普華永道：2022年度全球央行數(shù)字貨幣指數(shù)報(bào)告

PwCGlobalCBDCIndex

andStablecoinOverview2022

04April2022

PwCGlobalCBDCIndexandStablecoinOverview2022April2022

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Welcome

DearClientsandFriends,

Weareexcitedtolaunchthe2ndeditionofthePwCGlobalCentralBankDigitalCurrency(CBDC)Indexandnewlycreated

StablecoinOverview.

Onceagain,wehopetheanalysisandinsightsstimulatefurtherdiscussionanddebatewithrespecttothetrajectoryofthisnewtypeofcentralbankcurrency,alongsideitsprivatelyissuedcomplement,thestablecoin.

ThePwCGlobalCBDCIndexisdesignedtomeasurecentralbanks’levelofmaturityindeployingtheirowndigitalcurrency.TheinclusionoftheStablecoinOverviewwasconsideredasensibleevolutionintheanalysis,giventhetwoframeworksco-exist.Oneframeworkisfullystatebackedwhereastheotherisonlypartly,andonlytotheextentthattheunderlyingdeposittakerisregulatedandprotectedbythestatethroughregulationanddepositprotectionschemes.

Asin2021,CBDCsaremeasuredviaasyntheticindexcapturingthecentralbanks’progressandstanceonCBDCdevelopment,inbotharetailandwholesalecontext.Forthestablecoins,wehavedeliberatelychosennottorank,insteadprovidinganoverviewofthecriteriabywhichtheycanbecompared,dependingontheusecasewhichmaybespecifictothereader.

PwCoffersawiderangeofexpertise,includingstrategy,financialcrime,legal,regulatory,accounting,tax,governance,riskassurance,audit,cybersecurityaswellastransactionadvisoryforworkingwithbothcentralbankdigitalcurrenciesandstablecoins.Ourglobalnetworkisconstantlyevolvingitsthinkinginhowthistechnologycanbeapplied,throughresearch,clientengagementsandthedevelopmentofthoughtleadership.

Ifyouhavefeedback,wewouldbedelightedtohearfromyou.

billioninearly2022.

HaydnJones

Director,SeniorBlockchainMarketSpecialistPwCUnitedKingdom

“Giventhefallinpublicsectorcashuseandtheriseinprivatesectorcryptoassets,ournewreportgivesatimelyupdateontheprogressanddevelopmentofCBDCsandstablecoins.

Over80%ofcentralbanksareconsideringlaunchingaCBDCorhavealreadydoneso.

marketcapitalisationreachingaroundUSD190

Atthesametime,stablecoinsareemergingasacomplementtoexistingpaymentecosystems,with

PwCGlobalCBDCIndexandStablecoinOverview2022April2022

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Tableofcontents

1

Executivesummary

5

2

RetailCBDC–Top10

14

3

WholesaleCBDC–Top10

27

4

OtherCBDCprojects

38

5

Stablecoinoverview

43

6

Stablecoinframework

51

7

Selectedstablecoinarrangements

54

2C2wloaClCGIlxlIxSatanbdleSctileOcvoeivOievwer2v0ie2April2022

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DuncanFitzgerald

Partner,DigitalTrust&Risk

FinancialServicesRiskandCryptoLeaderPwCHongKongSAR

GaryNg

Partner,RiskAssurance

PwCHongKongSAR

PwCispleasedtohaveplayedakeyroleinsupportingvariouscentralbanksindevelopingaCBDCplatform.

CBDCswillfacilitatemoreefficient,lower-costand24/7/365cross-borderpaymentsforthefinancialservicesindustry.WeexpectthatCBDCswillgreatlybenefitcrossbordertransactionsandeconomiesofallrelevantjurisdictions.

PwCGlobalCBDCIndexandStablecoinOverview2022April2022

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PwCGlobalCBDCIndexandStablecoinOverview2022OctApril2022

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CBDCsin2022–politicalrealitybites

Atfirstglance,itmayseemthatlittlehaschangedintheCBDCindexfromlastyear.Thisundoubtedlyreflectsthescale,breadthandcomplexityoftheunderlyingdebatewhichrangesfromtheimpactoncreditcreation,crossborderpaymentsthroughtoinclusionandcontrollingfinancialcrime.Yet,accordingtotheBankofInternationalSettlement(BIS),therearethreeliveretailCBDCsandatleast28pilotprojects.Atleast68centralbankshavecommunicatedpubliclyabouttheirCBDCwork.1

