{"id":6569,"date":"2021-05-28T10:36:51","date_gmt":"2021-05-28T03:36:51","guid":{"rendered":"http:\/\/se.dotv.vn\/?p=6569"},"modified":"2022-06-17T05:46:35","modified_gmt":"2022-06-16T22:46:35","slug":"tien-so-ngan-hang-trung-uong","status":"publish","type":"post","link":"https:\/\/se.dotv.vn\/vi\/tien-so-ngan-hang-trung-uong\/","title":{"rendered":"Ti\u1ec1n s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng: V\u1eadn h\u00e0nh & th\u1eed nghi\u1ec7m"},"content":{"rendered":"

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Ch\u00e2u V\u0103n Th\u00e0nh,\u00a0gi\u1ea3ng vi\u00ean b\u1ed9 m\u00f4n Kinh t\u1ebf h\u1ecdc, khoa Kinh t\u1ebf Dubai Palace<\/em><\/p>\n

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S\u1ef1 tr\u1ed7i d\u1eady c\u1ee7a c\u00e1c d\u1ea1ng ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 (hay g\u1ecdi t\u1eaft l\u00e0 ti\u1ec1n s\u1ed1) – t\u01b0 nh\u00e2n v\u00e0 ch\u00ednh ph\u1ee7 (ch\u00ednh\u00a0x\u00e1c h\u01a1n l\u00e0 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng) c\u00f9ng v\u1edbi nhu c\u1ea7u thanh to\u00e1n s\u1ed1 (digital payments) \u0111\u00e3 v\u00e0 \u0111ang t\u1ea1o ra th\u00e1ch th\u1ee9c kh\u00f4ng nh\u1ecf cho ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 truy\u1ec1n th\u1ed1ng. B\u00ean c\u1ea1nh \u0111\u00f3, s\u1ef1 quan\u00a0t\u00e2m \u0111\u1ebfn ti\u1ec1n s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng (central bank digital currency, CBDC) ng\u00e0y c\u00e0ng gia t\u0103ng \u2013 xu\u1ea5t ph\u00e1t t\u1eeb vai tr\u00f2 c\u1ee7a USD b\u1ecb xem l\u00e0 \u0111ang c\u00f3 \u201cv\u1ea5n \u0111\u1ec1\u201d, c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng li\u00ean\u00a0quan \u0111\u1ebfn ti\u1ec1n t\u1ec7 v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, cu\u1ed9c \u0111ua b\u01a1m ti\u1ec1n t\u1eeb c\u00e1c g\u00f3i QE (n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng) v\u00e0 g\u00f3i gi\u1ea3i c\u1ee9u d\u01b0\u1edbi d\u1ea1ng \u201chelicopter drops\u201d(ti\u1ec1n th\u1ea3 t\u1eeb tr\u00ean tr\u1eddi xu\u1ed1ng)<\/span>\u00a0<\/span>sau kh\u1ee7ng ho\u1ea3ng t\u00e0i\u00a0ch\u00ednh to\u00e0n c\u1ea7u 2008 v\u00e0 sau khi x\u1ea3y ra \u0111\u1ea1i d\u1ecbch COVID-19 – \u0111\u00f2i h\u1ecfi c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch trong t\u01b0\u01a1ng lai c\u1ea7n ph\u1ea3i chu\u1ea9n b\u1ecb ki\u1ebfn th\u1ee9c \u0111\u1ec3 c\u00f3 th\u1ec3 tham gia v\u00e0o \u201ccu\u1ed9c ch\u01a1i m\u1edbi\u201d.<\/span><\/p>\n

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C\u00e2u\u00a0h\u1ecfi \u0111\u1eb7t ra l\u00e0 li\u1ec7u c\u00f3 n\u00ean s\u1edbm cho ra \u0111\u1eddi m\u1ed9t CBDC c\u1ee7a t\u1eebng ch\u00ednh qu\u1ed1c gia? Hay ch\u00fang ta\u00a0n\u00ean trang b\u1ecb cho m\u00ecnh nh\u1eefng g\u00ec \u0111\u1ec3 c\u00f3 th\u1ec3 nh\u00ecn th\u1ea5y tr\u01b0\u1edbc c\u00e1c r\u1ee7i ro v\u00e0 ph\u01b0\u01a1ng c\u00e1ch qu\u1ea3n l\u00fd\u00a0th\u00edch \u1ee9ng?<\/span><\/em><\/p>\n

