貨幣的未來：CBDC、穩定幣和代幣化資產

CBDC、穩定幣、代幣化資產及其相關法規是 2024 年倫敦區塊鏈會議 (LBC 2024) 上的熱門話題

London Blockchain Conference 2024 (LBC 2024) saw CBDCs, stablecoins, tokenized assets, and the regulations around them being hotly discussed. On Day 2, a panel gathered to discuss the future of money, hosted by Bitpowr Technologies Co-founder Amarachi Amaechi.

在 2024 年倫敦區塊鏈會議 (LBC 2024) 上，CBDC、穩定幣、代幣化資產及其相關法規受到了熱烈討論。第二天，Bitpowr Technologies 聯合創始人 Amarachi Amaechi 主持了一個小組討論貨幣的未來。

The panelists included Kaj Burchardi, Managing Director of Boston Consulting Group; Vincent Mele, Founder and Director of Otranto; Blake O’Donnell, Partner at Punter Southall Law; and Simit Naik, Director of Strategy at nChain.

小組成員包括波士頓顧問集團董事總經理 Kaj Burchardi； Vincent Mele，Otranto 創辦人兼董事； Blake O'Donnell，Punter Southall Law 合夥人；以及 nChain 策略總監 Simit Naik。

The future of money looks drastically different

金錢的未來看起來截然不同

While we are in the early stages of the ‘utility era’ for blockchain technology and digital ledgers, some amazing innovations have already been seen. The conversation begins with a discussion on CBDCs, stablecoins, and the various use cases for digital ledgers and blockchain tech.

雖然我們正處於區塊鏈技術和數位帳本「實用時代」的早期階段，但我們已經看到了一些令人驚嘆的創新。對話首先討論了 CBDC、穩定幣以及數位帳本和區塊鏈技術的各種用例。

Burchardi echoes a sentiment we’ve heard time and time again in the CBDC discussion: digital currencies must be designed carefully with user protection in mind. This sentiment was recently expressed by Bundesbank President Joachim Nagel in a recent address.

Burchardi 呼應了我們在 CBDC 討論中一次又一次聽到的觀點：數位貨幣必須在精心設計時考慮到用戶保護。德國央行行長約阿希姆·內格爾最近在一次演講中表達了這一觀點。

O’Donnell comments that central banks are concerned about CBDCs and other digital currencies disrupting the global financial system. They’re moving towards the implementation stage but are a while off that yet.

奧唐納評論說，各國央行擔心 CBDC 和其他數位貨幣擾亂全球金融體系。他們正在邁向實施階段，但還需要一段時間。

Naik says CBDCs, digital currencies like Bitcoin, and other forms of currency can coexist. This is often missed in the debate surrounding them.

Naik 表示，CBDC、比特幣等數位貨幣以及其他形式的貨幣可以共存。在圍繞它們的爭論中，這一點經常被忽視。

Mele points out that central banks were more generally challenged by Bitcoin and digital currencies. This woke them up to their role and how they were in charge of overseeing money as a public good.

梅萊指出，中央銀行更普遍地受到比特幣和數位貨幣的挑戰。這讓他們意識到自己的角色以及他們如何負責監督作為公共利益的資金。

How do stablecoins fit in, and what are the regulatory issues?

穩定幣如何融入其中，監管問題是什麼？

O’Donnell replies that stablecoins are a wake-up call to make a better form of national currencies or lose out to private ones. Policymakers are also concerned about how private stablecoins might be used, e.g., by Russia using Tether to evade sanctions.

奧唐納回答說，穩定幣是一個警鐘，提醒我們要創造更好形式的國家貨幣，否則就會輸給私人貨幣。政策制定者也擔心私人穩定幣可能被如何使用，例如俄羅斯使用 Tether 來逃避制裁。

Burchardi says they aren’t new; privately issued money has existed for a long time. He thinks the EU’s MiCA regulations do a good job of breaking up roles and responsibilities as well as outlining concerns.

布爾查迪說它們並不新鮮；私人發行的貨幣已經存在很久了。他認為歐盟的 MiCA 法規在分解角色和責任以及概述問題方面做得很好。

Naik thinks regulations and risks depend on the type of coin. There are fiat-backed, asset-backed, crypto-backed, and algorithmic stablecoins, to name a few. Risk will always exist, and regulations are designed to mitigate those risks and protect the consumer.

