<p>Ti&#7873;n s&#7889; qu&#7889;c gia c&#7911;a Trung Qu&#7889;c &ndash; &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; (digital yuan) &ndash; &#273;&atilde; b&#432;&#7899;c sang m&#7897;t giai &#273;o&#7841;n m&#7899;i t&#7915; ng&agrave;y 01/01/2026, khi s&#7889; d&#432; v&iacute; b&#7855;t &#273;&#7847;u &#273;&#432;&#7907;c t&iacute;nh l&atilde;i su&#7845;t theo m&#7913;c l&atilde;i su&#7845;t ti&#7873;n g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n.</p>
<p>&#272;&#7897;ng th&aacute;i n&agrave;y &#273;&aacute;nh d&#7845;u s&#7921; kh&aacute;c bi&#7879;t r&otilde; r&#7879;t so v&#7899;i quan &#273;i&#7875;m &#273;&#7891;ng thu&#7853;n to&agrave;n c&#7847;u hi&#7879;n nay, &#273;&oacute; l&agrave; c&aacute;c &#273;&#7891;ng ti&#7873;n s&#7889; ng&acirc;n h&agrave;ng trung &#432;&#417;ng (CBDC) n&ecirc;n kh&ocirc;ng c&oacute; l&atilde;i su&#7845;t. Ng&acirc;n h&agrave;ng Trung &#432;&#417;ng Ch&acirc;u &Acirc;u (ECB), C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; (Fed) v&agrave; Ng&acirc;n h&agrave;ng Thanh to&aacute;n Qu&#7889;c t&#7871; (BIS) t&#7915; l&acirc;u &#273;&atilde; cho r&#7857;ng &#273;i&#7873;u n&agrave;y l&agrave; n&#7873;n t&#7843;ng gi&uacute;p &#273;&#7843;m b&#7843;o &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-orthodox-view-cbdcs-as-digital-cash-not-savings">Quan &#273;i&#7875;m truy&#7873;n th&#7889;ng: CBDC l&agrave; ti&#7873;n k&#7929; thu&#7853;t s&#7889;, kh&ocirc;ng ph&#7843;i ti&#7871;t ki&#7879;m</h2>

<p>C&#7897;ng &#273;&#7891;ng CBDC tr&ecirc;n th&#7871; gi&#7899;i ch&#7911; y&#7871;u &#273;&#7891;ng thu&#7853;n r&#7857;ng: Ti&#7873;n s&#7889; d&agrave;nh cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; n&ecirc;n &#273;&#432;&#7907;c xem l&agrave; phi&ecirc;n b&#7843;n k&#7929; thu&#7853;t s&#7889; c&#7911;a ti&#7873;n m&#7863;t, kh&ocirc;ng ph&#7843;i l&agrave; c&ocirc;ng c&#7909; ti&#7871;t ki&#7879;m sinh l&atilde;i su&#7845;t.</p>
<p>ECB t&#7915;ng nh&#7845;n m&#7841;nh r&otilde; quan &#273;i&#7875;m n&agrave;y. <a href="https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html" target="_blank" rel="noreferrer noopener">Ph&#7847;n H&#7887;i &#273;&aacute;p c&#7911;a h&#7885;</a> n&ecirc;u r&#7845;t c&#7909; th&#7875;: &ldquo;Gi&#7889;ng nh&#432; ti&#7873;n m&#7863;t trong v&iacute;, b&#7841;n s&#7869; kh&ocirc;ng &#273;&#432;&#7907;c tr&#7843; l&atilde;i cho s&#7889; d&#432; &#273;&#7891;ng euro s&#7889;.&rdquo; M&#7909;c ti&ecirc;u l&agrave; &#273;&#7875; ng&#259;n &#273;&#7891;ng euro s&#7889; tr&#7903; th&agrave;nh k&ecirc;nh ti&#7871;t ki&#7879;m, h&uacute;t v&#7889;n kh&#7887;i ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i.</p>
<p>Fed c&#361;ng c&oacute; c&ugrave;ng m&#7897;t lo ng&#7841;i. Trong <a href="https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o n&#259;m 2022</a>, h&#7885; c&#7843;nh b&aacute;o vi&#7879;c ti&#7873;n s&#7889; ng&acirc;n h&agrave;ng trung &#432;&#417;ng c&oacute; l&atilde;i su&#7845;t c&oacute; th&#7875; g&acirc;y thay &#273;&#7893;i l&#7899;n cho h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh M&#7929;, n&#7893;i b&#7853;t l&agrave; nguy c&#417; m&#7845;t vai tr&ograve; trung gian c&#7911;a ng&acirc;n h&agrave;ng. Ng&#432;&#7901;i d&acirc;n c&oacute; th&#7875; chuy&#7875;n ti&#7873;n g&#7917;i sang gi&#7919; t&#7841;i trung &#432;&#417;ng, l&agrave;m ng&acirc;n h&agrave;ng gi&#7843;m ngu&#7891;n cho vay.</p>
