IMF-零售中央银行数字货币（rCBDCs）的财务完整性影响（英）

NOTE/2025/010 Financial Integrity Implications of Retail Central Bank Digital Currencies (rCBDCs) Kathleen Kao, Ke Chen, Ben Aldersey, Stephanie Forte Walker, and Giulio Soana FINTECH NOTE Financial Integrity Implications of Retail Central Bank Digital Currencies (rCBDCs) Prepared by Kathleen Kao, Ke Chen, Ben Aldersey, Stephanie Forte Walker, and Giulio Soana November 2025 This Fintech Note was prepared under the supervision of Nadine Schwarz. ©2025 International Monetary Fund Financial Integrity Implications of Retail Central Bank Digital Currencies Note 2025/010 Prepared by Kathleen Kao, Ke Chen, Ben Aldersey, Stephanie Forte Walker, and Giulo Soana* Cataloging-in-Publication Data IMF Library Names: Kao, Kathleen, author. | Chen, Ke (Financial Sector Expert), author. | Aldersey, Ben, author. | Forte, Stephanie, author. | Soana, Giulio, author. | International Monetary Fund, publisher. Title: Financial integrity implications of retail central bank digital currencies (rCBDCs) / Kathleen Kao, Ke Chen, Ben Aldersey, Stephanie Forte, and Giulio Soana Other titles:. Description: Washington, DC : International Monetary Fund, 2025. | Nov. 2025. | NOTE/2025/010. | Includes bibliographical references. Identifiers: ISBN: 9798229029308 (paper) 9798229029353 (ePub) 9798229029414 (WebPDF) Subjects: LCSH: Digital currency—Law and legislation. | Money laundering—Law and legislation. | Financial services industry—Technological innovations. Classification: LCC HG1710.K3 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: Kathleen Kao, Ke Chen, Ben Aldersey, Stephanie Forte, and Giulo Soana 2025. “Financial Integrity Implications of Retail Central Bank Digital Currencies” IMF Fintech Note 2025/010, 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 *The authors are grateful to Nadine Schwarz, Nadim Kyriakos-Saad, and Trevor Rajah for their guidance throughout the process. We would like to thank Steve Dawe, Kristel Grace Poh, Luisa Malcherek, Indulekha Thomas, André Reslow, and Victor Budau (all IMF) for their helpful contributions, and Olivier Kraft and Jason Manchester for their peer review. Finally, the authors would also like to thank the FATF Secretariat for providing a sounding board on the application of the FATF Standards in the CBDC context. NOTE/YYYY/### Contents Acronyms ...............................................................................................................................................