英検 1級 要約問題 サンプル練習問題 ⑥ Digital Currencies Issued by Central Banks

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In recent years, monetary authorities in various countries have begun exploring the issuance of central bank digital currencies (CBDCs), a state-backed alternative to physical cash and privately developed cryptocurrencies. Unlike decentralized digital assets, CBDCs would be issued and regulated by national central banks, potentially allowing individuals and businesses to hold accounts directly with these institutions. Pilot programs are already underway in several jurisdictions, and policymakers are assessing how such systems might alter financial infrastructure. Although advocates present CBDCs as a natural evolution of payment systems in an increasingly digital economy, skeptics question their broader implications for privacy, financial stability, and the role of commercial banks.

Supporters argue that CBDCs could enhance payment efficiency by reducing transaction costs and settlement times, particularly in cross-border transfers that currently rely on complex intermediary networks. They also contend that digital currencies issued by central banks may promote financial inclusion by providing secure banking services to populations underserved by traditional institutions. In addition, proponents suggest that CBDCs could strengthen monetary policy transmission, enabling central banks to respond more swiftly to economic downturns through direct stimulus mechanisms. From this vantage point, modernization of currency systems is seen as both inevitable and advantageous in a rapidly evolving financial landscape.

Critics, however, warn that widespread adoption of CBDCs may disrupt existing banking models by encouraging individuals to shift deposits away from commercial banks during periods of economic uncertainty. Such shifts could constrain lending capacity and heighten systemic risk. Furthermore, detractors raise concerns about data privacy, noting that digital transactions recorded by central authorities might enable unprecedented levels of financial surveillance. They also question whether technological vulnerabilities, including cyberattacks or system failures, could undermine public trust in national currencies. In their assessment, the long-term ramifications of digitizing sovereign money remain insufficiently understood, warranting a cautious and incremental approach.