The CBDC experiments currently being carried out in various countries are mainly aimed at wholesale-end scenarios, and are mostly based on blockchain technology. For example, the Jasper project in Canada experimented with a large-scale payment system based on blockchain technology; the Ubin project in Singapore evaluated the effect of payment settlement in the form of digital SGD tokens on a distributed ledger; the European Central Bank and the Bank of Japan ’s The Stella project aims to study the application of distributed ledger technology (DLT) in the financial market infrastructure and assess whether the specific functions of the existing payment system can operate safely and efficiently in the DLT environment. In addition, the LionRock project in Hong Kong, China, and the Inthanon project in Thailand are all experimenting with CBDC based on blockchain technology. The application of these blockchain technologies is under the centralized management and strict control of the central bank.
Take the Ubin project in Singapore as an example. It uses the same Digital Deposit Receipt (DDR) model as the Jasper project in Canada. In order to support the issuance of DDR in distributed ledgers, the existing Singapore Electronic Payment System (MEPS +), also known as Singapore ’s RTGS system, specializes in the establishment of a DDR fund mortgage account. At the beginning of each day, participating banks request the Central Bank to close their RTGS account The funds in are transferred to the DDR fund mortgage account as a mortgage, and the distributed ledger creates the corresponding equivalent DDR and sends it to the DDR wallet of each bank, so that the participating banks can carry out transfer and payment based on the distributed ledger. At the end of the day, the distributed ledger system will send a network settlement file to MEPS +, and MEPS + adjusts the balance of the DDR fund mortgage account accordingly to match the DDR balance of participants in the DLT network.
It can be seen that the decentralized distributed ledger and the existing mature central-led financial infrastructure are not exclusive, and can be integrated with each other and complement each other. On the one hand, the blockchain-based DDR payment system provides the existing RTGS system with a new payment method that does not rely on traditional accounts, effectively supplementing the existing payment settlement system. On the other hand, DDR is an extension of the digitalized form of electronic fiat currency in RTGS, which can eventually be converted back to the value of the RTGS account and settled externally through the RTGS system. The settlement finality issue also shows that the settlement finality of the blockchain can be organically integrated into the existing settlement and settlement system. In addition, because DDR is generated through 100% fund collateral, it does not affect the money supply, so the distributed ledger will not affect the central bank's total currency control.
Obviously, in terms of technical logic, the new payment system based on blockchain led by the central bank is completely feasible. In a sense, referring to the digital depository receipt model of the Ubin project, it is possible to eliminate the need for intermediate channels such as networked payment platforms, and various payment institutions and commercial banks can build peer-to-peer networks in financial private networks to The unified blockchain network is connected to carry out payment and clearing. Considering that the transaction performance of the current blockchain technology is still evolving, the above clearing business should be launched at the wholesale level.
It should be said that the decentralization of blockchain refers to deintermediation, but not supervision. In the context of the alliance chain, regulatory agencies such as central banks can not only centrally control and control the business and risks carried by the blockchain, but also implement penetrating off-site supervision.
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