<p>BIS v&agrave; IMF c&#361;ng c&#7911;ng c&#7889; khung ph&aacute;p l&yacute; n&agrave;y, l&#432;u &yacute; r&#7857;ng CBDC c&oacute; l&atilde;i su&#7845;t c&oacute; th&#7875; khi&#7871;n d&ograve;ng ti&#7873;n r&uacute;t kh&#7887;i ng&acirc;n h&agrave;ng t&#259;ng nhanh khi c&#259;ng th&#7859;ng t&agrave;i ch&iacute;nh x&#7843;y ra, do ng&#432;&#7901;i g&#7917;i ti&#7873;n s&#7869; &#432;u ti&ecirc;n &ldquo;tr&uacute; &#7849;n an to&agrave;n&rdquo; t&#7841;i ng&acirc;n h&agrave;ng trung &#432;&#417;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-china-s-departure-from-m0-to-m1">Trung Qu&#7889;c thay &#273;&#7893;i h&#432;&#7899;ng &#273;i: t&#7915; M0 sang M1</h2>

<p><a href="https://www.xinhuanet.com/fortune/20251229/b4769a74c4874897935a9bbd7ee2359f/c.html" target="_blank" rel="noreferrer noopener">Quy&#7871;t &#273;&#7883;nh c&#7911;a Trung Qu&#7889;c</a> &#273;&atilde; khi&#7871;n &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; chuy&#7875;n t&#7915; vai tr&ograve; l&agrave; &ldquo;M0 k&#7929; thu&#7853;t s&#7889;&rdquo; &ndash; t&#432;&#417;ng &#273;&#432;&#417;ng ti&#7873;n m&#7863;t &ndash; th&agrave;nh g&#7847;n gi&#7889;ng &ldquo;M1&rdquo;, t&#7913;c l&agrave; bao g&#7891;m c&#7843; ti&#7873;n g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n trong t&#7893;ng cung ti&#7873;n.</p>
<p>Ch&iacute;nh s&aacute;ch n&agrave;y ph&aacute;t tri&#7875;n t&#7915; &ldquo;K&#7871; ho&#7841;ch h&agrave;nh &#273;&#7897;ng n&acirc;ng cao qu&#7843;n l&yacute; &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; v&agrave; h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh&rdquo; c&#7911;a PBOC (ng&acirc;n h&agrave;ng trung &#432;&#417;ng Trung Qu&#7889;c). Ch&iacute;nh s&aacute;ch &aacute;p d&#7909;ng v&#7899;i c&aacute;c v&iacute; x&aacute;c minh th&ocirc;ng tin (c&#7845;p &#273;&#7897; 1-3 cho c&aacute; nh&acirc;n v&agrave; t&agrave;i kho&#7843;n doanh nghi&#7879;p). L&atilde;i su&#7845;t &#273;&#432;&#7907;c t&iacute;nh gi&#7889;ng g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n, thanh to&aacute;n l&atilde;i v&agrave;o ng&agrave;y 20 c&#7911;a th&aacute;ng cu&#7889;i m&#7895;i qu&yacute;. Ri&ecirc;ng v&iacute; &#7849;n danh c&#7845;p &#273;&#7897; 4 v&#7851;n kh&ocirc;ng &#273;&#432;&#7907;c h&#432;&#7903;ng l&atilde;i su&#7845;t.</p>
<p>&#272;&aacute;ng ch&uacute; &yacute;, Trung Qu&#7889;c c&#361;ng v&#7915;a s&#7917;a &#273;&#7893;i &#273;&#7883;nh ngh&#297;a ch&iacute;nh th&#7913;c c&#7911;a &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; &#273;&#7875; b&#7893; sung ph&#7841;m vi &ldquo;bao g&#7891;m c&#7843; h&#7879; th&#7889;ng thanh to&aacute;n li&ecirc;n quan&rdquo; &ndash; m&#7897;t thay &#273;&#7893;i v&#7873; m&#7863;t t&#7915; ng&#7919; cho th&#7845;y e-CNY &#273;&atilde; ph&aacute;t tri&#7875;n v&#432;&#7907;t xa vai tr&ograve; thay th&#7871; ti&#7873;n m&#7863;t th&ocirc;ng th&#432;&#7901;ng.</p>
<p><a href="https://finance.sina.com.cn/jjxw/2025-12-31/doc-inheshqs3730399.shtml" target="_blank" rel="noreferrer noopener">Chuy&ecirc;n gia ph&acirc;n t&iacute;ch Wang Jian c&#7911;a Guoxin Securities</a> cho r&#7857;ng &#273;&acirc;y l&agrave; qu&aacute; tr&igrave;nh chuy&#7875;n t&#7915; &ldquo;ti&#7873;n m&#7863;t &#273;i&#7879;n t&#7917; 1.0&rdquo; sang &ldquo;ti&#7873;n g&#7917;i &#273;i&#7879;n t&#7917; 2.0&rdquo;, t&#7913;c l&agrave; &ldquo;m&#7897;t d&#7841;ng t&agrave;i kho&#7843;n ng&acirc;n h&agrave;ng ki&#7875;u m&#7899;i&rdquo; gi&uacute;p k&#7871;t h&#7907;p t&iacute;nh hi&#7879;u qu&#7843; c&#7911;a thanh to&aacute;n truy&#7873;n th&#7889;ng v&#7899;i kh&#7843; n&#259;ng s&aacute;ng t&#7841;o h&#7907;p &#273;&#7891;ng th&ocirc;ng minh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-china-chose-a-different-path">V&igrave; sao Trung Qu&#7889;c ch&#7885;n m&#7897;t con &#273;&#432;&#7901;ng kh&aacute;c</h2>

