周末荐读丨货币桥项目: 央行数字货币助力经济体融合互通

导读

由国际清算银行（香港）创新中心、香港金融管理局、泰国中央银行、中国人民银行数字货币研究所和阿联酋中央银行联合建设的多边央行数字货币桥（mBridge）项目取得积极进展，近日国际清算银行(BIS)等联合发布的报告《货币桥项目：央行数字货币助力经济体融合互通》公布项目情况，多边央行数字货币桥项目成功完成了基于四种央行数字货币的首次真实交易试点。在六周时间内，来自四个不同司法辖区的20家商业银行通过货币桥平台为其客户完成跨境汇款和外币兑换业务共计164笔，总额折合人民币超过1.5亿元。

多边央行数字货币桥（mBridge）项目尝试使用基于分布式账本技术的公共平台进行跨境支付，多个中央银行可以在该平台上发行和兑换各自的央行数字货币。中央银行特别设计开发了一个原生区块链——mBridge Ledger，作为央行灵活执行多货币跨境支付的专用平台。

2022年8月15日至9月23日期间，来自香港特别行政区、中国大陆、阿联酋和泰国的20家商业银行使用各自央行在mBridge平台上发行的数字货币，代表其企业客户进行了支付和外汇同步交收（PvP）交易。此次试行的现实设定也让人们认识到，诸如mBridge一类的多边央行数字货币跨境支付平台，均涉及一系列政策、法律和监管考量。未来，mBridge项目将吸取试点的经验教训，继续进行技术创新与测试，改进现有功能、增添新功能，向最简可行产品（minimum viable product, MVP）发展，并最终正式投入运作。

报告概览

Executive Summary

多边央行数字货币桥（mBridge）项目尝试使用基于分布式账本技术（distributed ledger technology, DLT）的公共平台进行跨境支付，多个中央银行可以在该平台上发行和兑换各自的央行数字货币（central bank digital currencies, CBDC）。mBridge项目力求打造一个高效率、低成本、可通用的数字货币平台，为中央银行和商业参与者提供直接的联系网络，以大幅增强国际贸易流动和跨境业务的能力。为此，中央银行特别设计开发了一个原生区块链——mBridge Ledger，作为央行灵活执行多货币跨境支付的专用平台。平台设计特别关注功能模块化和可扩展性，遵守不同司法管辖区特定的政策、法律法规与治理要求；同时确保mBridge遵守支付与市场基础设施委员会（CPMI）/国际清算银行（BIS）创新中心/国际货币基金组织（IMF）/世界银行向G20提交的报告中所强调的“CBDC五项总体原则”：不伤害，提效率，增弹性，确保与非中央银行数字货币系统的共存和互操作性，以及增强金融包容性。

在为期六周的试运行中，mBridge平台围绕选定的国际贸易用例，测试其实际价值交易能力。测试开始前，项目团队开展了大量的准备工作：广泛协调中央银行与商业银行内部及银行间的沟通、定制法律协议、组织项目预演……最终促成本次试行的圆满成功。2022年8月15日至9月23日期间，来自香港特别行政区、中国大陆、阿联酋和泰国的20家商业银行使用各自央行在mBridge平台上发行的数字货币，代表其企业客户进行了支付和外汇同步交收（PvP）交易。该项目使得银行能够直接在平台上为企业客户进行真实结算，进一步推动了多边央行数字货币（multi-CBDC）交易试验。期间，该平台共发行超1200万美元，促进逾160笔支付和外汇PvP交易，总价值达2200万美元。

此次试行的现实设定也让人们认识到，诸如mBridge一类的多边央行数字货币跨境支付平台，均涉及一系列政策、法律和监管考量。要将央行资金直接提供给外国参与者，并在“共享账簿”上进行交易，还需进一步探讨政策、数据隐私和治理等因素。这样一种新的数字货币形式和多边CBDC平台还将在各个司法管辖区遇到不同的法律问题和挑战。这可能需要依据各区现行的规则与条例，进行相应的监管改革，使法律明确、清晰。尽管上述部分问题可以依靠平台现有的设计予以解决，但其他方面则有待进一步探索与开发。

未来，mBridge项目将吸取试点的经验教训，继续进行技术创新与测试，改进现有功能、增添新功能，向最简可行产品（minimum viable product, MVP）发展，并最终正式投入运作。

Project mBridge experiments with cross-border payments using a common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies (multi-CBDCs). The proposition of mBridge is that an efficient, low-cost and common multi-CBDC platform can provide a network of direct central bank and commercial participant connectivity, greatly increasing the potential for international trade flows and crossborder business at large. To test this proposition, a new native blockchain – the mBridge ledger – was custom-designed and developed by central banks for central banks, to serve as a specialised and flexible platform implementation for multicurrency cross-border payments. Particular attention was paid to modular functionality, scalability, and compliance with jurisdiction-specific policy and legal requirements, regulations and governance needs. The platform design ensures that mBridge adheres to the five overarching CBDC principles emphasised by the CPMI/BIS Innovation Hub/IMF/World Bank report to the G20: do no harm, enhancing efficiency, improving resilience, assuring coexistence and interoperability with non-CBDC systems and enhancing financial inclusion.

Over the course of six weeks, the mBridge platform was put to the test through a pilot involving real-value transactions centred around the chosen use case of international trade. Significant groundwork was laid prior to the pilot, including extensive coordination within and among central banks and commercial banks, and tailored legal agreements and dress rehearsals, which ultimately led to its success. Between 15 August and 23 September 2022, 20 commercial banks from Hong Kong SAR, Mainland of China, the UAE and Thailand conducted payment and foreign exchange (FX) payment versus payment (PvP) transactions on behalf of their corporate clients using the CBDCs issued on the mBridge platform by their respective central banks. The pilot advances multi-CBDC experimentation by settling real value directly on the platform and on behalf of corporate customers. Over US$12 million was issued on the platform, facilitating over 160 payment and FX PvP transactions totalling more than US$22 million in value.

The pilot’s real-world setting also brought to light a range of policy, legal and regulatory considerations of a multi-CBDC, cross-border payments platform such as mBridge. Extending access to central bank money directly to foreign participants and conducting transactions on a shared ledger requires further exploration of policy, data privacy and governance considerations. A new, digital form of currency and a multi-CBDC platform also raise challenging legal questions that depend on each participating jurisdiction’s standing rules and regulations and may require regulatory changes to achieve full legal certainty and clarity. While some of these considerations can be addressed by the platform’s current design, others require further development and exploration.

Equipped with the lessons from earlier phases of the project, the pilot and policy, legal and regulatory analysis, Project mBridge will continue the technologybuild and testing. This includes improving on existing functionalities and adding new functionalities to the platform, as it continues to progress towar.

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编译：翟晓吉

本文监制：董熙君

来源｜BIS

版面编辑｜王懿萱

责任编辑｜李锦璇、蒋旭

总监制｜朱霜霜

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