摘　要
數位時代或虛擬世界為需求帶動之不可逆趨勢，銀行將在虛擬世界和實體環境服務新生代和現有客戶，此為本論文的研究動機，加以「國際貨幣組織」研究發行數位貨幣的可行性。新冠疫情的流行，加速了設計和發展「央行數位貨幣」的腳步。中央銀行發行數位貨幣可採行單層或雙層架構，將允許電子支付或科技公司與商業銀行成為金融中介機構，形成了金融中介機構間的競爭與合作。本研究目的有兩層：（i）央行數位貨幣的發展對於商業銀行Ａ銀行的影響；(ii)A銀行如何因應此變革。
採行PESTEL分析、 SWOT分析和專家訪談方式，以質性分析法進行本研究。現行的紙本位制度，已維持穩定和值得信賴的社會將近一世紀。中央銀行以雙層架構監管和發行紙幣透過商業銀行。今日紙幣早已無法應付龐大交易量和跨境支付的需求，再者電子支付的普及已融入人們日常消費之中。延續紙本位制相同的雙層機制，央行發行的數位貨幣，公司或個人透過手機或網路完成（法定貨幣）資金移轉或消費交易，這將成為「貨幣與銀行」的新里程碑。
本論文研究成果來自文獻、研究工具、專家意見和研究者的發現。此研究結論為，(i)商業銀行在央行推出數位貨幣前的準備工作，如提升人員對於央行數位貨幣相關的知識、企業組織人員及系統的調整和數位轉型；(ii)與科技公司的合作和電子支付公司的競爭，期許能對商業銀行--Ａ銀行提供有用的建議。

Abstract
The digital age or virtual world is an irreversible trend driven by demand, and banks will serve the new generation and existing clients in the virtual world and physical environment, which is the research motivation for this thesis. In addition, national monetary organizations research the feasibility of issue e-money. The COVID-19 pandemic accelerates the pace of design and develop CBDC. Central bank issue digital currency may operate one-tiered and/or two-tiered structure. That allows digital payment / tech company to become financial intermediaries with commercial bank. Further formed cooperation and competition among financial intermediaries. The purpose of this thesis is twofold: (i) The development of CBDC and the impact on commercial bank, A Bank. (ii) How A Bank responds to this change?
This research uses qualitative analysis methodologies, adopt PESTEL analysis, SWOT analysis and interviewing experts in this subject. Central banks regulate and issue paper money through commercial banks in a two-tiered structure. The popularity of electronic payments has been integrated into people’s daily consumption. Continuing the same two-tiered mechanism of current monetary system, a central bank issued digital currency, in which a company or individual completes (fiat currency) funds transfer or consumption transactions via a mobile phone or network.
The results of this thesis are mainly from the literature, analytical tools, expert opinions, and researcher’s findings. The research concludes that (i) bank is preparing for the launch of CBDC, such as enhance the expertise of staff in CBDC and related topics, the adjustment of enterprise organization staff and systems and digital transformation. (ii) cooperation with technology companies and competition with electronic payment companies. Wish to provide helpful suggestion for A Bank, a commercial bank.

Table of Contents
論文審定書i
Acknowledgementii
摘　要iii
Abstractiv
Table of Contentsv
List of Figuresvii
List of Tablesvii
1 Introduction1
1.1 Research Motivation and Research Purpose1
1.2 Research Procedure2
1.3 Research Scope and Limitation3
2 Literature Review4
2.1 The Present and Future Development of Monetary System4
2.2 Physical Cash4
2.3 ATM5
2.4 SWIFT5
2.5 Crypto-Assets, Stablecoins, and CBDC5
2.6 One-Tiered vs Two-Tiered CBDC11
2.7 Retail vs Wholesale CBDC15
2.8 CeFi vs DeFi15
3 Research Methodologies17
3.1 PESTEL Analysis17
3.2 SWOT Analysis18
3.3 Expert Interviews18
4 Empirical Analysis21
4.1 Banking Industry21
4.2 Introduction of A Bank ..22
4.3 PESTEL Analysis23
4.4 Expert Interviews26
4.5 SWOT29
4.6 Consolidation of Empirical Results33
5 Conclusions and Suggestions35
5.1 Conclusions35
5.2 Suggestions36
5.3 Management Implications38
6 References39
Appendix I Acronyms43
Appendix II Completed Questionnaire44

