神戸大学金融研究会

10:00 ～ 11:30 (10:00am-11:30am )

論題
Topic

日本における中央銀行デジタル通貨の可能性と課題
Prospects and Challenges of Central Bank Digital Currency in Japan

報告者
Speaker

井上　哲也（野村総合研究所　金融イノベーション研究部　主席研究員）
Tetsuya INOUE (Chief Researcher, Financial Market and Innovation Research Department, Nomura Research Institute)

概要
Abstract

中国や欧州では、銀行券使用の低下や経済活動のデジタル化に加えて、「リブラ」のような通貨供給への新規参入の脅威や情報技術を巡る覇権争いを背景に、中央銀行デジタル通貨（CBDC）に関する議論が活発化しており、中央銀行と金融機関やIT企業が協力して取り組む新たなアプローチがみられる。日本を含む先進国が導入する際には、匿名性の確保と取引や個人の認証とのバランスが重要となるほか、複雑で発達した金融システムの安定性を維持するため、金融仲介の維持の観点からCDBDに対する付利や残高の面での工夫が必要となる。さらに、家計や企業の支出行動に直接に影響しうる政策手段を入手しうる中央銀行に対しては、新たなガバナンスのあり方も課題となろう。

Gaining momentum of discussion on CBDC in China and major European countries has been driven not only by declining usage of banknotes and accelerating trend of digitalization of economic activities, but also by rising concerns about currency provision by disrupters (as evidenced by "Libra initiative") and growing competition for de-facto standard of technology. In these economies, a new collaborative approach by central banks and private players including financial institutions and IT providers has become common. When introducing CBDC to major economies like Japan, appropriate balance between preserving anonymity and executing authentication is important. For the sake of stability of advanced and complicated financial system, some measures of paying interests and/or limiting outstanding amount are required with the view to maintain financial intermediation. Moreover, framework of governance over a central bank should be reviewed, as it would conduct stronger policy measures that could directly affect expenditures by households and firms.