身边的经济学·社会常识英语精读30篇（6）
14 / 30
正在确认阅读权限…
Why Central Bank Digital Currencies Challenge Monetary Sovereignty
央行数字货币为何挑战货币主权
-
As major economies develop central bank digital currencies (CBDCs), they confront fundamental tensions between financial inclusion, surveillance capacity, and cross-border monetary influence.主要经济体在推进央行数字货币（CBDC）过程中，面临金融包容性、监控能力与跨境货币影响力之间的根本张力。
-
Unlike stablecoins or commercial bank deposits, CBDCs grant central banks direct, real-time visibility into individual transaction flows without intermediaries.与稳定币或商业银行存款不同，CBDC使央行无需中介即可直接、实时掌握个人交易流。
-
This capability enhances anti-money laundering enforcement but also raises constitutional questions about privacy rights in digital payment ecosystems.这一能力强化了反洗钱执法，但也引发数字支付生态中隐私权的宪法性质疑。
-
More critically, widely adopted foreign CBDCs could displace domestic currencies in trade settlements—particularly in regions with weak local institutions or volatile exchange rates.更关键的是，被广泛采用的外国CBDC可能在贸易结算中取代本币——尤其在本地制度薄弱或汇率波动剧烈的地区。
-
For example, if African importers increasingly settle Chinese-made goods in digital yuan, local monetary policy loses traction over inflation and credit conditions.例如，若非洲进口商越来越多地用数字人民币结算中国商品，本国货币政策对通胀和信贷状况的调控效力将减弱。
-
Jurisdictions may respond by restricting foreign CBDC usage or mandating domestic wallet interoperability, risking fragmentation of global payment rails.各国可能通过限制外国CBDC使用或强制要求本国钱包互操作来应对，但此举或将导致全球支付网络碎片化。
-
Meanwhile, private-sector innovations like programmable money complicate regulatory boundaries between monetary authority and financial service providers.与此同时，可编程货币等私营部门创新，模糊了货币当局与金融服务提供商之间的监管边界。
-
The IMF warns that uncoordinated CBDC rollouts could destabilize capital flows and deepen asymmetries between reserve-currency and peripheral economies.国际货币基金组织警告，缺乏协调的CBDC推广可能扰乱资本流动，并加剧储备货币国与外围经济体间的不对称性。
-
Technical design choices—such as offline functionality, interest-bearing features, or tiered anonymity—carry profound distributional implications for households and SMEs.技术设计选择——如离线功能、付息机制或分级匿名——对家庭和中小企业具有深远的分配影响。
-
Unlike physical cash, CBDCs embed policy intent directly into infrastructure, making them instruments of both macroeconomic stabilization and institutional control.与实物现金不同，CBDC将政策意图直接嵌入基础设施，既是宏观经济稳定的工具，也是制度管控的手段。
-
International coordination is lagging, yet interoperability standards will determine whether CBDCs unify or further stratify the global financial architecture.国际协调严重滞后，而互操作性标准将决定CBDC是整合还是进一步割裂全球金融架构。
-
Monetary sovereignty is no longer defined solely by currency issuance—but by who controls the ledger, sets the rules, and enforces compliance.货币主权不再仅由货币发行定义，更取决于谁掌控账本、制定规则并执行合规。