国际清算银行-技术创新背景下的央行货币批发（英）

Wholesale central bank money in the context of technological innovation 1 Wholesale central bank money in the context of technological innovation September 2025 Bank of Canada Swiss National Bank European Central Bank Bank of England Bank of Japan Board of Governors Federal Reserve System (until Jan 2025) Sveriges Riksbank Bank for International Settlements Wholesale central bank money in the context of technological innovation 1 Bank for International Settlements (BIS) ISBN 978-92-9259-885-3 (online) 2 Wholesale central bank money in the context of technological innovation 1. Introduction In recent years, there has been a high level of technological innovation in payments and financial market infrastructures, often driven by the exploration of distributed ledger technology (DLT). In previous episodes of technological advancement in payments, a critical enabler of safe and effective innovation has been the ability to integrate new technologies into existing forms of settlement. In this dynamic context, it is crucial for central banks to deepen their understanding of trends in technological innovation and possible new approaches to central bank money settlement. This could support increasing the speed, efficiency and resilience of wholesale settlement. Interest in what is often referred to as “wholesale central bank digital currency” (wholesale CBDC) has increased among central banks worldwide.1 However, there is no commonly shared understanding of what is meant by this term. In line with the typical technology-neutral usage of the term “retail CBDC”, some have argued that wholesale CBDC – understood as digital central bank money used by financial institutions to settle wholesale transactions – has already existed for decades in the form of reserves held by financial institutions with the central bank.2 Others either implicitly or explicitly use the term to refer to new forms of central bank money, typically referring to its availability on a DLT platform and/or in tokenised format enabling composability and programmability.3 This report therefore takes a holistic approach to analysing the implications of technological innovation – and in particular DLT – for the settlement of wholesale transactions in a domestic context, with a focus on the role of central bank money. The key messages of the report are set out in Section 2 and the underlying analysis can be found in subsequent sections. Section 3 provides an overview of key concepts. The rationale for providing central bank money to settle wholesale financial transactions is set out in Section 4. Section 5 is a discussion of the interplay between central bank money settlement and technological innovation. Section 6 is a deep dive into the particular case of tokenisation as an innovation with possible implications for central bank money settlement. Section 7 discusses dimensions for central banks to consider when deciding on their approach towards tokenisation in wholesale