Overall,morethan80%ofcentralbanksareconsideringlaunchingaCBDCorhavealreadydoneso,eitherforretailorwholesalepayments.Tonameafew,legaldigital-tenderisinuseinTheBahamasandNigeriawithJamaicaandtheEasternCaribbeanexpectedtofollowsoon.ThePeople’sBankofChinabeganitsjourneytowardsadigitalyuanin2014.Thecountryiscurrentlyconductinglarge-scalepublictrialsinselectedcitiesandthee-CNYwasoneofonlythreepaymentmethodsacceptedatthevenueduringthe2022WinterOlympics.InFebruary2022,India’sFinanceMinisterpledgedtohaveavirtualversionoftherupeelaterthisyearandthefollowingmonth,thePhilippinesannounceditsownpilotimplementationofaCBDC.2,3

TheCentralBankofNigeria(CBN)launchede-NairainOctober2021.Thedigitalcurrencyisexpectedtosupportthecountry’stargettoraiselevelsoffinancialinclusionfrom64%to95%.Bymakingthe

e-Nairaplatformpartofthefinancialecosystem,theCBNhopestogrownewprivatesectorusecasestosupporttheuptakeoftheCBDC.Accordingtothecountry’sPresident,aproperlymanagede-NairacouldaddmorethanUS$29billiontoNigeria’sGDPoverthenexttenyears.4

InMarch2022,theUSAdministrationplaced'thehighesturgency'onresearchanddevelopmenteffortsintothepotentialdesignanddeploymentofaUSCBDC.TheExecutiveOrderhighlightedanumberofCBDCbenefits,includingexpandingaccesstofinancialservices,loweringthecostoffundstransfersandreinforcingUSleadershipintheglobalfinancialsystem.TheAdministrationexpectsregulatorstosubmitajointresearchassessmentonCBDCimplicationsbySeptember2022.5

IntheUK,theEconomicAffairsCommitteeoftheHouseofLords(Committee)declaredCBDCs‘a(chǎn)solutioninsearchofaproblem’.6TheCommitteecontinuedtostatethattheyhaveyettohearaconvincingcaseforwhytheUKneedsaretailCBDC,arguingthatwhileaCBDCmayprovidesomeadvantagesonspeedofsettlementaswellascheaperandfastercross-borderpayments,itwouldpresentsignificantchallengesforfinancialstabilityandtheprotectionofprivacy.TheCommitteewasslightlymorepositivetowardsawholesaleCBDC,statingitwouldbelessdisruptivethanaretailCBDCandcomeswithfewereconomicandpoliticalrisks.TheCommitteenotesthatalthoughthewholesaleoperationsofthemonetarysystemarealreadyhighlyefficient,aCBDCmayhelptofurtherenhanceefficiencyinsecurities’tradingandsettlement.ThiscarefullyconsideredreportlaysoutthemostrecentfindingsofoneG7country.

TheUK’spositionshouldbecontrastedtothatoftheEuropeanCommissionwhichplanstoproposeabillforadigitaleuroinearly2023,servingasthelegalfoundationforthevirtualversionofaeurobanknoteorcoin.7InhisMarch2022speech,theEuropeanCentralBank(ECB)ExecutiveBoardmemberFabioPanettaemphasisedthatthedigitaleuroprojectshouldbeaboutaccesstocentralbankmoneyindigitalformfordailytransactions,allowinguserstobenefitfromhighstandardsofprivacy.8

WhiletheECB’sGoverningCouncilwillmakethefinaldecisiononwhetheradigitaleuroisneeded,policymakerswithintheCommissionandacrossEuropearealreadyconvinced.GermanyandFrancelastyearurgedtheECBtospeeduptheprocessamidfearsthattheeurozonecouldgetleftbehind.7

Alldigitalmoney,whetherissuedprivately,orbythestate,canbemonitoredandcontrolled-whetherthatisadesiredfeature,ornotdiffers,countrybycountry.However,peopledodobadthingswithmoneyofalltypes,andframeworksthathelptrackandpreventsuchthingshappeningareessential-themoretransparentandsimplertheyoperate,thebetter.Morebroadly,thefrictionalcostofanytypeofmoneywithinaneconomydoesnotaddvalue-removingsuchcostisasmartmove.WhilstCBDCsofferawaythroughsomeofthesechallenges,theusetheyareputtoisultimatelymotivatedbyagovernment’spolicy,eclipsingallotherfactors.

