英格兰银行Tom Mutton：央行数字货币应用要有原则原创新金融评论2020-11-15 13:33:01
近年来，央行数字货币（CBDC）正逐渐受到越来越多的关注，全球大部分央行都在积极探索CBDC的理论、研究及应用。
当人们担心超级安全、方便的新型货币会碾压银行存款，从而让信贷经济从正常状态步入枯竭期，甚至因提取存款的过于便捷而以史无前例的速度引发银行挤兑时，我们为什么还要发行CBDC？
对此，我们昨天分享了国际清算银行创新中心负责人贝诺埃特·塞乌雷（Benoît Cœuré）的观点，他引述朱塞佩·托马西·迪·兰佩杜萨在《豹》中的一句著名台词：“要想让一切保持不变，那么一切都必须改变。”（传送门：国际清算银行Benoît Cœuré：为什么要发行央行数字货币？）
塞乌雷指出，在科技日新月异的背景下，中央银行要想保持货币和金融稳定，就必须做出改变，还必须掌控科技。同时，他也强调：“CBDC并不会开创一个时代的繁荣，也不会解决种种社会问题——这超出了任何货币的能力范围。CBDC本身既不是革命，也不是目的。”（传送门：IMF何东：单靠发行央行数字货币很难改变已有的国际货币使用格局）
他指出，CBDC可以是一种实现货币包容性、可及性、安全性和便利性的方式，它可以支持更加多样化的国内外支付生态系统，通过适当发展，它将提供一种全球公共商品的新模式。“对此，我们应该同舟共济。”
在全球央行都关注的央行数字货币（CBDC）问题上，英格兰银行创新部主任汤姆·穆登（Tom Mutton）在第二届外滩金融峰会上也分享了相关经验。
Tom Mutton在第二届外滩金融峰会上发表主题演讲
穆登先生自 2018 年 7 月起担任英格兰银行金融科技总监。此前任国际政策和战略部门负责人，负责英格兰银行在 20 国集团、金融稳定委员会、欧洲系统性风险委员会和国际清算银行等机制中有关金融部门战略的议题。他还曾担任审慎政策部主管，从事对大型国际金融机构的监管。
他表示，尽管英格兰银行尚未就是否推出零售央行数字货币做出决定，但也在积极探索后得出了一些应用的基本原则：
一是必须有明确的应用场景，二是应与其他形式的货币相辅相成，三是不能损害货币金融稳定，四是未来的每个支付需求都必须得到支持，五是隐私必须得到保护。
此外，穆登认为，央行数字货币不一定要使用分布式账本，且应该避免“围墙内的花园”现象。
最后，他强调，央行不能单打独斗。“鉴于央行数字货币所带来的问题的广泛性，央行需要与各种利益相关方合作。仅凭央行自身无法获得所有答案，但通过与国内和国际政府、学术界、私营企业和民间社会的良好合作，我们有能力在这些与中央银行数字货币相关的重要议题上取得重大进展。”
以下为Tom Mutton的演讲视频+文字实录，中文由CF40秘书处翻译：
中文实录
常常有人问，为什么金融科技对央行很重要？答案是：金融科技几乎触及到央行的一切工作。
金融科技可以通过技术提高金融稳定性，增强金融系统的多样性，促进效率和透明度。技术也为数字货币等新形式的货币提供了可能性。这些技术上的发展可能对金融体系的结构和货币政策的执行方式产生影响。
金融企业的安全性和稳健性也可以通过创新得到加强。此外，创新使传统技术现代化，创新的基础设施有助于改造流程，大数据和先进的分析技术可以加强风险管理。
但是，如果企业在没有充分了解其影响的情况下引进技术，风险就会增加，因此创新带来的风险也需要警惕。
英国央行支持金融科技发展 助推经济复苏
就市场而言，金融科技带来了多样性和更多的选择，提高了竞争的激烈程度。而云计算等创新则通过降低成本和扩大技术使用范围，降低了准入门槛。就企业而言，创新企业本身可以通过创新拥有巨大的优势，尤其是在数据和分析相关的领域。就央行而言，其行为也将对市场竞争产生重大影响。因此，在制定政策和考虑谁可以使用金融科技基础设施时，央行要将竞争放在首位。
以英国为例，金融科技对英国经济至关重要，它为英国增加了7.6万个就业岗位，为英国经济增加了约70亿的收入。英国是8家金融科技独角兽的所在地，占欧洲总数的三分之二。
对此，英格兰银行的方针是拥抱金融科技，并促成创新。英国央行通过金融科技加速器和金融科技中心来协调战略，与机构内的其他同事密切合作。其中，金融科技加速器考虑了人工智能、分布式账本等技术。
英格兰银行还就《金融的未来》这一报告进行了评估，并提出了路线图，力图创建一个更创新、更环保、更数字化的英国金融体系。
2020年初，英格兰银行确定了金融科技工作的三个重点。第一是数字时代的支付，特别是与中央银行数字货币相关。第二是金融领域新技术的安全采用，特别是人工智能。第三是考虑如何影响数字经济和金融之间的互动，小企业金融的开放数据以及数字身份也是考虑的重点。
在确定这些优先事项时，没人能预料到疫情会带来的挑战。但现在来看，疫情和金融科技比以往任何时候都更有相关性，因为创新和金融科技可以帮助经济应对危机，并从疫情的冲击中恢复：
数字支付支持了在线购物的繁荣，使人们不再去店内购物，而是在沙发上完成购物；即插即用的电子商务解决方案让小企业能够迅速上线，并在隔离中保持交易；技术和数字通信使我们能够远程工作，保持生产力，并在远离工作场所时与同事保持合作；所有经济领域的公司都已转向机器学习，以应对前所未有的客户接触量，以及供应链和物流等方面的压力。
在帮助金融科技和创新者推动复苏方面，银行可以发挥支持作用，但有三个想法值得强调：
首先，中小企业的创业和创新是经济的引擎，但它们缺乏投资于生产力和增长所需的资本。想要以此前无法想象的规模和速度提供危机融资，紧急贷款计划就是绝对必需的。为此，英格兰银行也在3月发表了研究报告，探讨了一个获得许可的、可信的开放数据交换平台将如何拓宽信贷渠道，创造充满活力的贷款市场，包括基于金融科技的贷款市场。
其次，支付创新在疫情危机中为我们提供了良好的服务。但是，还应该探索更多的选择，以提供安全、高效、便捷的支付。其中，央行数字货币自然是重点，但也需考虑潜力巨大的其他支付方式，包括银行对银行支付。
最后，数字身份在英国是一个重要但也非常微妙的话题。鉴于多个政府部门近来对这一话题产生的兴趣，英格兰银行将继续研究其在金融领域的可能应用，包括对中央银行数字货币的影响。
创新不能脱离监管
创新将是经济复苏的关键，但如果创新不负责任，风险就会很快出现。而创新的好处也将无法持久，所以正确的监管才如此重要。