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\u0110\u1ec3 tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi l\u1edbn \u0111\u00f3, tr\u01b0\u1edbc h\u1ebft ch\u00fang ta n\u00ean t\u00ecm hi\u1ec3u xem v\u00ec sao\u00a0vi\u1ec7c xem x\u00e9t ra \u0111\u1eddi CBDC l\u1ea1i l\u00e0 v\u1ea5n \u0111\u1ec1 n\u00f3ng c\u0169ng nh\u01b0 ph\u00e2n bi\u1ec7t c\u01a1 ch\u1ebf v\u1eadn h\u00e0nh CBDC c\u00f3 g\u00ec kh\u00e1c so v\u1edbi m\u1ed9t \u0111\u1ed3ng ti\u1ec1n truy\u1ec1n th\u1ed1ng \u0111\u1ec3 c\u00f3 th\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1\u00a0CBDC, k\u1ec3 c\u1ea3 nh\u1eefng \u00e1p l\u1ef1c thay \u0111\u1ed5i \u1edf t\u1ea7m qu\u1ed1c t\u1ebf.<\/span><\/p>\n

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T\u1ed5ng h\u1ee3p c\u00e1c b\u00e1o c\u00e1o cho th\u1ea5y c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng theo \u0111u\u1ed5i CBDC xu\u1ea5t ph\u00e1t t\u1eeb c\u00e1c l\u1ee3i \u00edch ti\u1ec1m n\u0103ng c\u1ee7a \u0111\u1ed3ng ti\u1ec1n\u00a0n\u00e0y ch\u1ee7 y\u1ebfu nh\u1eafm v\u00e0o gi\u1ea3i ph\u00e1p cho c\u00e1c tr\u1ee5c tr\u1eb7c hi\u1ec7n h\u00e0nh. C\u00e1c l\u1ee3i \u00edch ti\u1ec1m n\u0103ng c\u1ee7a\u00a0CBDC c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn nh\u01b0 l\u00e0: (1) Gia t\u0103ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 t\u00ednh s\u1eb5n c\u00f3 c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m\u00a0v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh (financial inclusion); (2) T\u0103ng c\u01b0\u1eddng s\u1ef1 truy\u1ec1n d\u1eabn c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7\u00a0(monetary policy transmission); (3) T\u00ednh an to\u00e0n v\u00e0 h\u1eefu hi\u1ec7u thanh to\u00e1n (payment safety and\u00a0efficiency); v\u00e0 (4) S\u1ef1 s\u1eb5n c\u00f3 c\u1ee7a ti\u1ec1n m\u1eb7t (availability of cash). Tuy nhi\u00ean, t<\/span>heo c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc, \u0111\u1ed1i v\u1edbi CBDC ch\u00fang ta kh\u00f4ng n\u00ean ch\u1ec9 ch\u00fa \u00fd \u0111\u1ebfn c\u00e1c <\/span>l\u1ee3i \u00edch ti\u1ec1m\u00a0t\u00e0ng <\/span>m\u00e0 ph\u1ea3i nh\u00ecn v\u00e0o c\u1ea3 nh\u1eefng <\/span>r\u1ee7i ro ti\u1ec1m \u1ea9n <\/span>c\u1ee7a \u0111\u1ed3ng ti\u1ec1n n\u00e0y, \u0111\u1ed3ng th\u1eddi ph\u1ea3i xem x\u00e9t c\u1ea9n\u00a0th\u1eadn nh\u1eefng <\/span>kh\u1ea3 n\u0103ng \u0111\u00e1nh \u0111\u1ed5i <\/span>(trade-off) c\u00f3 th\u1ec3 x\u1ea3y ra.<\/span><\/p>\n

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C\u00f3 n\u00ean s\u1edbm cho ra \u0111\u1eddi ti\u1ec1n s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u1ee7a t\u1eebng ch\u00ednh qu\u1ed1c gia?<\/span><\/em><\/p>\n<\/blockquote>\n

