Central bank digital currency (CBDC) is a digital form of fiat currency. CBDC has the potential to be a game challenger in the international financial system, bringing increased complexities arising from technology and regulatory considerations, as well as generating greater currency competition. As more states begin exploring CBDC, the interactions between actors may lead to the emergence of a new CBDC network. What shape would the emerging CBDC network take? What would its network effects be? What would be the impact of the CBDC network on the international financial system, or the global financial network? This article explores these questions by examining the emerging CBDC network and its regulatory implications. It argues that the CBDC network would likely be both decentralized and uncoordinated, making it unlikely to lead to convergence in CBDC regulation. The CBDC network would probably bring policy diffusion effects, with states behaving instrumentally, while shaking up the power balance between different actors, generating both cooperation and conflict. The CBDC network also has the potential to push international financial system toward becoming more decentralized.

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国际金融体系的未来：新兴的 CBDC 网络及其对监管的影响

中央银行数字货币（CBDC）是法定货币的数字形式。CBDC 有潜力成为国际金融体系的游戏挑战者，带来技术和监管考虑带来的复杂性增加，并引发更激烈的货币竞争。随着越来越多的国家开始探索 CBDC，参与者之间的互动可能会导致新的 CBDC 网络的出现。新兴的 CBDC 网络将采取什么形式？它的网络效应是什么？CBDC网络会对国际金融体系或全球金融网络产生什么影响？本文通过研究新兴的 CBDC 网络及其监管影响来探讨这些问题。它认为 CBDC 网络可能是去中心化且不协调的，因此不太可能导致 CBDC 监管的趋同。CBDC 网络可能会带来政策扩散效应，各国发挥工具性作用，同时动摇不同参与者之间的权力平衡，产生合作和冲突。CBDC 网络还有潜力推动国际金融体系变得更加去中心化。