1BIS,Riseofthecentralbankdigitalcurrencies:drivers,approachesandtechnologies,BISworkingpaper,No880,August2020(updatedJanuary2022),Auer,R,GCornelliandJFrost,2GovernmentofIndia,Budget2022-2023(1February2022),NirmalaSitharaman,MinisterofFinance,3BangkoSentralngPilipinas,GovernorBenjaminE.DioknofortheJointBSP-AFIKnowledgeExchangeProgramonCentralBankDigitalCurrency(28February2022),4AsoRockVilla,OfficialLaunchoftheeNaira(1October2021),PresidentBuhari,5TheWhiteHouse,ExecutiveOrderonEnsuringResponsibleDevelopmentofDigitalAssets(9March2022),6HouseofLords,EconomicAffairsCommittee,Centralbankdigitalcurrencies:asolutioninsearchofaproblem?(13January2022),7POLITICO,Digitaleurobilldueearly2023(9February2022),BjarkeSmith-Meyer,8ECB,Adigitaleurothatservestheneedsofthepublic:strikingtherightbalance,(30March2022),FabioPanetta

PwCGlobalCBDCIndexandStablecoinOverview2022OctApril2022

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Theroleforstablecoins

Setagainstthepoliticalfactorsdrivingcentralbankdigital

currencies,privatelyissuedstablecoinsofferaquasi,semi

state-backedoptionandprovidemuchofthesameutility,withoutthepossiblyconstrainingaspectsofgovernmentoriginatedissuance.Initssimplestsense,astablecoinisadigitalcurrency,collateralisedonaone-to-onebasis(forinstance,byafiatcurrencydepositheldbya3rdparty,regulatedcustodian).Thisimpliesitisstate-backed,butonlytotheextentthatthedepositsareinsured.

Stablecoinsofferalloftheadvantagesofdigitalcurrencies,suchastransmissibility,continuoussettlement,traceability,cross-borderinteroperability,lowtransactionfeesrelativetotraditionalpaymentinfrastructureandprogrammability.However,wheretheyreferenceafiatdeposit,theyallowabridgetobecreatedbetweenthetraditionalfinancialecosystemanddigitaltechnologiesinageneralsense.Therearedifferentcategoriesofstablecoins,eachdisplayingadifferentsetofcharacteristics.InrecentPwCanalysis,weidentifiedthefollowingfivegroups:

1

2

3

4

5

Fiat-backedstablecoins

Crypto-backedstablecoins

Algorithmicstablecoins

Security-backedstablecoins

Otherasset-backedcoins

Stabilityinthepriceofthestablecoinisafunctionofthetransparencyofthecoinprovider’sentireoperations,includingthecustodianholdingtherelevantfiatdeposits.Forafiat-backedstablecoin,itisparamounttodemonstratethatthestablecoinisappropriatelycollateralisedonaone-to-onebasis,ideallycontinuously.Atanygiventime,thebalanceoffiatcurrencyheldindepositmustbeequalto(orgreaterthan)thenumberofstablecoinsincirculation.Thisprocessalsoneedstoaccountfortheminting,redemptionandburningoftokensagainsttheunderlyingdeposits.Furtherconfidenceintheoperationofthestablecoincanbeprovidedbysubjectingthestablecoinoperatortoanexternalauditprocess,tovalidatethatthestablecoinsarecontinuouslybacked.Theresultsoftheauditshouldthenbemadeavailablepublicly.Inourstablecoinoverview,factorswereviewedinclude:

Globalregulation

1

vulnerabilityconcerns

Risksand

2

Redemptionandissuance

3

Ownership

4

Stabilisationmechanisms

5

Finally,andcrucially,giventhechallengesofthecurrentgeopoliticalsituation,itispossibletodenytransactionsassociatedwithspecificpublicaddresses,tiedtosanctionslistsassociatedwithgovernments,legalentitiesandindividuals.

Stablecoinsofferfulldigitalutility,beingabletolinkdirectlyinthecoreprocessesofanorganisation(e.g.requisition,procure-to-pay,ortreasurymanagement).Thetransfercanbemadeconditional,offeringefficiencyopportunitiesforcommoditycategories,inthecontextofpayments.Stablecoinsofferanentirelynewwayof

re-inventingthewayorganisationswork,combiningthelatestdigitalhygieneandscanningtools.

Whilsttheutilityopportunityofastablecoinissignificant,thereareregulatorychallengescriss-crossingmultiplejurisdictions.Mostrecently,thiswasevidencedbytheFacebookprojectDiemandtheeventualsaleoftheIPtoSilvergate.

April2022

7

PwCGlobalCBDCindex–top10

SnapshotofglobalCBDCmaturityforwholesaleandretailprojects.

PwCGlobalCBDCIndexandStablecoinOverview2022

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BIS1,CentralBankwebsites,AtlanticCouncil,Press,CentralBanks,GoogleTrends,BaiduIndexandPwCAnalysis.

TheobjectiveoftheindexistoprovideanoverviewofthedevelopmentofCBDCglobally.

TheprimaryvariableistheCBDCprojectstatus,indicatingthecurrentstageofprojectdevelopment.Twoothervariablescapturethestanceofthecentralbankbasedonpublishedspeeches,andapublicinterestproxy(GoogleTrendsorBaiduIndex).

