货币的未来：CBDC、稳定币和代币化资产

CBDC、稳定币、代币化资产及其相关法规是 2024 年伦敦区块链会议 (LBC 2024) 上的热门话题

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 年伦敦区块链会议 (LBC 2024) 上，CBDC、稳定币、代币化资产及其相关法规受到了热烈讨论。第二天，Bitpowr Technologies 联合创始人 Amarachi Amaechi 主持了一个小组讨论货币的未来。

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.

小组成员包括波士顿咨询集团董事总经理 Kaj Burchardi； Vincent Mele，Otranto 创始人兼董事； Blake O'Donnell，Punter Southall Law 合伙人；以及 nChain 战略总监 Simit Naik。

The future of money looks drastically different

金钱的未来看起来截然不同

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.

虽然我们正处于区块链技术和数字账本“实用时代”的早期阶段，但我们已经看到了一些令人惊叹的创新。对话首先讨论了 CBDC、稳定币以及数字账本和区块链技术的各种用例。

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 呼应了我们在 CBDC 讨论中一次又一次听到的观点：数字货币必须在精心设计时考虑到用户保护。德国央行行长约阿希姆·内格尔最近在一次讲话中表达了这一观点。

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.

奥唐纳评论说，各国央行担心 CBDC 和其他数字货币扰乱全球金融体系。他们正在迈向实施阶段，但还需要一段时间。

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、比特币等数字货币以及其他形式的货币可以共存。在围绕它们的争论中，这一点经常被忽视。

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.

梅莱指出，中央银行更普遍地受到比特币和数字货币的挑战。这让他们意识到自己的角色以及他们如何负责监督作为公共利益的资金。

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

稳定币如何融入其中，监管问题是什么？

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.

奥唐纳回答说，稳定币是一个警钟，提醒我们要创造更好形式的国家货币，否则就会输给私人货币。政策制定者还担心私人稳定币可能被如何使用，例如俄罗斯使用 Tether 来逃避制裁。

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.

布尔查迪说它们并不新鲜；私人发行的货币已经存在很长时间了。他认为欧盟的 MiCA 法规在分解角色和责任以及概述问题方面做得很好。

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.

奈克认为监管和风险取决于硬币的类型。举例来说，有法币支持的稳定币、资产支持的稳定币、加密货币支持的稳定币和算法稳定币。风险始终存在，法规旨在减轻这些风险并保护消费者。

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 强调了如何轻松、免费地在世界各地发送稳定币在很多方面都是革命性的。在某些地方，它们提供了比本国货币更好的替代品。

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.

奈克接着阐述了稳定币如何使跨境支付更加高效。快速、轻松地转移资金具有强大的力量。它们是长期存在问题的解决方案。

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.

梅莱从地缘政治的角度看待问题：一些国家不希望任何其他国家控制全球金融体系。这并不是反美立场，但他们原则上反对任何一个国家拥有这种权力。

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

代币化正在释放新的可能性。它如何增加资产的流动性和可访问性？

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，其中许多资产的一个问​​题是成本。房地产或钻石通常很昂贵。代币化和碎片化可以带来流动性，但需要受监管的二级市场来实现其买卖。然而，其中一些资产也需要交付，这是尚未解决的第二个问题。

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.

奥唐纳将发行股票称为分割所有权的原始方式。现在，我们可以使用令牌了。他指出，贝莱德正在寻求将 10 万亿美元的资产代币化。他说，随着事情的发展，它们将变得越来越复杂。

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 认为代币化是证券化的延伸。数字账本可用于保存一切的透明记录，使证券的发行、转让和存储更加高效。

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，可以节省大量成本。然而，企业可能会遇到其他问题，例如重新定义法律条款，至少在最初阶段会取消这些节省。

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?

数字货币和代币化的日益普及促进了 CBDC 的发展。关键驱动因素是什么？它们将如何发展？

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，首先解决 CBDC 问题，各家银行的驱动因素各不相同。 CBDC 在某种程度上是一个通用术语，每种情况的驱动因素、需求和问题将决定发展路径。

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，我们已经看到了很多创新。仍有大量测试需要完成，但一些 CBDC 项目已经处于试点阶段或已经启动。在许多司法管辖区，全面投产还需要一段时间。

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

奥唐纳总结了英格兰银行的立场：他们希望为英国央行提供更多选择