IMF-零售央行数字货币能否改善社会安全网的交付？（英）

Can Retail Central Bank Digital Currencies Improve the Delivery of Social Safety Nets? Denis Nikitin, Johan Schmalholz and Carolina Bloch WP/25/211IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2025 OCT * The authors would like to thank useful comments from Pelin Berkmen, Nicolo Bird, Victor Budau, Patrik Centellini, Ke Chen,Pierre-Adrien Fondja, Tarek Ghani, Borja Gracia, Emine Hanedar, Jiro Honda, Tayo Koonprasert, Antonio Manzanera, MarianoMoszoro, Manabu Nose, Marco Reuter, Lorena Rivero del Paso, Harriet Tolputt, Rui Xu, Paula Zarazinski. © 2025 International Monetary Fund WP/25/211IMF Working Paper Fiscal Affairs Can Retail Central Bank Digital Currencies Improve the Delivery of Social Safety Nets? Prepared by Denis Nikitin, Johan Schmalholz and Carolina Bloch* Authorized for distribution by Rodrigo Cerda October 2025IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: This paper explores how retail central bank digital currencies (CBDCs) could enhance the delivery of social safety nets (SSNs). It assesses CBDC design features and their implications for payment administration and delivery. Findings suggest that using CBDCs solely as payment delivery solutions offers limited advantages over existing systems such as faster payment systems. However, leveraging CBDCs as payment administration platforms—with peer-to-peer transfers, decentralized ledger access, and advanced programmability—could transform SSN delivery by enabling agencies to automate transfers, operate independently from private financial intermediaries, and monitor transactions directly. These benefits come with significant challenges, including privacy concerns, compliance risks, and infrastructure requirements. The paper emphasizes that realizing CBDCs’ full potential for SSNs will depend on thoughtful integration with existing systems and a clear understanding of their comparative advantages. Aimed at social protection policymakers and finance specialists, it highlights the need for collaboration between CBDC developers and SSN administrators to ensure that digital currencies effectively support inclusive and efficient benefit delivery. RECOMMENDED CITATION: Denis Nikitin, Johan Schmalholz and Carolina Bloch. (2025) “Can Retail Central Bank Digital Currencies Improve the Delivery of Social Safety Nets?” IMF Working Papers WP/25/211.JEL Classification Numbers: I38, E42, E58 Keywords: Central Bank Digital Currencies, Social Safety Nets, Payment Systems, Government Transfers, Fintech, Financia