如前所述，支付领域的创新一直很迅速，成果也很可喜。但是它需要正确的监管，这样创新才会有弹性，才会被人们信任。在这方面，我们的口号是，同样的风险，同样的监管。
这意味着，在系统性支付链中部署的创新，必须提供与现有货币和支付形式相同程度的保护，并接受与现有货币和支付形式同等的监管。从更广泛的角度来看，金融科技行业目前充满了希望，但还没有很多利润。
据估计，在疫情之前，英国高达80%的金融科技公司都是亏损的，而在当时，两轮融资之间，平均只有不到一年的时间。自那时以来，疫情危机给一些商业模式带来了额外的压力，并减少了资金的供应，这可能会给一些金融科技公司的生存能力进一步打上问号。好在这些公司大多不从事我们认为对经济至关重要的活动，而企业的有序倒闭也是健康市场的一部分。
但是，如果某家金融科技公司是可以接受公民的存款，由银行进行授权和监管，那么他们的战略和商业模式就值得密切的关注。英格兰银行最近与非系统性银行进行的磋商，旨在明确我们对此类公司管理的期望，因为它们正在扩大规模和发展。
最后要强调的是，我们需要正确的监管，以确保新技术在金融领域的安全和可持续使用。英格兰银行与金融行为监管局一起就“增强运营弹性、外包和第三方风险管理”进行了磋商，明确了良好风险管理的要求，包括当新技术可能带来新的运营和网络风险时的相关要求。
到2021年底，20位权威的全球人工智能专家将提交一份报告，建议监管如何支持人工智能在金融领域的安全应用，对此我们将特别关注与数据、模型风险管理和治理有关的问题。
央行数字货币的应用原则和挑战
最后，英格兰银行虽然还没有就是否推出零售央行数字货币做出决定，但以极大的兴趣探索其中的利弊，并且得出了以下几点数字货币应用的基本原则：
第一，央行数字货币必须有明确的应用场景。比如参照平台模式的支付使用案例，由央行运营核心账本，私人企业运营客户接口。
第二，央行数字货币应与其他形式的货币相辅相成，必须能够与银行票据和商业银行货币共存。各类现有货币尤其是现金对当前社会中的许多人来说仍然是重要的，并且只要人们愿意使用它，它就会一直存在。
第三，不能损害货币金融稳定，这是各大央行的核心使命。事实上，通过降低私人货币创造的风险，通过支持强劲和可信的支付，央行数字货币应该为稳定做出积极贡献。
第四，未来的每个支付需求都必须得到支持。我国经济正在快速数字化，我们的支付需求也在不断变化。央行数字货币必须足够灵活，以支持未来的用例，如可编程货币和小额支付。
最后，隐私必须得到保护。在英国，保护隐私是理所应当的。对于如何保障英国社会对隐私的期望，各国央行必须达成一个明确的共识。当然，隐私并不意味着匿名，而这将是央行和政府以及社会各界的合作伙伴密切探讨的领域。
此外，央行数字货币也面临着一些挑战：
首先，央行数字货币不一定要使用分布式账本。毫无疑问，分布式账本是一个非常有前途的技术，但它不是我们应该思考的唯一技术方案。
其次，应该避免“围墙内的花园”现象。央行数字货币必须促进竞争和创新，这意味着要避免封闭系统，并确保与其他形式的货币的互操作性和进出的可转换性。
最后，也是最重要的是，央行不能单打独斗。鉴于央行数字货币所带来的问题的广泛性，央行需要与各种利益相关方合作。仅凭央行自身无法获得所有答案，但通过与国内和国际政府、学术界、私营企业和民间社会的良好合作，我们有能力在这些与中央银行数字货币相关的重要议题上取得重大进展。
英文实录
Thank you to China Finance 40 and the onsite organizers for the invitation to speak to you today. It s an honor to join you. The question I m often asked is why FinTech is important to the Bank of England? The answer I give is that FinTech touches on almost everything we do. FinTech can improve financial stability through technologies that enhance diversity, promotes efficiency, and a transparency in the financial system. But innovation also brings risk to which we are alert.
Technology offers the possibility of new forms of money, for example, digital currencies. These developments could have implications for the structure of the financial system, and how we conduct monetary policy. The safety and soundness of financial firms is enhanced by innovation that allows legacy technology to be modernized, processes transformed through new infrastructures, and risk management enhanced by big data and advanced analytics. But risks will increase if firms introduced technologies without fully understanding their implications.
