With the booming of the digital economy，Central banks of more and more countries have begun to explore the digitalization of its legal currency，Central Bank Digital Currency,CBDC) is moving from theoretical to practice。The academic community at home and abroad has launched a warm discussion on the central bank's digital currency，Theoretical research and policy research are very active。

Since the epidemic in the new crown pneumonia，The Fed gradually increases the research and development of digital currencies in the central bank。It is reported，The Fed is currently working with researchers at MIT to carry out a digital US dollar project。May 4, 2021，Digital Dollar Foundation representative，It is cooperating with Essen to cooperate with the central bank's digital currency test，It is planned to launch at least 5 pilot projects in the next 12 months。The Fed will also cooperate with many countries to cooperate with the central bank's digital currency research and development work，Form the central bank's digital currency alliance with the central bank。European side，Bank of England as early as 2015, a retail central bank digital currency project based on the dual -layer operation model RSCoin，In April 2021, it co -founded the central bank's digital currency working group with the British Ministry of Finance，Issuing central bank digital currency for family and enterprises。The European Central Bank and the Bank of Japan jointly launched the Stella project of the central bank's digital currency in 2016，It is designed to study the application of distributed ledger technology in the field of payment and financial market infrastructure，As of the end of 2020, the final stage test has been completed。October 2020，European Central Bank announced digital euro research report，and said that the research and development test of bet365 live casino games digital euro will be performed。Bank of Japan's issuance of digital yen in April 2021、Circulation and Redemption and other functions for testing，It is planned to end in March 2022。The Renmin Bank of China Based on the dual system of "Central Bank -Commercial Bank" and "One Coin、Two libraries、Three Center "core elements for digital RMB development，Now in Shenzhen、Xiong'an、Suzhou launches digital RMB pilot test。July 16, 2021，The "R & D Progress of China Digital RMB" released by the People's Bank of China pointed out，Digital RMB positioning is m0，Adopt centralized management and double -layer operations，Has a comprehensive centralized and distributed architecture characteristics，belonging to the retail central bank digital currency，and not paying interest。Hong Kong Financial Administration、The Central Bank of Thailand and the United Arab Emirates National Central Bank and the People's Bank of China Digital Currency Research Institute jointly launched a multilateral central bank digital currency bridge research project (M -CBDC BRIDE)，Explore the application of the central bank's digital currency in cross -border payment。

Generally speaking，The issuance motivation of digital currencies of central banks in various countries has its own focus，It is mainly manifested in four aspects。First，Maintenance of currency sovereignty and statutory currency status。In recent years，The rapid development of private digital currencies shows a trend of expanding to the legal currency，This challenge the public rights of the state issuing currency。The issuance of digital currencies of the central bank reflects the national level of response and governance measures for private digital currencies。Second，Following the Times of the "Cashless" society。The development of the digital economy has changed deeply the function and use environment of the cash，Global cash usage rate is declining year by year，"Cashless" trend lays a market foundation for the issuance of digital bet365 live casino games currencies for central banks。third，Improve the efficiency and safety of domestic and cross -border payment。The central bank's digital currency with reliable and stable financial infrastructure，You can "offline payment" and support controllable anonymous，helps to accelerate the development of inclusive finance，Improve the operating efficiency and safety of the domestic currency and payment system。In terms of cross -border payment，The central bank's digital currency has the characteristics of "payment and settlement"，help reduce transaction costs，Reshape the global cross -border payment network，Improve cross -border payment efficiency。fourth，Build a good digital environment。The issuance of digital currencies of the central bank is the need for digital development of economic digital，It is also the deepening and extension of economic digitalization。The rise of some emerging business models is inseparable from the application of digital currency。

The central banks of various countries and the international financial organizations have proposed different design plans for the central bank's digital currency at the policy and technical level。The design plan at the policy level includes three aspects。First, it is divided into retail type and who passs the type according to the object of use。The former is for all public，For daily payment; the latter for financial institutions such as commercial banks，Used for large settlement。Second, it is divided into cash cash according to the use scenario、deposits and general。The central bank's digital currency of cash is used in the scenario of cash transactions，Suitable for some underdeveloped areas; central bank digital currencies for deposits are used for online or large transactions; common central bank digital currencies are suitable for all scenarios。Third, whether the central bank's digital currency is interesting，Whether the interest rate can be negative，Most central banks choose to pay at the initial period of the distribution，Whether a negative interest rate depends on the alternative bet365 best casino games relationship between the central bank's digital currency and existing cash。The design plan at the technical level includes two aspects。First, the underlying technology of the central bank's digital currency is supported by distributed ledger technology，Central banks of various countries are building their own distributed ledger technology platform。The second is whether the central bank's digital currency certification method is based on account or value，The former requires consumers to open the central bank's digital currency account in the central bank to use，The latter is similar to physical cash transactions，No need to authorize and record the central bank。

