IMF-央行数字货币对支付竞争的影响（英）

NOTE/2025/007 The Impact of Central Bank Digital Currency on Payments Competition Edona Reshidi, Marco Reuter, and Manisha Patel FINTECH NOTE The Impact of Central Bank Digital Currency on Payments Competition Prepared by Edona Reshidi, Marco Reuter, and Manisha Patel November 2025 ©2025 International Monetary Fund The Impact of Central Bank Digital Currency on Payments Competition Note 2025/007 Prepared by Edona Reshidi, Marco Reuter, and Manisha Patel* Cataloging-in-Publication Data IMF Library Names: Reshidi, Edona, author. | Reuter, Marco, author. | Patel, Manisha J. author. | International Monetary Fund, publisher. Title: The impact of central bank digital currency on payments competition / Edona Reshidi, Marco Reuter, and Manisha Patel. Other titles: Fintech notes. Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE/25/007. | Includes bibliographical references. Identifiers: ISBN: 9798229028738 (paper) 9798229028981 (ePub) 9798229029018 (WebPDF) Subjects: LCSH: Digital currency. | Financial services industry—Technological innovations. Classification: LCC HG1710.R4 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: Reshidi, Edona, Marco Reuter, and Manisha Patel. 2025. “The Impact of Central Bank Digital Currency on Payments Competition” IMF Fintech Note 2025/007, 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 * This Note was written under the supervision of Tommaso Mancini-Griffoli, Marcello Miccoli, and Maria Soledad Martinez Peria with Edona Reshidi and Marco Reuter as lead authors. It has benefited from the contributions of several IMF staff members. This Note was prepared with financial support from the Government of Japan. Contents Acronyms/Glossary .................................................................................................................................... 3 Introduction ................................................................................................................................................. 4 I. The Market for Domestic Retail Payments ............................................................................................ 6 Market Participants ................................................................................................................................. 6 II. The Role and Competitive Impact of CBDC ....................................................