<p>Vi&#7879;c Trung Qu&#7889;c thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ph&#7843;n &aacute;nh c&aacute;c t&iacute;nh to&aacute;n ri&ecirc;ng, c&oacute; th&#7875; kh&ocirc;ng ph&ugrave; h&#7907;p ho&#7863;c s&#7869; c&oacute; c&aacute;ch &aacute;p d&#7909;ng r&#7845;t kh&aacute;c t&#7841;i c&aacute;c n&#7873;n kinh t&#7871; ph&#432;&#417;ng T&acirc;y.</p>
<p>Th&#7913; nh&#7845;t, vi&#7879;c &#273;&#432;a b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i v&agrave;o gi&uacute;p t&#259;ng t&iacute;nh an to&agrave;n. PBOC x&aacute;c nh&#7853;n hi&#7879;n nay v&iacute; nh&acirc;n d&acirc;n t&#7879; s&#7889; c&#361;ng &#273;&#432;&#7907;c b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i, gi&#7889;ng v&#7899;i ti&#7873;n g&#7917;i t&#7841;i ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng. &#272;i&#7873;u n&agrave;y gi&#7843;i quy&#7871;t m&#7897;t lo ng&#7841;i l&#7899;n: CBDC c&oacute; l&atilde;i c&oacute; th&#7875; b&#7883; &#273;&aacute;nh gi&aacute; &ldquo;an to&agrave;n&rdquo; h&#417;n g&#7917;i ng&acirc;n h&agrave;ng trong th&#7901;i &#273;i&#7875;m kh&#7911;ng ho&#7843;ng.</p>
<p>Th&#7913; hai, &#273;&#7897;ng l&#7921;c h&#7845;p d&#7851;n ng&#432;&#7901;i d&ugrave;ng l&agrave; &#273;i&#7873;u quan tr&#7885;ng khi m&ocirc;i tr&#432;&#7901;ng c&#7841;nh tranh m&#7841;nh m&#7869;. &#272;&#7871;n th&aacute;ng 11/2025, e-CNY &#273;&atilde; c&oacute; 230 tri&#7879;u v&iacute; v&agrave; t&#7893;ng giao d&#7883;ch c&#7897;ng d&#7891;n 16.7 ngh&igrave;n t&#7927; Nh&acirc;n d&acirc;n t&#7879;. Tuy v&#7853;y, e-CNY v&#7851;n ph&#7843;i c&#7841;nh tranh v&#7899;i c&aacute;c n&#7873;n t&#7843;ng thanh to&aacute;n QR s&acirc;u r&#7897;ng nh&#432; Alipay v&agrave; WeChat Pay. Vi&#7879;c tr&#7843; l&atilde;i gi&uacute;p ng&#432;&#7901;i d&ugrave;ng c&oacute; th&ecirc;m l&yacute; do gi&#7919; s&#7889; d&#432; e-CNY, thay v&igrave; ch&#7881; d&ugrave;ng nh&#432; c&ocirc;ng c&#7909; chuy&#7875;n ti&#7873;n c&#417; b&#7843;n.</p>
<p>Th&#7913; ba, m&ocirc; h&igrave;nh hai t&#7847;ng c&#7911;a Trung Qu&#7889;c v&#7851;n gi&#7919; vai tr&ograve; c&#7911;a ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i l&agrave; giao di&#7879;n ng&#432;&#7901;i d&ugrave;ng ch&iacute;nh. &#272;i&#7873;u n&agrave;y gi&uacute;p gi&#7843;m b&#7899;t quan ng&#7841;i v&#7873; t&igrave;nh tr&#7841;ng &ldquo;m&#7845;t vai tr&ograve; trung gian&rdquo; m&agrave; c&aacute;c ng&acirc;n h&agrave;ng ph&#432;&#417;ng T&acirc;y &#273;ang lo l&#7855;ng. PBOC ph&aacute;t h&agrave;nh &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; cho c&aacute;c t&#7893; ch&#7913;c v&#7853;n h&agrave;nh, sau &#273;&oacute; c&aacute;c t&#7893; ch&#7913;c n&agrave;y m&#7899;i &#273;&#432;a &#273;&#7871;n ng&#432;&#7901;i d&acirc;n, gi&uacute;p duy tr&igrave; m&#7889;i quan h&#7879; kh&aacute;ch h&agrave;ng c&#7911;a c&aacute;c ng&acirc;n h&agrave;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-implications-for-global-cbdc-development">T&aacute;c &#273;&#7897;ng &#273;&#7889;i v&#7899;i s&#7921; ph&aacute;t tri&#7875;n CBDC to&agrave;n c&#7847;u</h2>