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\u1ede c\u1ea5p \u0111\u1ed9 giao d\u1ecbch l\u1ebb (retail level), CBDC s\u1ebd cung c\u1ea5p\u00a0m\u1ed9t s\u1ed1 s\u1ef1 thu\u1eadn l\u1ee3i v\u00e0 v\u1eadn h\u00e0nh kh\u00e1 gi\u1ed1ng v\u1edbi th\u1ebb t\u00edn d\u1ee5ng (credit card) trong thanh to\u00e1n,\u00a0<\/span>c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 ng\u01b0\u1eddi ngh\u00e8o v\u00e0 nh\u1eefng \u0111\u1ed1i t\u01b0\u1ee3ng kh\u00e1c, gi\u00fap ch\u00ednh ph\u1ee7 d\u1ec5 d\u00e0ng th\u1ef1c hi\u1ec7n chuy\u1ec3n\u00a0nh\u01b0\u1ee3ng tr\u1ee3 c\u1ea5p x\u00e3 h\u1ed9i c\u0169ng nh\u01b0 h\u1ee9a h\u1eb9n s\u1ebd\u00a0gi\u00fap gi\u1ea3m \u0111\u00e1ng k\u1ec3 chi ph\u00ed giao d\u1ecbch xuy\u00ean bi\u00ean gi\u1edbi. Nh\u01b0ng \u0111\u1ec3\u00a0CBDC v\u1eadn h\u00e0nh t\u1ed1t, m\u1ed9t nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n ph\u1ea3i th\u1ecfa, \u0111\u00f3 l\u00e0 s\u1ebd c\u1ea7n c\u00e2n b\u1eb1ng\u00a0gi\u1eefa t\u00ednh \u1ea9n danh <\/span>(anonymity hay privacy) v\u00e0 s\u1ef1 ki\u1ec3m so\u00e1t h\u1ec7 th\u1ed1ng <\/span>(control of the system).
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Xu h\u01b0\u1edbng ra \u0111\u1eddi CBDC c\u1ea5p \u0111\u1ed9 qu\u1ed1c gia l\u00e0 r\u00f5 r\u00e0ng v\u00e0 kh\u00f3 tr\u00e1nh kh\u1ecfi. C\u1ea1nh tranh gi\u1eefa c\u00e1c\u00a0qu\u1ed1c gia th\u00f4ng qua vai tr\u00f2 CBDC t\u01b0\u01a1ng lai ng\u00e0y c\u00e0ng l\u1ed9 r\u00f5 h\u01a1n bao gi\u1edd h\u1ebft.\u00a0 Li\u1ec7u c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd s\u1eb5n l\u00f2ng ch\u1ea5p nh\u1eadn vi\u1ec7c thanh to\u00e1n\u00a0d\u01b0\u1edbi d\u1ea1ng c\u00e1c \u0111\u1ed3ng ti\u1ec1n s\u1ed1 CBCD c\u1ee7a c\u00e1c ng\u00e2n h\u00e0nh trung \u01b0\u01a1ng kh\u00e1c nhau? Li\u1ec7u c\u00e1c qu\u1ed1c\u00a0gia v\u1eabn c\u00f3 th\u1ec3 duy tr\u00ec ki\u1ec3m so\u00e1t cung ti\u1ec1n c\u1ee7a h\u1ecd m\u1ed9t khi cung ti\u1ec1n \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng\u00a0s\u1ed1? N\u1ebfu nh\u01b0 kh\u00f4ng c\u00f3 \u0111\u01b0\u1ee3c s\u1ef1 h\u1ee3p t\u00e1c, ph\u1ed1i h\u1ee3p v\u00e0 ki\u1ec3m so\u00e1t \u1edf m\u1ee9c \u0111\u1ed9 cao ph\u1ea1m vi to\u00e0n\u00a0c\u1ea7u, th\u00ec c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn (nh\u01b0 Fed ch\u1eb3ng h\u1ea1n) s\u1ebd kh\u00f3 m\u00e0 s\u1eb5n l\u00f2ng b\u1ea3o l\u00e3nh h\u1ec7\u00a0th\u1ed1ng t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf.<\/span><\/p>\n

