摘要:数字货币的出现被视为货币形态的又一次重大革命，有望成为数字经济时代的主流通货和重要金融基础设施.中央银行推动发行央行数字货币（central bank digital currency，简称CBDC）势在必行.根据中国人民银行法定数字货币原型系统实验，探索了二元模式下法定数字货币发行、转移、回笼闭环流程，设计了CBDC的加密字符串表达形式、通过存款准备金等额兑换的发行回笼机制、CBDC在转移过程中的转换机制以及原型系统的总体架构、系统架构和技术架构，并在局部采用分布式账本技术基础上探讨增强其可用性的改进方法，最后还研究了在保护用户隐私前提下如何对CBDC进行数据分析.研究发现，基于分布式账本的共识记账和国密SM2运算是影响CBDC转移性能的关键操作，并提出优化改进思路.



Abstract:The emergence of digital currency is seen as another major revolution in the form of currency and is expected to become the main currency and important financial infrastructure in the era of digital economy. It is imperative for central banks to promote the issuance of central bank digital currency (CBDC). Based on initial achievements of research on digital fiat currency (DFC) conducted by the People's Bank of China, this paper explores a closed loop which encompasses DFC issuance, transfer and return in the "central bank-commercial banks" binary model. Moreover, the paper designs the encrypted character string of CBDC, the issuance/return mechanism based on a 1:1 exchange ratio between deposit reserve and DFC, and the conversion mechanism of CBDC during its transfer. The paper goes on to explore the overall architecture, system architecture and technical architecture of the prototype and discusses possible ways to improve the usability of distributed ledger technology (DLT) based on partial application of DLT. Finally, this paper explores data analysis of CBDC under the prerequisite of consumer privacy protection, and concludes that consensus of distributed ledger and SM2 algorithm are key factors influencing the performance of CBDC transfer. Some suggestions for further improvement are also offered.



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