<p>&#272;&#7897;ng th&aacute;i c&#7911;a Trung Qu&#7889;c &#273;&atilde; &#273;&#7863;t ra nhi&#7873;u c&acirc;u h&#7887;i kh&oacute; cho c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng kh&aacute;c tr&ecirc;n th&#7871; gi&#7899;i.</p>
<p>ECB, d&#7921; ki&#7871;n <a href="https://beincrypto.com/digital-euro-takes-shape-ecb/" target="_blank" rel="noreferrer noopener">s&#7869; tri&#7875;n khai &#273;&#7891;ng euro s&#7889; v&agrave;o n&#259;m 2029</a>, quy&#7871;t t&acirc;m gi&#7919; m&ocirc; h&igrave;nh kh&ocirc;ng tr&#7843; l&atilde;i, &#273;&#7891;ng th&#7901;i gi&#7899;i h&#7841;n s&#7889; d&#432; n&#7855;m gi&#7919; &#273;&#7875; tr&aacute;nh c&#7841;nh tranh v&#7899;i ti&#7873;n g&#7917;i ng&acirc;n h&agrave;ng. H&#7897;i &#273;&#7891;ng ch&acirc;u &Acirc;u c&#361;ng &#273;ang &#7911;ng h&#7897; vi&#7879;c &#273;&#7863;t gi&#7899;i h&#7841;n s&#7889; d&#432; euro s&#7889; &#273;&#7875; &ldquo;tr&aacute;nh b&#7883; s&#7917; d&#7909;ng nh&#432; k&ecirc;nh t&iacute;ch tr&#7919; gi&aacute; tr&#7883;&rdquo;.</p>
<p>Tuy nhi&ecirc;n, ng&agrave;y c&agrave;ng c&oacute; nhi&#7873;u nghi&ecirc;n c&#7913;u h&#7885;c thu&#7853;t th&aacute;ch th&#7913;c quan &#273;i&#7875;m l&atilde;i su&#7845;t 0%. <a href="https://cepr.org/voxeu/columns/macroeconomic-effects-introducing-central-bank-digital-currency" target="_blank" rel="noreferrer noopener">Nghi&ecirc;n c&#7913;u c&#7911;a CEPR n&#259;m 2025</a> cho th&#7845;y &ldquo;m&#7913;c ph&uacute;c l&#7907;i x&atilde; h&#7897;i t&#259;ng l&ecirc;n &#273;&aacute;ng k&#7875;&rdquo; n&#7871;u qu&#7889;c gia &#273;&#7863;t l&atilde;i su&#7845;t CBDC &#7903; m&#7913;c &ldquo;ho&#7863;c 0% ho&#7863;c th&#7845;p h&#417;n l&atilde;i su&#7845;t ch&iacute;nh s&aacute;ch hi&#7879;n t&#7841;i 1%, t&ugrave;y theo m&#7913;c n&agrave;o cao h&#417;n&rdquo;. <a href="https://www.imf.org/en/Blogs/Articles/2019/12/12/central-bank-digital-currencies-4-questions-and-answers" target="_blank" rel="noreferrer noopener">IMF c&#361;ng th&#7915;a nh&#7853;n</a> CBDC c&oacute; l&atilde;i su&#7845;t &ldquo;gi&uacute;p n&#7873;n kinh t&#7871; ph&#7843;n &#7913;ng t&#7889;t h&#417;n v&#7899;i thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879;&rdquo;.</p>
<p>C&aacute;ch ti&#7871;p c&#7853;n c&#7911;a Trung Qu&#7889;c c&oacute; th&#7875; cho th&#7845;y, nh&#7919;ng r&#7911;i ro m&agrave; c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng ph&#432;&#417;ng T&acirc;y lo s&#7907; &ndash; nh&#432; r&uacute;t ti&#7873;n &#7891; &#7841;t, thu h&#7865;p t&iacute;n d&#7909;ng &ndash; c&oacute; th&#7875; &#273;&#432;&#7907;c ki&#7875;m so&aacute;t nh&#7901; thi&#7871;t k&#7871; th&ocirc;ng minh, v&iacute; d&#7909;: gi&#7899;i h&#7841;n s&#7889; d&#432;, &aacute;p d&#7909;ng bi&#7875;u l&atilde;i su&#7845;t ph&acirc;n t&#7847;ng v&agrave; b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-diverging-cbdc-landscape">B&#7913;c tranh CBDC ng&agrave;y c&agrave;ng ph&acirc;n h&oacute;a</h2>

<p>Th&#7871; gi&#7899;i &#273;ang h&igrave;nh th&agrave;nh nhi&#7873;u m&ocirc; h&igrave;nh tri&#7875;n khai ti&#7873;n s&#7889; d&agrave;nh cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&aacute;c nhau, t&ugrave;y thu&#7897;c truy&#7873;n th&#7889;ng ti&#7873;n t&#7879;, c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh v&agrave; &#432;u ti&ecirc;n chi&#7871;n l&#432;&#7907;c t&#7915;ng qu&#7889;c gia.</p>
