[CNBC] 중앙은행이 디지털 화폐에 꽂힌 이유 -2
Why Central Banks Want To Get Into Digital Currencies
여러 중앙 은행은 왜 디지털 화폐를 원할까?
2021. 3. 6.
By CNBC
https://www.youtube.com/watch?v=ywV5JMDHiAY&t=62s
쓸 만한 표현 10가지, Useful ten expressions from the video
1. cross-border payments
해외 결제
예) One benefit is lowering the cost of cross-border payments.
장점 중 하나는 해외 결제 비용의 감소다.
2. antiquated
케케 묵은, 오래된
예) antiquated correspondent banking system
오래된 환거래 시스템(코레스 시스템)
3. there's debate on ~
~ 에 대한 논의가 있다, 여러 의견이 있다.
예) there's debate on how this would play out.
실제로 어떻게 될지에 대한 여러 의견이 있다.
4. play out
(실제로 일어나지 않을 일을) 일어난 것처럼 여기다, (미국) 실제로 발생하다, 일어나다
예) The debate will play out in the media over the next week or two.
다음주 혹은 다다음주에 토론이 방송될 것이다.
5. proof of ~
~를 증명할 수 있는 서류
예) proof of purchase
영수증 등 구매 증명 서류
6. associated with ~
~ 와 연결된, ~와 관련된
예) risks associated with central bank digital currencies.
중앙은행 디지털 화폐 관련 위험요소
7. solely rely on ~
~에만 의존하다, ~만 쓰다
예) If we solely rely on digital currencies, it could jeopardize the entire system.
디지털 화폐만 쓴다면 전체 시스템을 위험에 빠뜨릴 가능성이 있다.
8. go down
(서비스 등이) 다운되다, 고장나다, 작동불능이 되다
예) Our grid goes down or the Internet goes down
전산망이나 인터넷이 다운되다.
9. pull their funds from ~
(돈 등을) 인출하다, 빼다
예) People may be more likely to pull their funds from commercial banks.
사람들이 일반 은행들에게서 돈을 뺄 가능성이 높다.
10. end up ~ing
결국에는 ~를 해야 한다. 어쩔 수 없이 ~를 해야 한다.
예) There is a danger that we might end up creating a central honeypot of data.
결국에는 중앙 데이터에 허니팟을 만들어야 하는 상황이 올 수도 있다.
전체 스크립트
5:53 Benefits from CBDC
-> Lower international payment fee and financial inclusion
CBDC의 장점
-> CBDC가 활성화된다면 낮은 국제결제 수수료, 금융포용 등을 기대할 수 있다.
One benefit central bank digital currencies could provide is lowering the cost of cross-border payments.
[Interviewee]
It's still five percent or more, on average, to send money from one country to another, because of our antiquated correspondent banking system and the inefficiencies in our payment system. That really especially hits people on the economic margins who are maybe working overseas, trying to send money back to their families.
CBDCs can also promote financial inclusion similar to the success of M-Pesa, Kenya's mobile payment service. Still, there's debate on how this would play out.
6:27 Potential risks of CBDC
-> Lockdown caused by grid or Internet malfunction, probability of bank run
CBDC로 인한 잠재적 위험요소
-> 전기, 인터넷 고장으로 인한 락다운 및 뱅크런 가능성
[Interviewee]
I think there is a huge debate around, for example, are you going to be required to produce a ID and say proof of address to use central bank digital currency? Today, I don't need to show ID or show proof of address to receive a cash payment.
There's a lot of risks associated with central bank digital currencies. If we solely rely on digital currencies and there is a massive power outage or a hack, it could jeopardize the entire system.
[Interviewee]
A single point of failure, say our grid goes down or the Internet goes down or something catastrophic happens. You don't really have a backup if you're fully digitized.
Most central banks say that it's likely CBDCs, if implemented, will coexist with other forms of currency.
There's another big concern that a central bank issued digital currency could cause a bank run during economic instability. Central bank issued digital currencies give people another place to store money. These kinds of digital currencies would be considered extremely safe assets. After all, they are being held with institutions like the U.S. Federal Reserve, which isn't going out of business anytime soon. In times of economic uncertainty, people may be more likely to pull their funds from commercial banks, and quickly, then stockpile the safe digital currency stored at the Fed. This can make the financial crisis more unstable.
Privacy can also become a huge issue, depending on how the digital currency is designed.
[Interviewee]
There is a danger that we might end up creating a central honeypot of data. So I think we need to be really careful not to do that. Payment data is really sensitive. We don't want to gather a lot of it in one place and we need to think very carefully about how that data is protected and whether or not someone needs to collect that data at all.
8:23 Pre-requirements for CBDC use
-> CBDC must be compatiable with the current market-based system.
CBDC 사용의 선제조건들
-> 현재 시장 기반 금융 시스템과 양립가능해야 한다.
In August 2020, the Federal Reserve Bank of Boston announced a multi-year collaboration with MIT to research central bank digital currency. The research project would explore new and existing technologies to build and test a hypothetical digital currency platform.
[Interviewee]
We are very much still in the research phase of this, and I think it's going to take at least a few more years of research to really sort through some of these problems. Our plans are to release our first prototype as open source code this upcoming summer of 2021. And along with that, a white paper which describes a lot about what we've learned.
On February 24th, 2021, Fed Chairman Jerome Powell said the U.S. central bank will engage with the public on the
digital dollar this year.
[Interviewee]
This is going to be the year in which we engage with the public pretty actively. We have a functioning financial system and a banking system. We need to be careful with our design of the digital dollar and that we don't create something that will undermine that very healthy market-based function.
[Interviewee]
I think it's going to happen sooner than that, and the reason is because of this competitive challenge from China and also this rapidly-growing cryptocurrency space, and the fact that we are in a pandemic still. And I think you're starting to see ideas like universal basic income and stimulus payments become a more regular feature of our economy.