC Bank of Japan BoJ Digital Yen 9 Improve efficiency of transactions & competitiveness of the Japanese Yen Strategy Fund transfers, P2P payments, Interoperability with Private Digital Currencies & other nations CBDCs

40、 Scope Bank of Japan Working Group Participants not disclosed, but probably major FIs of the country Stakeholders Early stage Working Groups Technical specificities No planning to launch a CBDCPlanning Updates 2020-11-18 July 2020: Announcement that the BoJ is boosting its CBDC Working Group efforts

41、 and wishes to perform tests, without giving further details on implementation timeline January 2020: BoJ joined Working Group with the EU, Canada, UK, Sweden, Switzerland to cooperate on interoperability of CBDCs & Privacy/Compliance issues* Oct. 2020: Announcements on next steps: - Basic tests (Is

42、suance / Distribution) will be performed from April 2021 - Preference for an indirect distribution model via commercial banks instead of direct BoJ distribution of Digital Yen Progress Contradictory messages from the BoJ that showed little interest for CBDC re. Japanese economy in Dec. 2019, then no

43、w rushes efforts probably due to the fast progress of other nations, esp. Chinas Digital Yuan Modifications in scope Status Working group * See Appendix for summary of 1stBIS Report on CBDC Fed USA Digital Dollar 10 2020-11-18 Establish a Retail CBDC strategy to protect the position of the US Dollar

44、 regarding International competition from other Central Banks, Financial Institutions & Tech actors Strategy - Domestic, cross-border & Government benefits payments - P2P payments Scope - Fed: Different branches of the Fed have organized working groups to analyse Use cases to push - Accenture/Digita

45、l Dollar foundation (DDF): Whitepaper of guidelines for the Digital USD Stakeholders Probably Token-based* Private DLT handled by Fed Nothing defined yet: Propositions will have to be validated by the Congress Technical specificities - No clear timeline defined: Congress approval of Whitepaper neces

46、sary before starting operational implementation (Painful process) - Stakeholders of Working Groups suggest 5-10 year timeline for implementation regarding the sensitive role of the USD in international trade & financial system Planning Updates Slow process with Congress representatives quite skeptic

47、al about the necessity to issue CBDC But ongoing local working groups in parallel: June 2020: Publication of Whitepaper urging for a move on CBDC implementation (DDF) August 2020: Announcement of cooperation program between the Fed NY & the Bank of International Settlements (BIS) “Innovation Center

48、Lab” to accelerate the launch of a pilot August 2020: Cooperation between Fed Boston & the MIT to assess the best technical solutions for a CBDC (Most advanced research work) Oct. 2020: J. Powell clarified the FED view: “Issue a CBDC but not hurry the process” Progress Sept. 2020: Currently actively

49、 analyzing the possibility of direct distribution of Digital $ to US citizens w/o commercial banks intermediation (Not defined though) Modifications in scope Status Early stage * As opposed to Account-based approach European Central Bank ECB - Digital EUR 11 2020-11-18 Still to be defined (Dedicated Task-Force by ECB and EU- members Central Banks) Strategy - Wholesale CBDC preferred to Retail model TBC - because, the EU Zone already has an eff