奈克認為監管和風險取決於硬幣的類型。舉例來說，有法幣支持的穩定幣、資產支持的穩定幣、加密貨幣支持的穩定幣和演算法穩定幣。風險始終存在，法規旨在減輕這些風險並保護消費者。

Burchardi highlights how sending stablecoins around the world easily and at no real cost is revolutionary in many ways. In some places, they provide a better alternative to national currencies.

Burchardi 強調如何輕鬆、免費地在世界各地發送穩定幣在許多方面都是革命性的。在某些地方，它們提供了比本國貨幣更好的替代品。

Naik follows up on this point by stating how stablecoins can make cross-border payments much more efficient. There’s power in moving money quickly and easily. They’re a solution to a long-standing problem.

奈克接著闡述了穩定幣如何使跨境支付更有效率。快速、輕鬆地轉移資金具有強大的力量。它們是長期存在問題的解決方案。

Mele looks at things through the geopolitical lens: some countries don’t want any other nation to have control over the global financial system. This isn’t an anti-U.S. position, but they’re opposed to any one player having this power on principle.

梅萊從地緣政治的角度看問題：有些國家不希望其他國家控制全球金融體系。這並不是反美立場，但他們原則上反對任何一個國家擁有這種權力。

Tokenization is unlocking new possibilities. How can it increase liquidity and accessibility for assets?

代幣化正在釋放新的可能性。它如何增加資產的流動性和可近性？

Naik says one problem with many of these assets is cost; real estate or diamonds are typically expensive. Tokenization and fractionalization can bring in liquidity, but regulated secondary markets are required to enable their buying and selling. However, some of these assets also require delivery, and that’s a second problem that hasn’t been solved yet.

奈克表示，其中許多資產的一個問題是成本。房地產或鑽石通常很昂貴。代幣化和碎片化可以帶來流動性，但需要受監管的二級市場來實現其買賣。然而，其中一些資產也需要交付，這是尚未解決的第二個問題。

O’Donnell refers to the issuance of shares as the original way to fractionalize ownership. Now, we can use tokens. He notes that BlackRock is looking to tokenize $10 trillion of assets. As things move forward, they’ll become increasingly sophisticated, he says.

奧唐納將發行股票稱為分割所有權的原始方式。現在，我們可以使用令牌了。他指出，貝萊德正在尋求將 10 兆美元的資產代幣化。他說，隨著事情的發展，它們將變得越來越複雜。

Mele believes tokenization is an extension of securitization. Digital ledgers can be used to keep transparent records of everything, making the issuance, transfer, and storage of securities more efficient.

Mele 認為代幣化是證券化的延伸。數位帳本可用於保存一切的透明記錄，使證券的發行、轉讓和儲存更有效率。

Burchardi notes that massive cost savings are possible. However, businesses can have other issues, such as redefining legal terms that undo these savings, at least initially.

Burchardi 指出，可以節省大量成本。然而，企業可能會遇到其他問題，例如重新定義法律條款，至少在最初階段會取消這些節省。

The growing popularity of digital currencies and tokenization has led to the development of CBDCs. What are the key drivers, and how will they be developed?

數位貨幣和代幣化的日益普及促進了 CBDC 的發展。關鍵驅動因素是什麼？

Tackling CBDCs first, Naik says the drivers differ from bank to bank. CBDC is somewhat of a generic term, and the drivers, needs, and problems of each situation will determine the development path.

奈克表示，首先解決 CBDC 問題，各家銀行的驅動因素各不相同。 CBDC 在某種程度上是一個通用術語，每種情況的驅動因素、需求和問題將決定發展路徑。

Burchardi points out that we have already seen a lot of innovation. There’s still a lot of testing to be done, but some CBDC projects are already in the pilot stage or have been launched. Full production is still a while away in many jurisdictions.

Burchardi 指出，我們已經看到了許多創新。仍有大量測試需要完成，但一些 CBDC 計畫已經處於試點階段或已經啟動。在許多司法管轄區，全面投產還需要一段時間。

O’Donnell summarizes the Bank of England’s position: they want more options for the

奧唐納總結了英格蘭銀行的立場：他們希望為英國央行提供更多選擇