<p>M&#7929; th&#7853;m ch&iacute; &#273;i theo h&#432;&#7899;ng ng&#432;&#7907;c l&#7841;i &ndash; tr&#7903; th&agrave;nh qu&#7889;c gia duy nh&#7845;t ch&iacute;nh th&#7913;c c&#7845;m ph&aacute;t h&agrave;nh CBDC cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;, theo H&#7897;i &#273;&#7891;ng &#272;&#7841;i T&acirc;y D&#432;&#417;ng. Th&aacute;ng 01/2025, T&#7893;ng th&#7889;ng Trump k&yacute; s&#7855;c l&#7879;nh c&#7845;m c&aacute;c c&#417; quan li&ecirc;n bang tham gia ph&aacute;t tri&#7875;n ho&#7863;c th&uacute;c &#273;&#7849;y CBDC. Th&aacute;ng 07/2025, Qu&#7889;c h&#7897;i M&#7929; c&#361;ng &#273;&atilde; th&ocirc;ng qua &ldquo;Tu&#7847;n l&#7877; Crypto&rdquo; v&#7899;i <a href="https://vn.beincrypto.com/anti-cbdc-surveillance-state-act/" target="_blank" rel="noreferrer noopener">D&#7921; lu&#7853;t Ch&#7889;ng CBDC b&#7883; gi&aacute;m s&aacute;t</a> &ndash; m&#7897;t trong ba &#273;&#7841;o lu&#7853;t l&#7899;n v&#7873; ti&#7873;n m&atilde; h&oacute;a (b&ecirc;n c&#7841;nh GENIUS Act v&#7873; stablecoin v&agrave; CLARITY Act v&#7873; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng). D&#7921; lu&#7853;t ch&#7889;ng CBDC, v&#7899;i t&#7927; l&#7879; 219&ndash;210 t&#7841;i H&#7841; vi&#7879;n, hi&#7879;n &#273;ang &#273;&#432;&#7907;c chuy&#7875;n sang Th&#432;&#7907;ng vi&#7879;n xem x&eacute;t.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/kEzNzf6bW__qHk2mZx-95GqBnWk=/smart/f3014aa5cffe4d83a9a55ad739b152b0" alt="" class="wp-image-787181">137 qu&#7889;c gia, chi&#7871;m 98% t&#7893;ng GDP to&agrave;n c&#7847;u, &#273;ang t&igrave;m hi&#7875;u v&#7873; CBDC. Ngu&#7891;n: Atlantic Council <a href="https://www.atlanticcouncil.org/cbdctracker/" target="_blank" rel="noreferrer noopener">CBDC Tracker</a>

<p>Ch&acirc;u &Acirc;u c&oacute; v&#7867; r&#7845;t ki&ecirc;n &#273;&#7883;nh v&#7899;i CBDC nh&#432; m&#7897;t h&#7841; t&#7847;ng thanh to&aacute;n &ndash; hi&#7879;u qu&#7843;, bao tr&ugrave;m nh&#432;ng c&#7889; &yacute; kh&ocirc;ng h&#7845;p d&#7851;n khi d&ugrave;ng &#273;&#7875; ti&#7871;t ki&#7879;m. Trung Qu&#7889;c th&igrave; &#273;&#7863;t c&#432;&#7907;c r&#7857;ng CBDC v&#7899;i t&iacute;nh n&#259;ng gi&#7889;ng nh&#432; ti&#7873;n g&#7917;i c&oacute; th&#7875; c&ugrave;ng t&#7891;n t&#7841;i v&#7899;i h&#7879; th&#7889;ng ng&acirc;n h&agrave;ng v&agrave; mang l&#7841;i nhi&#7873;u ti&#7879;n &iacute;ch th&#7921;c t&#7871; h&#417;n ch&#7881; l&agrave; m&#7897;t c&ocirc;ng c&#7909; giao d&#7883;ch. Trong khi &#273;&oacute;, M&#7929; l&#7841;i t&#7915; ch&#7889;i ho&agrave;n to&agrave;n kh&aacute;i ni&#7879;m n&agrave;y &ndash; khi&#7871;n b&#7913;c tranh CBDC to&agrave;n c&#7847;u chia r&#7869; r&otilde; r&#7879;t theo quan &#273;i&#7875;m v&agrave; &#273;&#7883;a ch&iacute;nh tr&#7883;.</p>
<p>Khi 137 qu&#7889;c gia chi&#7871;m t&#7899;i 98% GDP to&agrave;n c&#7847;u &#273;ang nghi&ecirc;n c&#7913;u CBDC, th&iacute; nghi&#7879;m c&#7911;a Trung Qu&#7889;c v&#7899;i lo&#7841;i ti&#7873;n k&#7929; thu&#7853;t s&#7889; c&oacute; tr&#7843; l&atilde;i ch&#7855;c ch&#7855;n s&#7869; &#273;&#432;&#7907;c theo d&otilde;i ch&#7863;t ch&#7869;. N&#7871;u th&agrave;nh c&ocirc;ng, n&oacute; c&oacute; th&#7875; bu&#7897;c c&#7843; th&#7871; gi&#7899;i ph&#7843;i suy ngh&#297; l&#7841;i v&#7873; nh&#7919;ng gi&#7843; &#273;&#7883;nh &#273;&atilde; &#273;&#7883;nh h&igrave;nh c&aacute;ch thi&#7871;t k&#7871; CBDC t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.</p>
