国际清算银行-竞争性数字货币（英）

BIS Working Papers No 1301 Competing digital monies by Jon Frost, Jean-Charles Rochet, Hyun Song Shin and Marianne Verdier Monetary and Economic Department November 2025 JEL classification: E42, E58, G21, L51, O31Keywords: Payments, CBDC, fast payments, banks, big tech, platforms BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Competing digital moniesJon Frost,∗ Jean-Charles Rochet,† Hyun Song Shin,‡ Marianne Verdier§November 5, 2025AbstractWe compare three competing digital payment instruments: bank deposits, digital platformtokens and central bank digital currencies (CBDCs). A simple theoretical model integratesthe theory of two-sided markets and payment economics. We use the model to assess theimpact of a public option such as a fast payment system that makes private payment in-struments interoperable, or a CBDC that provides general access to public digital money.We show that both options are essentially equivalent for the industrial organisation of thepayment system. We find that, even if they may lead to some degree of disintermediation,both options can contribute to increasing financial inclusion and improving social welfare.Keywords: payments, CBDC, fast payments, banks, big tech, platformsJEL classifications: E42, E58, G21, L51, O31.∗Bank for International Settlements (BIS) and Cambridge Centre for Alternative Finance (CCAF), e-mail:jon.frost@bis.org†Toulouse School of Economics (TSE), e-mail: jean-charles.rochet@tse-fr.eu. Rochet acknowledges the supportof the European Research Council (ERC grant n° 101055239, DIPAMUTA).‡Bank for International Settlements (BIS), e-mail: hyunsong.shin@bis.org§Universit´e Paris-Panth´eon-Assas, CRED EA. e-mail: marianne.verdier@assas-universite.frThe views and opinions expressed are those of the authors only and do not necessarily reflect those of the ACPR,the BIS, the European Union (EU) or the European Research Council Executive Agency. Neither the EU nor thegranting authority can be held responsible for them. The authors thank participants at the Baffi Centre-Bocconi-CEPR-ECB-Review of Finance conference on the Future of Payments (25-26 September 2025) for their comments,and especially Cyril Monnet, Katrin Tinn, Marcus Opp and Gilles Chemla. We also thank the participants in theBanque de France, TSE and Universit´e Paris II Panth´eon-Assas Digital Currency