1、Disclaimer:Data for this report has been gathered from many sources,including in-person interviews and desktop research for many jurisdictions.While every reasonable effort has been made to verify the source and accuracy of the data collected,the research team cannot exclude potential errors and omi

2、ssions.Opinions expressed in this report and in the interviews reflect those of the authors and not necessarily those of their respective institutions.With special thanks toTable of ContentsForewords 5Executive Summary 7Research Team 9Acknowledgments 10Methodology and Report Structure 111.Introducti

3、on 12Setting the context 171.1 What problems are we trying to solve?171.1.1.DvP 171.1.2.PvP 181.1.3.Other use cases 181.2 Defining alternative approaches to settlement assets 191.2.1.Synthetic CBDC 191.2.2.Tokenised Bank Deposits 191.2.3.Stablecoins 211.2.4.Summary of settlement asset types 212.Appr

4、oaches to wCBDCs 232.1 Synchronisation Approach 242.2 Integration Model 252.3 Distribution Model 272.4 Interoperability Model 292.5 Privately operated synthetic CBDCs 292.6 Summary of wCBDC models 303.Use Cases and Insights from CBDC Experiments 333.1 European Central Banks synchronisation and DLT p

5、ilots 353.2 Bank of England:Synchronisation(Meridian,Meridian FX and proposed experiments)383.3 BIS cross-border wCBDC experiments 393.4 Swiss National Bank and SDX 423.5 Fnality 444.Infrastructure/design implications 464.1 wCBDC Infrastructure developments 474.1.1.Canton Network 494.1.2.RLN and RSN

6、 494.1.3.Global Layer 1 494.1.4.Finternet 494.2 The infrastructure complexity 50Wholesale Central Bank Digital CurrenciesApproaches,Implementation Strategies and Use Cases35.Policy,Regulatory and Legal Aspects 515.1 Policy and Regulatory Considerations 525.1.1 Monetary Policy Considerations 525.1.2