mBridge:Innovation of International Payment System within the Digital Economy
Under the influence of the rise of protectionism,the intensification of geopolitical conflicts,the fragmentation of trade markets and other factors,the uncertainties in international trade and international finance have significantly in-creased.Traditional cross-border payments are facing a series of challenges,including issues related to cost,speed,operation and etc.Driven by the Bank for International Settlements Innovation Hub,the multi-CBDC Bridge(mBridge),jointly created by four jurisdictions provides a new way to solve the outstanding problems of cross-border payments.On the basis of in-depth investigation of central bank institutions and commercial banks participating in the mBridge pilot project,this article systematically examines the effect and operating mechanism of mBridge.This article points out that com-pared with the traditional cross-border payment system,mBridge shows stronger economic effect,security and stability effect,inclusive effect and network effect.It can provide faster,cheaper,more transparent and more inclusive cross-border payment services,which represents the direction of the reform and development of the international payment system.This article ex-pounds a series of innovations in the mechanism of mBridge,including the governance mechanism of five-party consultation and co-governance,the payment mechanism facilitating flexible connection for onboarding and offboarding from mBridge,the credit mechanism with the central bank assuming the central point,an efficient and inclusive supervision mechanism,a decen-tralized and robust technical mechanism and a market mechanism with a focus on payment.In order to better meet the needs of safeguarding monetary sovereignty,protecting privacy and technological iteration while meeting the diversification of international payments,this article proposes four suggestions.Firstly,effectively safeguard mon-etary sovereignty and financial stability of various countries.Secondly,improve storage design,strengthen data privacy and gov-ernance.Thirdly,introduce new functions to better meet the diversified needs of international payments.Fourthly,expand the use of RMB on mBridge to pave the way for a new track in RMB internationalization.
万方数据
维普