FinTech challenges raise competition by bringing diversity and choice. And innovations like cloud computing lower barriers to entry by reducing costs and widening access to technology. But innovative firms themselves may also have powerful advantages, particularly those related to data and analytics. And our own actions as a central bank can have big implications for competition as well.
Therefore, as we make policy, and as we consider who has access to our infrastructure, we keep competition front of mind. FinTech matters for the UK economy. It employs 76,000 people and adds around 7 billion to the UK economy. The Nikkei is home to eight FinTech unicorns; two thirds of the European total. Our approach is to embrace FinTech and enable innovation.
We started with an award winning FinTech accelerator, and then moved to a FinTech hub to coordinate our strategy, working closely with colleagues’ right across our organization. FinTech accelerator considered technologies such as artificial intelligence, and distributed ledger. We also conducted a review into the future of finance, and put forward a roadmap for how we could help create a more innovative, a greener and a more digital UK financial system.
Looking to the future, the London branch of the brisk innovation hub, which we re very excited about, will offer great opportunities for experimentation and collaboration with partners across the globe. At the start of this year, which feels like a very long time ago, we identified three priorities for our FinTech work.
The first was payments for a digital age, particularly relating to Central Bank digital currencies. The second was the safe adoption of new technologies in finance, with a particular focus on central bank digital currencies. And finally, considering how to influence the interaction between the digital economy and finance, with open data for small business finance, and digital identity, forefront in our thinking.
We couldn t have anticipated the challenges that COVID would have bought when we identified those priorities. But now, they look more relevant than ever, as innovation and FinTech help the economy respond and then recover from the shock of COVID. Digital payments have supported an online shopping boom, as we shot swapped in-store for on-sofa purchases. Plug and play ecommerce solutions have allowed small businesses to rapidly get online and keep trading through the lockdowns.
Our technology and digital communications have allowed us to work remotely, keeping up our productivity and maintaining our collaborations with colleagues, despite being away from our usual places of work. And firms all across the economy have turned to machine learning to deal with an unprecedented volume of customer engagements and pressures on their supply chains and logistics.
