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《央行数字货币(CBDC)系统技术评估》.pdf
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《央行数字货币(CBDC)系统技术评估》.pdf
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TECHNICAL EVALUATION
T
ECHNICAL
E
VALUATION FOR A
U.S.
C
ENTRAL
B
ANK
D
IGITAL
C
URRENCY
S
YSTEM
SEPTEMBER 2022
TECHNICAL EVALUATION FOR A U.S. CBDC SYSTEM
3
Contents
Introduction ................................................................................................................................... 5
Policy Objectives for a U.S. CBDC System ................................................................................ 7
Technical Design Choices for a U.S. CBDC System ................................................................ 11
Participants ................................................................................................................................ 12
Transport Layer ..................................................................................................................... 12
Interoperability ...................................................................................................................... 15
Governance ................................................................................................................................ 16
Permissioning ........................................................................................................................ 16
Access Tiering ....................................................................................................................... 18
Identity Privacy...................................................................................................................... 20
Remediation ........................................................................................................................... 22
Security ...................................................................................................................................... 24
Cryptography ......................................................................................................................... 24
Secure Hardware.................................................................................................................... 26
Transactions .............................................................................................................................. 27
Signatures .............................................................................................................................. 27
Transaction Privacy ............................................................................................................... 29
Offline Transactions .............................................................................................................. 30
Transaction Programmability ................................................................................................ 32
Data ........................................................................................................................................... 33
Data Model ............................................................................................................................ 33
Ledger History ....................................................................................................................... 34
Adjustments ............................................................................................................................... 36
Fungibility ............................................................................................................................. 36
Holding Limits ....................................................................................................................... 38
Adjustments on Transactions ................................................................................................. 39
Adjustments on Balances....................................................................................................... 40
Feasibility and Resources for a U.S. CBDC System Minimum Viable Product ................... 41
Brief Survey of Relevant Experimentation ............................................................................... 41
Public Sector .......................................................................................................................... 41
Private Sector ......................................................................................................................... 42
TECHNICAL EVALUATION FOR A U.S. CBDC SYSTEM
4
Estimating Resources Required Based on Sets of Hypothetical CBDC Design Choices ......... 42
Example Set #1: Minimally Complex ................................................................................... 43
Example Set #2: More Complex Focusing on Broader Participation ................................... 44
Example Set #3: More Complex Focusing on Programmability, Privacy, and Inclusion ..... 44
Impact of a U.S. CBDC System on Federal Processes ............................................................. 46
Cybersecurity and Privacy ........................................................................................................ 46
Customer Experience ................................................................................................................ 47
Social Safety Net Programs ....................................................................................................... 48
Recommendations on Preparing for a U.S. CBDC System ..................................................... 50
Advance Technical Work Related to Digital Assets ................................................................. 50
Continue Digital Assets Research and Experimentation Within the Federal Reserve .............. 50
Establish a Digital Assets R&D Agenda ................................................................................... 50
Scale Up Tech Capacity Across the Federal Government ........................................................ 51
Appendix A: Digital Services Best Practices ............................................................................ 53
Open Source .............................................................................................................................. 53
Modern Technology Stack ........................................................................................................ 54
Agile Development ................................................................................................................... 54
Team Structure .......................................................................................................................... 55
Appendix B: Interagency Process.............................................................................................. 58
TECHNICAL EVALUATION FOR A U.S. CBDC SYSTEM
5
Introduction
A Central Bank Digital Currency (CBDC) is a digital form of a country’s sovereign currency.
1
If
the United States issued a CBDC, this new type of central bank money may provide a range of
benefits for American consumers, investors, and businesses. For example, a U.S. CBDC might
enable transactions that are more efficient and less expensive, particularly for cross-border funds
transfers. However, there are also potential risks to consider. A U.S. CBDC might affect
everything ranging from the stability of the financial system to the protection of sensitive data.
Recognizing these potential upsides and downsides, the Biden-Harris Administration is
committed to further exploring the implications of, and options for, issuing a CBDC.
On March 9, 2022, President Biden signed Executive Order (EO) 14067, Ensuring Responsible
Development of Digital Assets, placing the highest urgency on research and development efforts
into the potential design and deployment options of a U.S. Central Bank Digital Currency
(CBDC).
2
EO 14067 further directed the Federal government to “prioritize timely assessments of
potential benefits and risks under various designs to ensure that the United States remains a
leader in the international financial system.” To help advance this directive, Section 5(b)(ii) of
EO 14067 ordered the Director of the Office of Science and Technology Policy (OSTP) and the
Chief Technology Officer of the United States – in consultation with the Secretary of the
Treasury, the Chair of the Federal Reserve, and the heads of other relevant agencies – to submit
to the President a technical evaluation for a U.S. CBDC system, should one be proposed.
This report begins by laying out the policy objectives for a U.S. CBDC system, outlined in EO
14067 and developed in further detail through an interagency process led by the National
Economic Council and the National Security Council. These policy objectives reflect the
Administration’s ongoing commitment to develop and use technology in accordance with
democratic values. This report then analyzes the technical design choices for a U.S. CBDC
system, focusing on how those choices would impact the policy objectives for a U.S. CBDC
system. Next, this report estimates the feasibility of building a minimum viable product for a
U.S. CBDC system, based on hypothetical combinations of technical design choices. Finally, this
report assesses how a U.S. CBDC system may impact Federal processes, focusing on
cybersecurity and privacy, customer experience, and social safety net programs.
This report concludes by making recommendations on how to prepare the Federal government
for a U.S. CBDC system, should one be pursued. It recommends that OSTP help advance
technology related to CBDCs as part of the CBDC Working Group outlined in the Department of
the Treasury’s report on The Future of Money and Payments. It encourages the Federal Reserve
to continue its research and experimentation on CBDC systems, while recommending that the
National Science Foundation (NSF) and OSTP develop a National Digital Assets Research and
Development (R&D) Agenda to help spur innovation that could support the Federal Reserve’s
1
Other U.S. Government reports explain CBDCs in greater depth. See, e.g., The Future of Money and Payments.
(Sep. 2022). Department of the Treasury; and Money and Payments: The US Dollar in the Age of Digital
Transformation. (Jan. 2022). The Federal Reserve.
2
Executive Order 14067: Ensuring Responsible Development of Digital Assets. (Mar. 2022). Federal Register.
TECHNICAL EVALUATION FOR A U.S. CBDC SYSTEM
6
efforts. Finally, it recommends scaling up relevant technological infrastructure, capacity, and
expertise across the Federal government to harness benefits and mitigate risks of digital assets.
It is also important to briefly note what this report does not do. This report does not make any
assessments or recommendations about whether a U.S. CBDC should be pursued. Additionally,
this report does not make any design choices for a U.S. CBDC system, if one were proposed.
Instead, it fulfills the mission of EO 14067 by providing a timely assessment of potential benefits
and risks for a U.S. CBDC system.
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