<p>C&acirc;u h&#7887;i gi&#7901; &#273;&acirc;y kh&ocirc;ng ch&#7881; l&agrave; c&oacute; n&ecirc;n ph&aacute;t h&agrave;nh CBDC hay kh&ocirc;ng, m&agrave; c&ograve;n l&agrave; n&ecirc;n thi&#7871;t k&#7871; n&oacute; tr&#7903; th&agrave;nh lo&#7841;i ti&#7873;n nh&#432; th&#7871; n&agrave;o.</p>


Trung Quốc phá vỡ truyền thống CBDC: đồng nhân dân tệ số sẽ được trả lãi từ năm 2026

<p>Ti&#7873;n s&#7889; qu&#7889;c gia c&#7911;a Trung Qu&#7889;c &ndash; &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; (digital yuan) &ndash; &#273;&atilde; b&#432;&#7899;c sang m&#7897;t giai &#273;o&#7841;n m&#7899;i t&#7915; ng&agrave;y 01/01/2026, khi s&#7889; d&#432; v&iacute; b&#7855;t &#273;&#7847;u &#273;&#432;&#7907;c t&iacute;nh l&atilde;i su&#7845;t theo m&#7913;c l&atilde;i su&#7845;t ti&#7873;n g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n.</p>
<p>&#272;&#7897;ng th&aacute;i n&agrave;y &#273;&aacute;nh d&#7845;u s&#7921; kh&aacute;c bi&#7879;t r&otilde; r&#7879;t so v&#7899;i quan &#273;i&#7875;m &#273;&#7891;ng thu&#7853;n to&agrave;n c&#7847;u hi&#7879;n nay, &#273;&oacute; l&agrave; c&aacute;c &#273;&#7891;ng ti&#7873;n s&#7889; ng&acirc;n h&agrave;ng trung &#432;&#417;ng (CBDC) n&ecirc;n kh&ocirc;ng c&oacute; l&atilde;i su&#7845;t. Ng&acirc;n h&agrave;ng Trung &#432;&#417;ng Ch&acirc;u &Acirc;u (ECB), C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; (Fed) v&agrave; Ng&acirc;n h&agrave;ng Thanh to&aacute;n Qu&#7889;c t&#7871; (BIS) t&#7915; l&acirc;u &#273;&atilde; cho r&#7857;ng &#273;i&#7873;u n&agrave;y l&agrave; n&#7873;n t&#7843;ng gi&uacute;p &#273;&#7843;m b&#7843;o &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-orthodox-view-cbdcs-as-digital-cash-not-savings">Quan &#273;i&#7875;m truy&#7873;n th&#7889;ng: CBDC l&agrave; ti&#7873;n k&#7929; thu&#7853;t s&#7889;, kh&ocirc;ng ph&#7843;i ti&#7871;t ki&#7879;m</h2>

<p>C&#7897;ng &#273;&#7891;ng CBDC tr&ecirc;n th&#7871; gi&#7899;i ch&#7911; y&#7871;u &#273;&#7891;ng thu&#7853;n r&#7857;ng: Ti&#7873;n s&#7889; d&agrave;nh cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; n&ecirc;n &#273;&#432;&#7907;c xem l&agrave; phi&ecirc;n b&#7843;n k&#7929; thu&#7853;t s&#7889; c&#7911;a ti&#7873;n m&#7863;t, kh&ocirc;ng ph&#7843;i l&agrave; c&ocirc;ng c&#7909; ti&#7871;t ki&#7879;m sinh l&atilde;i su&#7845;t.</p>
<p>ECB t&#7915;ng nh&#7845;n m&#7841;nh r&otilde; quan &#273;i&#7875;m n&agrave;y. <a href="https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html" target="_blank" rel="noreferrer noopener">Ph&#7847;n H&#7887;i &#273;&aacute;p c&#7911;a h&#7885;</a> n&ecirc;u r&#7845;t c&#7909; th&#7875;: &ldquo;Gi&#7889;ng nh&#432; ti&#7873;n m&#7863;t trong v&iacute;, b&#7841;n s&#7869; kh&ocirc;ng &#273;&#432;&#7907;c tr&#7843; l&atilde;i cho s&#7889; d&#432; &#273;&#7891;ng euro s&#7889;.&rdquo; M&#7909;c ti&ecirc;u l&agrave; &#273;&#7875; ng&#259;n &#273;&#7891;ng euro s&#7889; tr&#7903; th&agrave;nh k&ecirc;nh ti&#7871;t ki&#7879;m, h&uacute;t v&#7889;n kh&#7887;i ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i.</p>