Thisindexistechnologyagnostic:eachcountries’designchoices(infrastructure,technologies,etc.)havenoimpactontheindex.

WeanalysedthefollowingaspectsofthethreeindicatorsintroducedbyBIS,basedontheBISdataupdatereleaseinJanuary2022:

CBDCprojects’statustracksthreestagesofdevelopment–namely,research,pilotandproduction.GiventhetrendthatmoreandmoreCBDCprojectsenteredintopilotphases,weintroducedmoredetaileddevelopmentstagesinthepilotphase(of-of-concept,development,implementation,completionandnear-live).ThemoreadvancedaCBDCprojectis,thehigherscoreitreceives.Inaddition,pointsareallocated,basedonthedurationofthecorrespondingpilotprojects,tosimulatetheprojectprogress.However,thesepointscanbewithdrawnifapilotprojectdidnothavenewdevelopmentsforseveralyearsorifthecentralbanknolongerfocusontheproject.CBDCprojects’statusrepresents75%oftheCBDCindex.

CBspeechstancemeasurestherecentaverageopinionexpressedbyCentralBankerscapturedwithintheBIScentralbankers’speechesdatabases.Thisindicatoraimstoprovideinformationaboutthefutureoftheprojectstatusandlegalaspects.Itrepresents17%oftheCBDCindex.

PublicinterestproxyistheaveragescoreofGoogleTrends(forprojectsoutsideMainlandChina)andBaiduIndex(forMainlandChinaonly)duringtherecentperiods.Itrepresentsrecenttrendsofgeneralpublicinterest.Itsuggestspotentialcollaborativeinterestfromprivatesectors,whocouldsupportfutureprojectadvancement.Publicinterestproxyrepresents8%oftheCBDCindex.

PwChavemadeextensiveuseoftheBISdata,andsubjectedtheanalysistoseveralroundsofreviewpriortopublication.Furthermore,aqualityreviewisperformedonindexdistributionandrankingchangestoevaluatedatarobustness.

AscorereviewisrealisedbylocalPwCteamstoeachqualitativeindicator,(i.e.CBDCprojects’advancementstatusandCBspeechstance)beforeeachpublication.

Researchmethodology

Datasource

1

Indexcomposition

2

Compositionrationale

3

Qualityreview

4

1BIS,Riseofthecentralbankdigitalcurrencies:drivers,approachesandtechnologies,BISworkingpaper,No880,August2020(updatedJanuary2022),Auer,R,GCornelliandJFrost

PaulineAdam-Kalfon

Partner,BlockchainLead

PwCFrance&Maghreb

RetailCBDCprojectcompletionacceleratedoverthepastfewmonthsandfirsttransactionaldatawerecommunicatedbyleadingcentralbanksinthisfield.

Thecomingyearshouldprovidefurtherinsightsonhowcentralbankdigitalcurrenciesmayfosterfinancialinclusionatlarge.

PwCGlobalCBDCIndexandStablecoinOverview2022April2022

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Indexstatus–Top10:RetailCBDCprojects

Keyinsights

?ThecompositionoftheRetailCBDCIndexTop10hasevolvedsubstantiallyoverthepasttwelvemonths,withthreenewtop10entriesandthreeexits

?Top10newentries

–Nigeria(aliveproject)

–Jamaica(launchplannedfor2022)

–Thailand(livepilotplannedfor2022)

?Top10exits

–Cambodia(theNationalBankconsiderstheBakongprojectadigitalpaymentsystem,notaCBDC)

–Ecuador(Dineroelectronicoprojectwascancelledandhasnotbeenincludedonthecentralbank’sagendaformorethanthreeyears)

–Turkey(felloutsidetop10,asotherterritoriesgainedmorematuritypoints)

?Thefirsttransactionaldataavailablehasbecomeavailableontheuseofe-Nairaanddigitalyuan,e-CNY

Beno?tSureau

Partner,FinancialServicesRisk&BlockchainPwCFrance&Maghreb

WholesaleCBDCshavethepotentialtostreamlinesecuritytokenpost-tradeoperationsthroughatomicdelivery-versus-paymentandincreasethemarketefficiencyforseveralassetclasses.

PwCGlobalCBDCIndexandStablecoinOverview2022April2022

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Indexstatus–Top10:WholesaleCBDCprojects

Keyinsights

?ThecompositionoftheWholesaleCBDCIndexTop10hasremainedrobust,relativeto2021rankings

?Top10newentries

–SaudiArabia(upfromthe11thplacein2021)

–Switzerland(upfromthe12thplacein2021)

?Top10exits

–UnitedKingdom(theBankofEnglandcommunicatedthatthereisnoneedfora