IMF-评估CBDC对金融稳定的影响（英）

NOTE/2025/008 Evaluating the Implications of CBDC for Financial Stability Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer FINTECH NOTE Evaluating the Implications of CBDC for Financial Stability Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer November 2025 FINTECH NOTES Evaluating the Implications of CBDC for Financial Stability INTERNATIONAL MONETARY FUND 2 ©2025 International Monetary Fund Evaluating the Implications of CBDC for Financial Stability Note 2025/008 Prepared by Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer* Cataloging-in-Publication Data IMF Library Names: Gross, Marco, author. | Miccoli, Marcello, author. | Verrier, Jeanne, author. | Villegas Bauer, German, author. | International Monetary Fund, publisher. Title: Evaluating the implications of CBDC for financial stability / Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer. Other titles: Evaluating the implications of central bank digital currencies for financial stability. | Fintech notes. Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE2025/008 | Includes bibliographical references. Identifiers: ISBN: 9798229030878 (paper) 9798229030915 (ePub) 9798229030885 (WebPDF) Subjects: LCSH: Digital currency. | Financial services industry—Technological innovations. Classification: LCC HG1710.G7 2025 DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Gross, Marco, Marcello Miccoli, Jeanne Verrier, and German Villegas-Bauer. 2025. “Evaluating the Implications of CBDC for Financial Stability” IMF Fintech Note 2025/008, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. T. +(1) 202.623.7430 publications@IMF.org IMFbookstore.org elibrary.IMF.org * Jeanne Verrier was the lead author. This Note was written under the supervision of Tobias Adrian, Tommaso Mancini-Griffoli, and Maria Soledad Martinez Peria, with financial support from the Government of Japan. The authors would like to thank Arif Ismail, Edona Reshidi, André Reslow, and other IMF staff who provided insightful comments. FINTECH NOTES Evaluating the Implications of CBDC for Financial Stability INTERNATIONAL MONETARY FUND 3 Contents Acronyms ..................................................................................................................................................... 4 Introduction and Summary of Findings .................................................................................................... 6 I. Conceptual Framework ...........................