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題名 中央銀行發行法定數位通貨之研究評估
Evaluating the Issuance of Central Bank Digital Currency (CBDC)
作者 袁子琁
Yuan, Zih-Shiuan
貢獻者 吳豐祥<br>黃敬群<br>臧正運
Wu, Feng-Shang<br>Huang, Ching-Chun<br>Cheng, Tsang-Yun
袁子琁
Yuan, Zih-Shiuan
關鍵詞 中央銀行數位通貨
科技評估
分散式帳本技術
臺灣 CBDC
數位貨幣
Central Bank Digital Currency (CBDC)
Technology Assessment (TA)
Distributed Ledger Technologies (DLTs)
Taiwan CBDC
e-money
日期 2020
上傳時間 6-Apr-2020 14:48:47 (UTC+8)
摘要 數位化的風行不僅帶來典範轉移、重新塑造可獲利之商業模型，亦促使新型態貨幣發行。在加密貨幣及電子支付蔚為風潮之際，既存秩序與規範均面臨嚴峻挑戰，而各國中央銀行及國際金融監理機構為確保金融穩定（Financial Stability）與普惠金融（Financial Inclusion），紛紛投入新興金融科技（Fintech）研究，其中「中央銀行數位通貨（CBDC）」發行之討論備受矚目。在釐清定義及可能發行形式後，學界開始探索發行中央銀行數位通貨對總經平衡（Equilibrium）、貨幣政策及整體金融體系影響層面及其程度，此外，亦有不少報告圍繞在技術規範如何對應現有法規之討論。然而，目前多數研究仍排除外界參與，將範疇限縮在金融生態系內部。因此，本研究借用科技評估（TA）的學理並結合金融特性提出一個整合性的架構，試圖將發行 CBDC 之可能面向納入考量，透過一系列關鍵參與者的訪談提供包括央行的政策制定者相關建議。

本研究採用質性研究取向，受訪人分別來自國內學術界、本土技術供應商、外商銀行臺灣分行，以及金融監管者：幾位任職歐洲央行（ECB）並實際參與 Stella 專案的小組成員暨組長。本研究所得到的初步結論包括：(1) 「科技不確定性」及「評估及執行之複雜度」是目前發行 CBDC 面臨的主要困難；(2) 發行 CBDC 所涉及面向可以 EPSILON 架構分析之，包括經濟（總經、個經、金融體系）、政治、社會、國際關係（包括國際貨幣體系及國際政治）、法律、組織、及其他（例如：環境、倫理）；(3) 從政策制定者觀點來說，較合適的發行路徑可能是先「從已知的（如：批發型 CBDC）著手，再進行延伸（如：零售型 CBDC）」。藉由循序漸進評估規劃，相關當局得以先透過階段性經驗累積必要知識（Know-hows），進而探索可能發展方向及制定適當政策。
Digitalization is shifting paradigms, reshaping the understanding of profitable business models and propelling a new form of currency. The existing orders and regulations are facing challenges with the emergence of cryptocurrency and electronic payments. In order to ensure financial stability and inclusion, central banks and other international regulators are compelled to embark on the exploration of novel financial technologies (Fintech) -- such as the issuance of central bank digital currency (CBDC). After clarifying the definition and possible forms of a CBDC, current research concentrates on potential impacts on economic equilibrium, monetary policy, and financial system; otherwise, related explorations are peripheral to technical requirements with legally-compliant basis when it comes to issuing a CBDC. However, most of the discussions focus on financial ecosystem and exclude the opinions from outsiders. Therefore, the research framework, based on the technology assessment (TA) concept but adjust to the characteristics of Fintech, intends to evaluate as diverse aspects of issuing a CBDC as possible, and provide some insights for policy makers such as a central bank according to the results of multiple interviews with key stakeholders.