The impact of the central bank's digital currency issuance and application can be summarized as four aspects。The first is the impact on monetary policy。Existing research is generally considered，Digital currency of the central bank as a new monetary policy tool，Enhanced the effectiveness of monetary policy。Compared to the non -interesting central bank digital currency，The central bank's digital currency enriches the central bank's monetary policy toolbox，It can achieve a lower limit of zero interest rate，Precise regulation of monetary policy，Enhance the conduction efficiency of monetary policy，Create favorable conditions for macro -control。Second is the impact on social welfare。Some scholars' studies are found，Issuing the central bank's digital currency can stimulate the total economic output，Then improve the welfare level of society。At the same time，Digital currency of the central bank has increased financial inclusiveness，Promoting the formation of family savings and capital，It is positive for improving social welfare。Third is the impact on the financial system，It is mainly the "Financial Off -Media" effect and the "transnational overflow" effect。"Financial Decarnia" effect refers to the transfer of a large amount of deposits into a central bank's digital currency，Increase the liabilities of the central bank to residents，Reduce the source of funds for the banking bet365 Play online games department or financial institutions，thus affecting the liquidity supply of commercial banks for the real economy。Bank of England、Bank of Europe、Scholars from the International Monetary Fund Organization and other institutions discuss this issue，and study the corresponding coping strategy，But the consensus conclusions and suggestions have not yet reached consensus。The "cross -border overflow" effect refers to the pressure of the cross -border use of the central bank's digital currency may increase the pressure of currency replacement in other countries，Exhaust the vulnerability brought by currency mismatch。If appropriate guarantee is missing，It is difficult for the regulatory authorities to implement the management measures for foreign exchange restrictions and capital flow。Fourth is the impact on the international currency system。Cross -border payment network through the central bank's digital currency construction，It helps to break the control of the financial hegemony country to control the current cross -border payment system，Promote the development of the international monetary system towards diversified directions。other，The central bank's digital currency will bring strong network externality，Then boost the status change of international reserve currency。

At the same time，The central bank's digital currency also faces a series of regulatory issues and risk challenges。First，Legal supervision exists blank。Although the central bank's digital currency is legal，But the existing legal system is based on traditional currency，No central bank digital currency is included in the scope of legal regulation。At present, there are certain gaps in the supervision of the central bank's digital currency，The characteristics of digital currency for central banks，You need to formulate special regulatory rules as soon as possible。Second，Technical security vulnerability is difficult to predict。Digital currency of the central bank uses Internet technology、Blockchain Technology、distributed ledger technology, etc.，But these technologies are still in the early bet365 Play online games stage of development and iteration innovation。To ensure the security of the central bank's digital currency，Need to increase technological research and development intensity and large scale、Comprehensive test，At the same time, improve the information processing ability of the central bank to related digital systems。third，International standards to be unified。The central bank's digital currency research promoted by various countries is in the state of "respective politics"。central bank digital currency distribution node、issuance form、Coordination and consistency in technical realization and legislation has many differences in different countries。Since the financial markets of various countries have been closely connected through the cross -border payment system，Once the central bank's digital currency design is improper，It may have a huge impact on the financial system of other countries。So，Urgently need to formulate and unify the international standards for digital currency of the central bank to promote the stable development of the global financial market。fourth，Currency competition intensifies。With digital RMB、Digital dollar、Entry of mainstream currencies such as digital euro and digital yen，Future digital currency competition will become increasingly fierce。other，Competition of legal digital currencies and private digital currencies is also an unavoidable reality in the digital economy era。Some scholars think，This "new currency war" brought by the digitalization of currency may subvert the world financial pattern。

Active promotion of major economies in the world，The issuance of central bank digital currencies is the general trend。New situation based on the current digital currency research and application of central banks in various countries，Global governance of the central bank's digital currency also needs to be put on the agenda，Organic unity of the rational and value rationality of the central bank's digital currency instruments。

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(Author Unit: Guangdong University of Foreign Studies, Guangdong International Strategy Research Institute)