Revis?o da moeda digital emitida pelo Banco Central (CBDC) como um veículo para a ado??o generalizada de ativos digitais

Content Team September 24, 2020

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Revis?o da moeda digital emitida pelo Banco Central (CBDC) como um veículo para a ado??o generalizada de ativos digitais

Palavras de Gabriel Zanko, Conselheiro Técnico, CEO daMobileyourLife (Banco de Investimento para Tecnologia Profunda e Energia Renovável), CEO da

Urano Capital (o futuro Fundo para Deep Technology), pesquisador e palestrante

 

Resumo

Com o aumento da popularidade dos ativos digitais nos últimos anos, a existência de moedas multinacionais descentralizadas está se tornando um tópico importante de discuss?o para os bancos centrais, uma vez que seu controle e soberania sobre suas respectivas economias podem pedir por um sistema de pagamentos regulamentado que atende às necessidades de uma sociedade cada vez mais globalizada. Uma das solu??es mais discutidas em todo o mundo s?o as Moedas Digitais emitidas pelo Banco Central (CBDC), que trazem consigo temas delicados de legisla??o, viabilidade e seguran?a de seus usuários.

I. INTRODU??O

Desde sua primeira men??o em 2009, os conceitos de blockchain e criptomoeda geraram vários avan?os e projetos que chamaram a aten??o das massas na esfera da tecnologia. De contratos inteligentes a redes de comunica??o descentralizadas, a ideia de uma forma distribuída e confiável de armazenamento e transmiss?o de dados mudou a vis?o de um grande grupo de pessoas, n?o só quanto à utilidade desses modelos, mas também questionando se os atuais mecanismos centralizados est?o em decadência.

O ponto de descentraliza??o mais atraente é a seguran?a alcan?ada pela replica??o dos dados em todos os nodes da rede e os algoritmos de consenso definidos para esses nodes para decidir o verdadeiro estado dos dados, o que os protege completamente de adultera??es externas. No entanto, ainda existe uma sensa??o de falta de confian?a ir?nica nesse mecanismo, que é fortalecido pelo mais popular das blockchain: o Bitcoin. A volatilidade da criptomoeda é sempre o primeiro ponto a ser discutido nos impedimentos do blockchain, especialmente desde o crash de 2018.

 

Para combater esse senso de ceticismo, vários usos alternativos de blockchain foram desenvolvidos nos anos recentes. O primeiro grande exemplo s?o stablecoins, que s?o criptomoedas cujo valor está associado ou amarrado ao de um ativo ou mercadoria n?o digital. Hoje temos exemplos de stablecoins associados a moedas fiduciárias (USDT, TUSD), commodities como ouro (DGX) e até mesmo alguns que compilam outros ativos digitais (nUSD, CDP), e novos usuários se sentem mais confortáveis usando tokens com valores associados a ativos com os quais s?o mais familiares.

No entanto, a falta de responsabilidade que vem com sistemas totalmente descentralizados continua desanimando usuários de entrar no mercado. Em uma pesquisa realizada por finder.com4, eles descobriram que a maioria vê como n?o digno ou necessário fazer investimentos em um sistema no qual nenhuma pessoa ou institui??o pode ser responsabilizada pelas a??es de usuários maliciosos ou erros no sistema, apesar de tudo sendo projetado especificamente para evitar esses eventos.

 

Isso abriu uma oportunidade para o surgimento de um novo tipo de ativo: Moedas Digitais emitidas pelo Banco Central (CBDC), que representam uma tentativa de trazer os benefícios dos ativos digitais para o sistema financeiro tradicional e para mover gradualmente a sociedade para além da necessidade de moeda fiduciária . Neste documento, revisaremos o conceito de CBDC e sua viabilidade, juntamente com as recentes propostas do Uruguai e da Suécia para sua implementa??o, e qu?o importantes podem se tornar nos próximos anos.