This study follows the notion of qualitative research methods. Six interviewees were selected from domestic academics, local technical providers with international business and multinational banking Taiwan branch, but the only oddity took place when it comes to the monetary regulator: Team members of Project Stella at ECB accepted interview invitations to share their opinions on the five-year CBDC developments from the European perspective. The key findings of this research include: (i) “Technological uncertainties” as well as the “complexities of evaluation and implementation” deem likely to present challenges in CBDC issuance; (ii) The aspects of issuing a CBDC may encompass an EPSILON framework, which includes economics (macroeconomics, microeconomics, and financial system), politics, society, international relations (international monetary system and international politics), laws, organizations and others hereto aforementioned (environment and ethics); (iii) For policymakers, a better pathway would be: Begin with a known way, such as wholesale applications, and gradually extend to retail scenarios. With incremental adoption, the authorities will have capacity of exploring possible pathways as well as planning appropriate policies based on the previous experiences.
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描述 碩士
國立政治大學
科技管理與智慧財產研究所
107364104
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107364104
資料類型 thesis
dc.contributor.advisor 吳豐祥<br>黃敬群<br>臧正運zh_TW
dc.contributor.advisor Wu, Feng-Shang<br>Huang, Ching-Chun<br>Cheng, Tsang-Yunen_US
dc.contributor.author (Authors) 袁子琁zh_TW
dc.contributor.author (Authors) Yuan, Zih-Shiuanen_US
dc.creator (作者) 袁子琁zh_TW
dc.creator (作者) Yuan, Zih-Shiuanen_US
dc.date (日期) 2020en_US
dc.date.accessioned 6-Apr-2020 14:48:47 (UTC+8)-
dc.date.available 6-Apr-2020 14:48:47 (UTC+8)-
dc.date.issued (上傳時間) 6-Apr-2020 14:48:47 (UTC+8)-
dc.identifier (Other Identifiers) G0107364104en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/129235-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 107364104zh_TW
dc.description.abstract (摘要) 數位化的風行不僅帶來典範轉移、重新塑造可獲利之商業模型，亦促使新型態貨幣發行。在加密貨幣及電子支付蔚為風潮之際，既存秩序與規範均面臨嚴峻挑戰，而各國中央銀行及國際金融監理機構為確保金融穩定（Financial Stability）與普惠金融（Financial Inclusion），紛紛投入新興金融科技（Fintech）研究，其中「中央銀行數位通貨（CBDC）」發行之討論備受矚目。在釐清定義及可能發行形式後，學界開始探索發行中央銀行數位通貨對總經平衡（Equilibrium）、貨幣政策及整體金融體系影響層面及其程度，此外，亦有不少報告圍繞在技術規範如何對應現有法規之討論。然而，目前多數研究仍排除外界參與，將範疇限縮在金融生態系內部。因此，本研究借用科技評估（TA）的學理並結合金融特性提出一個整合性的架構，試圖將發行 CBDC 之可能面向納入考量，透過一系列關鍵參與者的訪談提供包括央行的政策制定者相關建議。

本研究採用質性研究取向，受訪人分別來自國內學術界、本土技術供應商、外商銀行臺灣分行，以及金融監管者：幾位任職歐洲央行（ECB）並實際參與 Stella 專案的小組成員暨組長。本研究所得到的初步結論包括：(1) 「科技不確定性」及「評估及執行之複雜度」是目前發行 CBDC 面臨的主要困難；(2) 發行 CBDC 所涉及面向可以 EPSILON 架構分析之，包括經濟（總經、個經、金融體系）、政治、社會、國際關係（包括國際貨幣體系及國際政治）、法律、組織、及其他（例如：環境、倫理）；(3) 從政策制定者觀點來說，較合適的發行路徑可能是先「從已知的（如：批發型 CBDC）著手，再進行延伸（如：零售型 CBDC）」。藉由循序漸進評估規劃，相關當局得以先透過階段性經驗累積必要知識（Know-hows），進而探索可能發展方向及制定適當政策。		zh_TW
dc.description.abstract (摘要) Digitalization is shifting paradigms, reshaping the understanding of profitable business models and propelling a new form of currency. The existing orders and regulations are facing challenges with the emergence of cryptocurrency and electronic payments. In order to ensure financial stability and inclusion, central banks and other international regulators are compelled to embark on the exploration of novel financial technologies (Fintech) -- such as the issuance of central bank digital currency (CBDC). After clarifying the definition and possible forms of a CBDC, current research concentrates on potential impacts on economic equilibrium, monetary policy, and financial system; otherwise, related explorations are peripheral to technical requirements with legally-compliant basis when it comes to issuing a CBDC. However, most of the discussions focus on financial ecosystem and exclude the opinions from outsiders. Therefore, the research framework, based on the technology assessment (TA) concept but adjust to the characteristics of Fintech, intends to evaluate as diverse aspects of issuing a CBDC as possible, and provide some insights for policy makers such as a central bank according to the results of multiple interviews with key stakeholders.