<p>Fed c&#361;ng c&oacute; c&ugrave;ng m&#7897;t lo ng&#7841;i. Trong <a href="https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o n&#259;m 2022</a>, h&#7885; c&#7843;nh b&aacute;o vi&#7879;c ti&#7873;n s&#7889; ng&acirc;n h&agrave;ng trung &#432;&#417;ng c&oacute; l&atilde;i su&#7845;t c&oacute; th&#7875; g&acirc;y thay &#273;&#7893;i l&#7899;n cho h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh M&#7929;, n&#7893;i b&#7853;t l&agrave; nguy c&#417; m&#7845;t vai tr&ograve; trung gian c&#7911;a ng&acirc;n h&agrave;ng. Ng&#432;&#7901;i d&acirc;n c&oacute; th&#7875; chuy&#7875;n ti&#7873;n g&#7917;i sang gi&#7919; t&#7841;i trung &#432;&#417;ng, l&agrave;m ng&acirc;n h&agrave;ng gi&#7843;m ngu&#7891;n cho vay.</p>
<p>BIS v&agrave; IMF c&#361;ng c&#7911;ng c&#7889; khung ph&aacute;p l&yacute; n&agrave;y, l&#432;u &yacute; r&#7857;ng CBDC c&oacute; l&atilde;i su&#7845;t c&oacute; th&#7875; khi&#7871;n d&ograve;ng ti&#7873;n r&uacute;t kh&#7887;i ng&acirc;n h&agrave;ng t&#259;ng nhanh khi c&#259;ng th&#7859;ng t&agrave;i ch&iacute;nh x&#7843;y ra, do ng&#432;&#7901;i g&#7917;i ti&#7873;n s&#7869; &#432;u ti&ecirc;n &ldquo;tr&uacute; &#7849;n an to&agrave;n&rdquo; t&#7841;i ng&acirc;n h&agrave;ng trung &#432;&#417;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-china-s-departure-from-m0-to-m1">Trung Qu&#7889;c thay &#273;&#7893;i h&#432;&#7899;ng &#273;i: t&#7915; M0 sang M1</h2>

<p><a href="https://www.xinhuanet.com/fortune/20251229/b4769a74c4874897935a9bbd7ee2359f/c.html" target="_blank" rel="noreferrer noopener">Quy&#7871;t &#273;&#7883;nh c&#7911;a Trung Qu&#7889;c</a> &#273;&atilde; khi&#7871;n &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; chuy&#7875;n t&#7915; vai tr&ograve; l&agrave; &ldquo;M0 k&#7929; thu&#7853;t s&#7889;&rdquo; &ndash; t&#432;&#417;ng &#273;&#432;&#417;ng ti&#7873;n m&#7863;t &ndash; th&agrave;nh g&#7847;n gi&#7889;ng &ldquo;M1&rdquo;, t&#7913;c l&agrave; bao g&#7891;m c&#7843; ti&#7873;n g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n trong t&#7893;ng cung ti&#7873;n.</p>
<p>Ch&iacute;nh s&aacute;ch n&agrave;y ph&aacute;t tri&#7875;n t&#7915; &ldquo;K&#7871; ho&#7841;ch h&agrave;nh &#273;&#7897;ng n&acirc;ng cao qu&#7843;n l&yacute; &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; v&agrave; h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh&rdquo; c&#7911;a PBOC (ng&acirc;n h&agrave;ng trung &#432;&#417;ng Trung Qu&#7889;c). Ch&iacute;nh s&aacute;ch &aacute;p d&#7909;ng v&#7899;i c&aacute;c v&iacute; x&aacute;c minh th&ocirc;ng tin (c&#7845;p &#273;&#7897; 1-3 cho c&aacute; nh&acirc;n v&agrave; t&agrave;i kho&#7843;n doanh nghi&#7879;p). L&atilde;i su&#7845;t &#273;&#432;&#7907;c t&iacute;nh gi&#7889;ng g&#7917;i kh&ocirc;ng k&#7923; h&#7841;n, thanh to&aacute;n l&atilde;i v&agrave;o ng&agrave;y 20 c&#7911;a th&aacute;ng cu&#7889;i m&#7895;i qu&yacute;. Ri&ecirc;ng v&iacute; &#7849;n danh c&#7845;p &#273;&#7897; 4 v&#7851;n kh&ocirc;ng &#273;&#432;&#7907;c h&#432;&#7903;ng l&atilde;i su&#7845;t.</p>
<p>&#272;&aacute;ng ch&uacute; &yacute;, Trung Qu&#7889;c c&#361;ng v&#7915;a s&#7917;a &#273;&#7893;i &#273;&#7883;nh ngh&#297;a ch&iacute;nh th&#7913;c c&#7911;a &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; &#273;&#7875; b&#7893; sung ph&#7841;m vi &ldquo;bao g&#7891;m c&#7843; h&#7879; th&#7889;ng thanh to&aacute;n li&ecirc;n quan&rdquo; &ndash; m&#7897;t thay &#273;&#7893;i v&#7873; m&#7863;t t&#7915; ng&#7919; cho th&#7845;y e-CNY &#273;&atilde; ph&aacute;t tri&#7875;n v&#432;&#7907;t xa vai tr&ograve; thay th&#7871; ti&#7873;n m&#7863;t th&ocirc;ng th&#432;&#7901;ng.</p>