II. DESCRI??O

De acordo com o Instituto e Faculdade de Atuários do Reino Unido, CBDC s?o definidos como um conjunto de ativos digitais emitidos exclusivamente por bancos centrais, os quais:

  • Oferecem acesso mais amplo do que as reservas.
  • Têm maior funcionalidade potencial para transa??es de varejo em compara??o com dinheiro.
  • Têm uma estrutura operacional separada para outras moedas emitidas pelo Banco Central.
  • Podem render juros, pagando a uma taxa diferente das reservas em condi??es realistas.

Muito parecido com o dinheiro emitido centralmente que usamos hoje; espera-se que seja uma forma de responsabilidade do banco central que possa cumprir os objetivos de meio de troca e uma forma de armazenar valor de maneira segura. Um diagrama que compara o CBDC a outras formas de moeda utilizadas atualmente é mostrado na Figura 2, que n?o só mostra sua versatilidade e utilidade, mas também o fato de que tem o potencial de ser diversificado para usos específicos no atacado ou propósitos gerais, caso haja necessidade para isso.

Eles também destacam que o uso generalizado do CBDC poderia ter vários efeitos em todo o cenário de um país, se forem projetados para ser um substituto perfeito para o dinheiro eletr?nico emitido de forma privada:

II.a. Taxas de juros

Dada a sua facilidade de acesso, falta de limites de deten??o e devendo ser remunerados, podem vir a ser uma ferramenta para definir uma taxa inferior às do mercado monetário, o que pode influenciar as deten??es de investidores institucionais de outros líquidos e ativos de baixo risco, como contas do governo de curto prazo.

No entanto, eles dizem que os efeitos gerais do CBDC sobre a estrutura das taxas de juros podem ser bastante difíceis de prever. Uma análise realizada pelo Banco do Canadá apóia essa afirma??o com alguns cenários. Por exemplo, manter CBDC com juros pode oferecer uma alternativa melhor ao dinheiro para indivíduos que procuram evitar taxas de juros negativas durante uma recess?o, mas também podem reduzir as taxas de depósito, pois oferecem uma op??o externa potencialmente mais baixa, aumentando a competi??o.

II.b. Seguran?a e Privacidade

Dependendo da jurisdi??o, a emiss?o do CBDC pode exigir a implementa??o de novas leis contra a Lavagem de Dinheiro (AML) e Contra o Financiamento do Terrorismo (CFT).

A implementa??o de tais leis pode ser um sinal de falta de privacidade da popula??o uma vez que esses controles podem exigir monitoramento centralizado de transa??es para evitar fraudes. Claro, tudo isso dependeria da tecnologia usada por um determinado país para a emiss?o de sua moeda, e isso pode variar de país para país.

 

Por outro lado, se as transa??es digitais an?nimas forem permitidas por design, o sentimento em rela??o ao sistema melhoraria junto com sua eficiência, mas tornaria mais fácil para os usuários evitar as medidas de seguran?a e, eventualmente, gerar custos sociais.

III.c. Estabilidade Financeira

Sem o risco comercial associado aos bancos, o CBDC oferece uma alternativa mais segura para transa??es e depósitos, uma vez que os bancos n?o s?o totalmente garantidos por reservas, uma vez que parte de seus servi?os inclui empréstimos. A prova disso vem como resgates oferecidos às institui??es durante Bank Runs, como os dados pelo Federal Reserve dos EUA durante a crise de 2007-2009.

Como os CBDC s?o acessíveis diretamente sem a intermedia??o de bancos, pode representar um risco menor para a popula??o mais conservadora, mas também pode trazer grandes preocupa??es para a estabilidade dos bancos comerciais e aqueles que optaram por continuar utilizando seus servi?os.

III. EXEMPLOS RECENTES

Conforme o conceito se torna mais difundido, mais países ponderam sobre a possibilidade de eventualmente implementar o CBDC. Uma pesquisa realizada pelo Banco de Compensa??es Internacionais mostrou que dos 63 bancos centrais (representando 80% da popula??o global e mais de 90% da produ??o econ?mica mundial), mais de 70% realizavam trabalhos no CBDC em 2018, com 31% dos que se concentram na emiss?o para uso geral, 13% no atacado e os demais 56% em ambos os cenários.