This study follows the notion of qualitative research methods. Six interviewees were selected from domestic academics, local technical providers with international business and multinational banking Taiwan branch, but the only oddity took place when it comes to the monetary regulator: Team members of Project Stella at ECB accepted interview invitations to share their opinions on the five-year CBDC developments from the European perspective. The key findings of this research include: (i) “Technological uncertainties” as well as the “complexities of evaluation and implementation” deem likely to present challenges in CBDC issuance; (ii) The aspects of issuing a CBDC may encompass an EPSILON framework, which includes economics (macroeconomics, microeconomics, and financial system), politics, society, international relations (international monetary system and international politics), laws, organizations and others hereto aforementioned (environment and ethics); (iii) For policymakers, a better pathway would be: Begin with a known way, such as wholesale applications, and gradually extend to retail scenarios. With incremental adoption, the authorities will have capacity of exploring possible pathways as well as planning appropriate policies based on the previous experiences.		en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review 5
2.1. Technology Assessment (TA) 5
2.2. Financial Technology (Fintech) 7
2.3. Central Bank Digital Currency (CBDC) 9
2.4. CBDC Issuance Mechanism 15
2.5. Summary 17
3. Research Approaches and Methods 20
4. Evaluating the Issuance of Central Bank Digital Currency (CBDC) 22
4.1. Monetary Regulator: European Central Bank (ECB) 22
4.2. Financial Intermediaries: Commercial Banks 22
4.3. Academic & Research Institutes 23
4.4. Technical Providers 24
4.4.1. Blockchain Startup CEO 24
4.4.2. Fintech Startup Scientist 25
4.4.3. Director at Information Technology (IT) Industry 26
4.4.4. Blockchain Startup Engineer 26
4.5. Summary of Field Reports 27
5. Results and Analysis 28
5.1. Motivation 28
5.2. Impacts 29
5.3. Challenges 32
5.4. Findings and Analysis 34
5.4.1. Compound Issuing Motivations 34
5.4.2. Uncertainties and Complexities in Evaluation Process 36
5.4.3. Evaluating the Issuance of a CBDC 38
5.4.4. Insights of Issuing a CBDC 45
6. Conclusion 46
7. Acknowledgements 48
8. Reference 49		zh_TW
dc.format.extent 2961179 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107364104en_US
dc.subject (關鍵詞) 中央銀行數位通貨zh_TW
dc.subject (關鍵詞) 科技評估zh_TW
dc.subject (關鍵詞) 分散式帳本技術zh_TW
dc.subject (關鍵詞) 臺灣 CBDCzh_TW
dc.subject (關鍵詞) 數位貨幣zh_TW
dc.subject (關鍵詞) Central Bank Digital Currency (CBDC)en_US
dc.subject (關鍵詞) Technology Assessment (TA)en_US
dc.subject (關鍵詞) Distributed Ledger Technologies (DLTs)en_US
dc.subject (關鍵詞) Taiwan CBDCen_US
dc.subject (關鍵詞) e-moneyen_US
dc.title (題名) 中央銀行發行法定數位通貨之研究評估zh_TW
dc.title (題名) Evaluating the Issuance of Central Bank Digital Currency (CBDC)en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Paper or Reports

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dc.identifier.doi (DOI) 10.6814/NCCU202000382en_US