The bank can play a supportive role in helping FinTech and innovators drive the recovery. And I highlight just three ideas. First, the entrepreneurship and innovation of our small businesses are the engine room of our economy, but they lack the access to capital they need to invest in their productivity and growth. Emergency loan schemes were vital in providing crisis financing on a scale and speed that was previously unimaginable.
These schemes were not designed to provide the long term productive finance that our small businesses need and deserve. In March, we published research exploring how a trusted permission platform for the exchange of open data could widen access to credit and create a vibrant marketplace for lending, including from FinTech. Second, payments innovation has served us well through the COVID crisis. But, there are further options that should be explored to deliver safe, efficient and convenient payments.
Naturally, central bank digital currency is the focus but we also consider the repayment options that offer significant potential, including bank to bank payments. Third, digital identity is an important but also very delicate topic in the UK. In light of fresh cross government interest in the topic, we will continue to research its possible applications in the financial sector, including implications for central bank digital currency.
Innovation will be essential for our economic recovery. But if innovation isn t responsible, risks will quickly emerge. And the benefits of innovation will not endure. That s why the right regulation is so important. As already mentioned payments have been an area of rapid and welcome innovation. But the right regulation needs to be in place so these innovations are resilient and trusted. On this, our mantra is same risk, same regulation.
Meaning that varied innovation is deployed in a systemic payment chain, it must deliver the same protections as and have equivalent regulation to existing forms of money and payments. Looking at FinTech more widely, the sector is certainly full of promise, but not yet full of profits. We estimate that pre-COVID up to 80% of UK FinTechs were loss making, and at the time, between funding rounds, was on average less than a year.
Our recent consultation on non systemic banks, seeks to provide clarity on our expectations, to the management of such companies as they scale and grow. Last but not least, we need the right regulation to ensure safe and sustainable use of new technologies in finance. Our consultations together with the Financial Conduct Authority on building operational resilience, and outsourcing and third party risk management , sets out clearly the requirements for good risk management, including when new technologies might present novel operational and cyber risks.
And our artificial intelligence public private forum made up of 20 world leading experts on artificial intelligence met for the first time this month. By the end of 2021, that group will deliver a report, recommending how regulation can support the safe adoption of artificial intelligence in finance.
In particular, we will be focusing on issues relating to data, model risk management, and governance. The final word should go to Central Bank digital currency. As our discussion paper earlier this year stated, we haven t made a decision on whether or not to launch a retail central bank digital currency. But we are exploring the pros and cons with great interest.
I thought it would be helpful to set out some hopefully simple thoughts that are informing our explorations. There s a few things we can say with confidence, that it would be definitely helpful for central bank digital currency to display. First of all, the central bank digital currency must have a clear use case. Our explorations initially focused on a CBDC, focused on a payments use case using a platform model, where the central bank operates the core ledger, but private players operate the customer interface.
Central Bank Digital Currency should complement other forms of money, and must be able to coexist with bank notes and commercial bank money. Cash in particular continues to be important to many people in our society, and will remain available for as long as people wish to use it. Third, there must be no harm to monetary and financial stability.
This is the core of our mission. And indeed, by addressing the risks of private money creation, and by supporting resilience and trusted payments, a central bank digital currency should make a positive contribution to stability. Each payment needs must be supported. Our economy is digitizing rapidly and our payment needs are evolving. A central bank digital currency must be flexible enough to support future use cases, such as programmable money and micro payments.
And last but not least, privacy must be preserved. In the UK, privacy is a non negotiable. It is essential to trust in money, and there must be a clear consensus for how the UK society s expectations of privacy will be safeguarded. However, at the same time, privacy does not mean anonymity. And this will be an area that we will explore closely with partners across UK governments and UK society.
There s also some challenges we ve been mindful of. First of all, central digital currency doesn t have to use distributed ledger. No question, disputed ledger is an incredibly promising technology. Very relevant to our explorations, but it isn t the only technology solution that we should be thinking about. Second, walled gardens should be avoided. Our central bank digital currency must promote competition and innovation.
That means avoiding closed loop systems, and ensuring interoperability with and convertibility into and out of, other forms of money. And finally, and perhaps most importantly, we can t go it alone. Central banks need to partner with a broad range of stakeholders, given the breadth of issues presented by Central Bank digital currency. We won t have all the answers. But by working well with government, academics, private firms and civil society, both at home and internationally, we can start to make serious progress on these essential topics related to Central Bank digital currency.
To wrap up, it s been a pleasure to talk to you today. I wish that I was in Shanghai on the Bund rather than in a distinctly wet and rainy South London. And I very much hope that next year, we ll be able to meet in person once again. Thank you very much.
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