Research On The Operation System Of CBDC Under SD Multi-evlutionary Game Model

With the booming of the digital economy and financial technology,the circulation and use of private digital currency are becoming more and more widespread.However,on the one hand,private digital currency shows obvious characteristics of investment and price bubble;on the other hand,private digital currencies are limited in scope.In addition to the factors such as U.S.economic hegemony and demand for financial inclusion,many countries have strengthened their attention and discussion on central bank digital currency,and therefore raised many issues about the research and development of CBDC which need to be further discussed.Compared with cash and deposits,digitization of fiat currencies requires a higher level of technology,so there is an increasing exploration of issues related to various technologies and systems that build their underlying structure.The operation system is an indispensable link in the basic structure of CBDC,which guarantees the smooth implementation of the issuance,popularization and circulation of CBDC.At this stage,most economies are still actively exploring what kind of operation system to build.Therefore,it is of some significance to propose a plan that can help economies build an appropriate operating system according to their own situation,and provide policy guidance on how to stabilize the system in the future.Based on this,this paper studies the construction and optimization of the operation system by establishing a game model and carrying out simulation.Firstly,the paper defines the concept of central bank digital currency,and compares it with several other similar concepts.Then it introduces the existing operating system and analyses the weaknesses and strengths of different systems.It also supplements the global research and development status and existing problems of central bank digital currency at this stage.Based on these theoretical foundations,this paper holds that the main bodies related to the operation system include the central bank,the second-tier operation institutions and users,and takes these three as the main body to establish an evolutionary game model for equilibrium point calculation and stability analysis.On this basis,an SD flow rate basic tree model is established to show that it affects the strategy selection of each subject.Select the factors.Finally,the stability situation is simulated with the help of Vensim software and the sensitivity of different influencing factors is analyzed.The results show that the most important factors affecting the economy to choose the form of the operating system are the cost problem,and the factors that determine the cost include the size of the economy,the influence of the second-tier institutions in the local financial market,the degree of financial infrastructure construction,and the ability to develop relevant technologies,etc.;the strategies between the second-tier institutions and users will affect each other.The more active the institutions are,the more users will be driven to use CBDC.The way of building the operation system will not affect the user’s attitude towards the CBDC.To increase the number of users,we should start from the second-tier institutions.Based on the simulation results and the actual conditions,the following recommendations are made: both the central bank and the second-tier operating institutions should improve their digitalization level and increase the construction of digital infrastructure,meanwhile the central bank should also encourage financial technology innovation as much as possible without systemic financial risks;the central bank and the second-tier operating institutions should step up the publicity and promotion of digital currency,but it is best to promote it after the pilot,otherwise the participation enthusiasm of the second-tier institutions will be reduced;incentives can be taken to increase the motivation of users.