Um dos países que tem demonstrado maior interesse no seu desenvolvimento, regulamenta??o e implementa??o é a Suécia. O Riksbank, o banco central da Suécia, divulgou recentemente uma análise econ?mica que se concentra na “e-krona”, sua proposta para um CBDC.

Este documento estabelece o papel de um banco central como “credor de última instancia”, uma vez que pode expandir a oferta de dinheiro de emiss?o pública e fornecer créditos aos bancos, o que lhes permite satisfazer deficiências temporárias de liquidez. No entanto, eles também destacam que os atuais sistemas monetários e de pagamentos podem se tornar menos úteis em um mundo onde a globaliza??o se torna mais proeminente a cada dia.

A fim de garantir a sobrevivência de um mercado de pagamentos que pode satisfazer as necessidades de toda a sociedade, enquanto se preparam para a eventual populariza??o de stablecoins internacionais e outros projetos por firmas Big Tech, eles consideraram a emiss?o de krona eletr?nica (e-krona) que, por design, garante a privacidade de seus usuários, o que também permite a implementa??o no setor privado e a colabora??o de empresas internacionais para melhorar os pagamentos em várias moedas. Eles também explicam como uma moeda pública emitida centralmente pode ser útil para a sociedade em termos de obten??o de uniformidade (ou seja, contornar intermediários comerciais) ou como um CBDC pode estabelecer um sistema mais controlado que pode resistir a adversidades ou crises.

Outro exemplo notável de CBDC é o e-Peso uruguaio. A ideia de uma moeda digital surgiu
principalmente da necessidade de inclus?o econ?mica no país, como parte de um programa criado em 2011, e a Lei de Inclus?o Financeira aprovada em 2014, que teve como principais objetivos a universaliza??o do acesso à moeda, a formaliza??o do mercado de trabalho e a melhoria da eficiência dos sistemas de pagamentos.

Como o acesso aos servi?os bancários aumentou nos últimos anos no Uruguai, também cresceu o uso de cart?es de débito e crédito, terminais POS, ATMs e transferências entre bancos. Isso destaca a discrepancias que s?o criadas por um sistema financeiro baseado na competi??o financeira, onde certas condi??es e termos n?o cobrem necessariamente as necessidades da maioria da popula??o, e esta é a principal raz?o pela qual uma proposta de sistema monetário unificado é bem recebida.

O projeto, que já conta com o apoio de empresas internacionais (IBM), redes nacionais de pagamentos (Redpagos) e Banco Central do Uruguai, visa dispensar a conex?o ativa com a Internet, manter as transa??es an?nimas mas rastreáveis e oferecer liquida??o instantanea, entre outras melhorias na seguran?a em rela??o ao dinheiro.

Após um programa piloto que durou de novembro de 2017 a abril de 2018, eles concluíram que há
evidências do alcance do e-Peso às áreas mais isoladas do país, e que a principal causa de interesse é o custo das plataformas atuais. No entanto, há quest?es a serem discutidas, como o impacto que a ado??o do e-Peso poderia ter nos negócios existentes ou suas possíveis implica??es na sonega??o de impostos.

IV. DISCUSS?O ATUAL

A populariza??o do conceito de CBDC trouxe consigo uma discuss?o sobre sua real necessidade, se eles s?o apenas uma maneira para os bancos centrais apertarem o controle de suas economias contra a populariza??o de criptomoedas e como elas podem resistir a sistemas descentralizados atraentes.
Um relatório publicado pelo Fórum Econ?mico Mundial destaca que a ado??o do CBDC traz o potencial para pagamentos domésticos e internacionais mais rápidos e baratos, uma vez que n?o há custos de produ??o associados às moedas eletr?nicas, para melhorar as funcionalidades de AML / KYC para prevenir a evas?o fiscal e fraude e fornecer alternativas às tecnologias de pagamento digital oferecidas pelo setor privado.

Por outro lado, eles também observam o potencial de exclus?o para as popula??es que n?o desejam ou n?o podem adotar totalmente o CBDC, o que poderia marginalizá-los ainda mais, a maior exposi??o e vulnerabilidade a ciberataques e quedas de energia, e que um CBDC baseado em blockchain também amplificaria os problemas que est?o intrinsecamente associados ao blockchain: escalabilidade, confidencialidade, gerenciamento de chaves e velocidades de transa??o.