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Nh\u01b0ng xu th\u1ebf d\u01b0\u1eddng nh\u01b0 kh\u00f3 thay \u0111\u1ed5i – c\u00e1c \u0111\u1ed3ng ti\u1ec1n CBDC g\u1ea7n nh\u01b0 ch\u1eafc ch\u1eafn s\u1ebd ti\u1ebfp t\u1ee5c\u00a0\u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n. C\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 li\u1ec7u c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a c\u00e1c \u0111\u1ed3ng ti\u1ec1n n\u00e0y s\u1ebd c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft tr\u01b0\u1edbc khi s\u1ef1 chuy\u1ec3n \u0111\u1ed5i sang h\u1ec7 th\u1ed1ng m\u1edbi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n hay kh\u00f4ng. S\u1ef1 ra \u0111\u1eddi c\u1ee7a\u00a0m\u1ed9t \u0111\u1ed3ng ti\u1ec1n d\u1ea1ng CBDC c\u00f3 th\u1ec3 gi\u00fap c\u1ea3i thi\u1ec7n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, nh\u01b0ng h\u1ea7u h\u1ebft c\u00e1c chuy\u00ean\u00a0gia \u0111\u1ec1u c\u1ea3nh b\u00e1o r\u1eb1ng \u0111\u1ed3ng ti\u1ec1n n\u00e0y kh\u00f4ng n\u00ean h\u00ecnh th\u00e0nh cho \u0111\u1ebfn khi m\u00e0 nh\u1eefng b\u1ea3o \u0111\u1ea3m\u00a0ph\u00e2n b\u1ed5 t\u00ecn d\u1ee5ng, h\u1ec7 th\u1ed1ng thanh to\u00e1n, c\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 an to\u00e0n \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, v\u00e0 c\u00e1c\u00a0kh\u00eda c\u1ea1nh kh\u00e1c c\u1ee7a h\u1ec7 th\u1ed1ng m\u1edbi ph\u00e1t huy ch\u1ee9c n\u0103ng v\u1eadn h\u00e0nh t\u1ed1t, \u00edt nh\u1ea5t l\u00e0 cho \u0111\u1ebfn khi t\u1ea5t\u00a0c\u1ea3 c\u00e1c v\u1ea5n \u0111\u1ec1 n\u00e0y th\u1ef1c s\u1ef1 v\u1eadn h\u00e0nh tr\u01a1n tru d\u01b0\u1edbi h\u1ec7 th\u1ed1ng hi\u1ec7n h\u00e0nh.<\/span><\/p>\n

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Xem th\u00eam chi ti\u1ebft b\u00e0i vi\u1ebft c\u1ee7a th\u1ea7y Ch\u00e2u V\u0103n Th\u00e0nh “Ti\u1ec1n s\u1ed1 Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng: V\u1eadn h\u00e0nh v\u00e0 th\u1eed nghi\u1ec7m<\/a>“<\/span>.\u00a0B\u00e0i vi\u1ebft n\u00e0y d\u00f9ng cho gi\u1ea3ng d\u1ea1y v\u00e0 nghi\u00ean c\u1ee9u, c\u1eadp nh\u1eadt ng\u00e0y 27\/05\/2021.<\/span><\/p>\n

[\/vc_column_text][\/vc_column][vc_column width=”1\/6″][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"[vc_row][vc_column width=\"1\/6\"][\/vc_column][vc_column width=\"2\/3\"][vc_column_text] Ch\u00e2u V\u0103n Th\u00e0nh,\u00a0gi\u1ea3ng vi\u00ean b\u1ed9 m\u00f4n Kinh t\u1ebf h\u1ecdc, khoa Kinh t\u1ebf Dubai Palace   S\u1ef1 tr\u1ed7i d\u1eady c\u1ee7a c\u00e1c d\u1ea1ng ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 (hay g\u1ecdi t\u1eaft l\u00e0 ti\u1ec1n s\u1ed1) - t\u01b0 nh\u00e2n v\u00e0 ch\u00ednh ph\u1ee7 (ch\u00ednh\u00a0x\u00e1c h\u01a1n l\u00e0 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng) c\u00f9ng v\u1edbi nhu c\u1ea7u thanh to\u00e1n s\u1ed1 (digital payments)","protected":false},"author":1,"featured_media":6570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[515,24,107],"tags":[440,673,671],"acf":[],"lang":"vi","translations":{"vi":6569},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6569"}],"collection":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/comments?post=6569"}],"version-history":[{"count":10,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6569\/revisions"}],"predecessor-version":[{"id":8166,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6569\/revisions\/8166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/media\/6570"}],"wp:attachment":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/media?parent=6569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/categories?post=6569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/tags?post=6569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}