身边的经济学·社会常识英语精读30篇（3）
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Monetary Sovereignty in a Digital Age: Central Bank Digital Currencies and Their Institutional Implications
数字时代的货币主权：央行数字货币及其制度影响
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Central bank digital currencies (CBDCs) represent sovereign money issued electronically by central banks, distinct from private stablecoins or commercial bank deposits.
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Their adoption raises foundational questions about financial inclusion, privacy architecture, and the future role of commercial banks in payment intermediation.
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Wholesale CBDCs serve interbank settlements and improve cross-border efficiency, while retail versions aim to provide safe, accessible, and programmable alternatives to cash.
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Design choices matter deeply: account-based models enable identity verification and targeted policy tools, whereas token-based systems prioritize anonymity and offline functionality.
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CBDCs could strengthen monetary sovereignty by reducing reliance on dominant foreign currencies in trade invoicing and reserve holdings.
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Yet they also pose risks: disintermediation of banks if large-scale deposits migrate directly to central banks during stress episodes.
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Legal frameworks lag technical development—many jurisdictions lack clear statutes defining CBDCs as legal tender or clarifying liability for system failures.
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Geopolitical competition shapes rollout: China’s e-CNY advances rapidly amid strategic goals, while the Eurosystem prioritizes privacy safeguards and interoperability standards.
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CBDCs don’t eliminate the need for sound fiscal policy—but they do alter transmission mechanisms for monetary interventions like direct transfers or time-bound stimulus.
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Implementation success depends less on blockchain hype and more on institutional readiness: cybersecurity protocols, governance transparency, and inclusive access design.
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They represent a reassertion of public authority over money creation—not a technological upgrade but a constitutional recalibration of financial infrastructure.
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Ultimately, CBDCs test whether societies prioritize efficiency, equity, or autonomy when redesigning the most fundamental economic institution: the unit of account itself.