 

Em contraste com este ponto, há exemplos que mostram uma maior ado??o de criptomoedas como alternativas ao dinheiro emitido de forma centralizada em países com economias instáveis. Alguns exemplos incluem a grande quantidade de pessoas sem acesso aos sistemas bancários atuais (cerca de 600 milh?es que vivem na áfrica Subsaariana) ou aqueles que buscam refúgio da hiperinfla??o (por exemplo Venezuelanos investindo cerca de 17,1 bilh?es de bolívares no BTC nos primeiros dias de 2019)

V. CONCLUS?O

Como sociedade, n?o podemos ignorar a importancia de diminuir os limites de pagamentos e
transa??es às quais nos acostumamos. Se a sociedade continua se movendo em dire??o a um estado mais globalizado, a disponibilidade de moedas que podem ser usadas em vários servi?os locais, regionais e internacionais torna-se uma necessidade, e moedas digitais podem ser um primeiro passo adequado para um sistema financeiro que possa cobrir as necessidades de seus usuários.

Mas os problemas e situa??es das sociedades dentro dos países n?o podem ser ignorados, uma vez que as solu??es para os problemas de distribui??o de riqueza e acesso aos servi?os bancários n?o podem ser delegadas a iniciativas ou projetos internacionais que visam estabelecer servi?os de pagamento. A ideia por trás do CBDC é definida para ser um meio-termo entre as duas extremidades do espectro: uma vis?o de futuro, forma adaptável de tornar os servi?os financeiros prontamente disponíveis para toda a popula??o de um país, sem perder o controle necessário sobre as quest?es que podem definir o curso de suas economias nos anos ou décadas seguintes.

VI. REFERêNCIAS

1. Ward, Orla; Rochemont Sabrina (2019) “Understanding Central Bank Digital Currencies (CBDC)”. Institute and Faculty of Actuaries.

2. Nakamoto, Satoshi (2009).

3. Retrieved from https://www.nbcnews.com/tech/ internet/bitcoin-loses-more-half-its-value-amid-cryptocrash-n844056

4. Davoodalhosseini, Mohammad; Rivadeneyra, Francisco; Zhu, Yu (2020) “CBDC and Monetary Policy”. Staff Analytical Note 2020-4. Bank of Canada.

5. Fleming, Michael J. (2012) “Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009”. Federal Reserve Bank of New York Staff Reports. No.563.

6. Barontini, Christian; Holden, Henry (2019) “Proceedin with caution – a survey on central bank digital currency”. BIS Papers. No. 101. Bank for International Settlements.

7. Armelius, Hann; Claussen, Carl; Hendry, Scott (2020) “Is central bank currency fundamental to the monetary system?”. Sveriges Riksbank Economic Review 2020:2.

8. Bergman, Mats (2020) “Competitive aspects of an ekrona”. Sveriges Riksbank Economic Review 2020:2.

9. Licandro, Gerardo (2018) “Uruguayan e-Peso on the
context of financial inclusion”.

10. World Economic Forum (2019) “Central Banks and Distributed Ledger Technology: How are Central Banks Exploring Blockchain Today?”.

11.Coino.biz (2019) “Venezuelans traded 17.1 billion Bolivars for Bitcoins during the last week”. Retrieved
from: https://coino.biz/bitcoin/venezuelans-traded-17-1- billion-bolivars-for-bitcoins-during-the-lastweek/#:~:text=Venezuelans%20traded%2017.1%20billion%20Bolivars,and%20Cryptocurrency%20news%20C OINO.biz

Agenda SiGMA:

SiGMA Group Americas Digital Summit está acontecendo de 22 a 24 de setembro, trazendo nomes conhecidos do setor de games e tecnologia da América Latina para uma série de painéis de debate aprofundados, com conteúdo oferecido em espanhol, português e inglês.

A 7a edi??o doSiGMA Europe mudará as datas de seu evento de novembro para 16 a 18 de fevereiro de 2021.

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