6 References
Papers or Reports
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Caswell, E., Smith, H., Learmonth, D., & Pearce, G. (2020). Cash in the Time of Covid. Bank of England Quarterly Bulletin, Q4.
Board, F. S. (2020). Regulation, supervision and oversight of “global stablecoin”. arrangements. Report, Financial Stability Board (Oct 2020).
Reserve, F. (2022). Money and Payments: The US Dollar in the Age of Digital Transformation. https://www. federalreserve. gov/publications/moneyand-payments-discussion-paper. html.
Ward, O., & Rochemont, S. (2019). Understanding central bank digital currencies. (CBDC). Institute and Faculty of Actuaries.
Bossu, W., Itatani, M., Margulis, C., Rossi, A., Weenink, H., & Yoshinaga, A. (2020). Legal aspects of central bank digital currency: Central bank and monetary law considerations. Available at SSRN 3758088.
Kumhof, M., & Noone, C. (2018). Central bank digital currencies-design. principles and balance sheet implications.
Meaning, J., Dyson, B., Barker, J., & Clayton, E. (2018). Broadening narrow. money: monetary policy with a central bank digital currency.
Kiff, M. J., Alwazir, J., Davidovic, S., Farias, A., Khan, M. A., Khiaonarong, M. T., ... & Zhou, P. (2020). A survey of research on retail central bank digital currency.
Fernández-Villaverde, J., Sanches, D., Schilling, L., & Uhlig, H. (2021). Central. bank digital currency: Central banking for all?. Review of Economic Dynamics, 41, 225-242.
Auer, R., & Böhme, R. (2020). The technology of retail central bank digital. currency. BIS Quarterly Review, March.
Bordo, M. D., & Levin, A. T. (2017). Central bank digital currency and the future.
of monetary policy (No. w23711). National Bureau of Economic Research.
Grym, A. (2020). Lessons learned from the world’s first CBDC.
Armelius, H., Claussen, C. A., & Hull, I. (2021). On the possibility of a cash-like. CBDC. Sveriges Riksbank Staff memo.
Carapella, F., & Flemming, J. (2020). Central bank digital currency: A literature review.
Liao, Gordon Y. and John Caramichael (2022). “Stablecoins: Growth Potential. and Impact on Banking,” International Finance Discussion Papers 1334. Washington: Board of Governors of the Federal Reserve System,
WEF. (2020). Central Bank Digital Currency Policy‐Maker Toolkit.
BIS. (2021). Central bank digital currencies: system design and interoperability.
BIS. (2020). Central bank digital currencies: foundational principles and core. features.
Harvey, C. R., Ramachandran, A., & Santoro, J. (2021). DeFi and the Future of. Finance. John Wiley & Sons.
Qin, K., Zhou, L., Afonin, Y., Lazzaretti, L., & Gervais, A. (2021). CeFi vs. DeFi--Comparing Centralized to Decentralized Finance. arXiv preprint arXiv:2106.08157.
Book
Fong Cher-Min. (2019) Essentials of Strategic Management—Applied Orientation. (Chinese version). 前程出版社
Others
Tim Evans. (2021). This is What Happens in An Internet Minute. Retrieved from website https://twitter.com/edtechevans/status/1409001538681335819?lang=zh-Hant
BankRate. ATM is a money term you need to understand. Retrieved from website
https://www.bankrate.com/glossary/a/atm/
SWIFT.com 2021. Exploring central bank digital currencies: SWIFT and Accenture
publish joint paper. Retrieved from website https://www.swift.com/news- events/news/exploring-central-bank-digital-currencies-swift-and-accenture-publish-joint-paper
Bank of England. 2020. What are cryptoassets (cryptocurrencies)? Retrieved from website https://www.bankofengland.co.uk/knowledgebank/what-are-cryptocurrencies
Adam Hayes. 2022. Who is Satoshi Nakamoto? Retrieved from website https://www.investopedia.com/terms/s/satoshi-nakamoto.asp
Cryptopedia staff. 2022.Digital Assets: Cryptocurrencies vs. Tokens. Retrieved from website https://www.gemini.com/cryptopedia/cryptocurrencies-vs-tokens-difference
Campbell R Harvey. 2022. DEFI AND THE FUTURE OF FINANCE. Retrieved from website https://www.dukece.com/insights/defi-and-the-future-of-finance/