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博碩士論文 etd-0627122-214632 詳細資訊
Title page for etd-0627122-214632
The Development of Central Bank Digital Currency and the Impact on Commercial Bank —Taking A Bank as an Example
Year, semester
Number of pages
Huang, Min-hsin
Advisory Committee
Wu, Chi-Cheng
Date of Exam
Date of Submission
CBDC, SWOT, PESTEL, Stablecoins, CeFi, DeFi
本論文已被瀏覽 268 次,被下載 86
The thesis/dissertation has been browsed 268 times, has been downloaded 86 times.
摘 要
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。
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.
目次 Table of Contents
Table of Contents
摘 要iii
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

參考文獻 References
6 References
Papers or Reports
People’s Bank of China. (2021). Progress of Research & Development of E-CNY in China.
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.
Fong Cher-Min. (2019) Essentials of Strategic Management—Applied Orientation. (Chinese version). 前程出版社
Tim Evans. (2021). This is What Happens in An Internet Minute. Retrieved from website
BankRate. ATM is a money term you need to understand. Retrieved from website 2021. Exploring central bank digital currencies: SWIFT and Accenture
publish joint paper. Retrieved from website events/news/exploring-central-bank-digital-currencies-swift-and-accenture-publish-joint-paper
Bank of England. 2020. What are cryptoassets (cryptocurrencies)? Retrieved from website
Adam Hayes. 2022. Who is Satoshi Nakamoto? Retrieved from website
Cryptopedia staff. 2022.Digital Assets: Cryptocurrencies vs. Tokens. Retrieved from website
Campbell R Harvey. 2022. DEFI AND THE FUTURE OF FINANCE. Retrieved from website

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