国际货币基金组织：央行数字货币对支付竞争的影响（英文版）

How would CBDC affect competition in the payments market? If introduced, CBDC can serve as a payment instrument, expanding end users’ transaction choices, and as a platform infrastructure, broadening intermediaries’ opportunities to provide and innovate in payment and financial services. The competitive impact of CBDC depends significantly on the existing payments landscape, regulation, and CBDC design. CBDC may enhance competition in less competitive markets through four key channels: pricin