<p><a href="https://finance.sina.com.cn/jjxw/2025-12-31/doc-inheshqs3730399.shtml" target="_blank" rel="noreferrer noopener">Chuy&ecirc;n gia ph&acirc;n t&iacute;ch Wang Jian c&#7911;a Guoxin Securities</a> cho r&#7857;ng &#273;&acirc;y l&agrave; qu&aacute; tr&igrave;nh chuy&#7875;n t&#7915; &ldquo;ti&#7873;n m&#7863;t &#273;i&#7879;n t&#7917; 1.0&rdquo; sang &ldquo;ti&#7873;n g&#7917;i &#273;i&#7879;n t&#7917; 2.0&rdquo;, t&#7913;c l&agrave; &ldquo;m&#7897;t d&#7841;ng t&agrave;i kho&#7843;n ng&acirc;n h&agrave;ng ki&#7875;u m&#7899;i&rdquo; gi&uacute;p k&#7871;t h&#7907;p t&iacute;nh hi&#7879;u qu&#7843; c&#7911;a thanh to&aacute;n truy&#7873;n th&#7889;ng v&#7899;i kh&#7843; n&#259;ng s&aacute;ng t&#7841;o h&#7907;p &#273;&#7891;ng th&ocirc;ng minh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-china-chose-a-different-path">V&igrave; sao Trung Qu&#7889;c ch&#7885;n m&#7897;t con &#273;&#432;&#7901;ng kh&aacute;c</h2>

<p>Vi&#7879;c Trung Qu&#7889;c thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ph&#7843;n &aacute;nh c&aacute;c t&iacute;nh to&aacute;n ri&ecirc;ng, c&oacute; th&#7875; kh&ocirc;ng ph&ugrave; h&#7907;p ho&#7863;c s&#7869; c&oacute; c&aacute;ch &aacute;p d&#7909;ng r&#7845;t kh&aacute;c t&#7841;i c&aacute;c n&#7873;n kinh t&#7871; ph&#432;&#417;ng T&acirc;y.</p>
<p>Th&#7913; nh&#7845;t, vi&#7879;c &#273;&#432;a b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i v&agrave;o gi&uacute;p t&#259;ng t&iacute;nh an to&agrave;n. PBOC x&aacute;c nh&#7853;n hi&#7879;n nay v&iacute; nh&acirc;n d&acirc;n t&#7879; s&#7889; c&#361;ng &#273;&#432;&#7907;c b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i, gi&#7889;ng v&#7899;i ti&#7873;n g&#7917;i t&#7841;i ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng. &#272;i&#7873;u n&agrave;y gi&#7843;i quy&#7871;t m&#7897;t lo ng&#7841;i l&#7899;n: CBDC c&oacute; l&atilde;i c&oacute; th&#7875; b&#7883; &#273;&aacute;nh gi&aacute; &ldquo;an to&agrave;n&rdquo; h&#417;n g&#7917;i ng&acirc;n h&agrave;ng trong th&#7901;i &#273;i&#7875;m kh&#7911;ng ho&#7843;ng.</p>
<p>Th&#7913; hai, &#273;&#7897;ng l&#7921;c h&#7845;p d&#7851;n ng&#432;&#7901;i d&ugrave;ng l&agrave; &#273;i&#7873;u quan tr&#7885;ng khi m&ocirc;i tr&#432;&#7901;ng c&#7841;nh tranh m&#7841;nh m&#7869;. &#272;&#7871;n th&aacute;ng 11/2025, e-CNY &#273;&atilde; c&oacute; 230 tri&#7879;u v&iacute; v&agrave; t&#7893;ng giao d&#7883;ch c&#7897;ng d&#7891;n 16.7 ngh&igrave;n t&#7927; Nh&acirc;n d&acirc;n t&#7879;. Tuy v&#7853;y, e-CNY v&#7851;n ph&#7843;i c&#7841;nh tranh v&#7899;i c&aacute;c n&#7873;n t&#7843;ng thanh to&aacute;n QR s&acirc;u r&#7897;ng nh&#432; Alipay v&agrave; WeChat Pay. Vi&#7879;c tr&#7843; l&atilde;i gi&uacute;p ng&#432;&#7901;i d&ugrave;ng c&oacute; th&ecirc;m l&yacute; do gi&#7919; s&#7889; d&#432; e-CNY, thay v&igrave; ch&#7881; d&ugrave;ng nh&#432; c&ocirc;ng c&#7909; chuy&#7875;n ti&#7873;n c&#417; b&#7843;n.</p>
<p>Th&#7913; ba, m&ocirc; h&igrave;nh hai t&#7847;ng c&#7911;a Trung Qu&#7889;c v&#7851;n gi&#7919; vai tr&ograve; c&#7911;a ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i l&agrave; giao di&#7879;n ng&#432;&#7901;i d&ugrave;ng ch&iacute;nh. &#272;i&#7873;u n&agrave;y gi&uacute;p gi&#7843;m b&#7899;t quan ng&#7841;i v&#7873; t&igrave;nh tr&#7841;ng &ldquo;m&#7845;t vai tr&ograve; trung gian&rdquo; m&agrave; c&aacute;c ng&acirc;n h&agrave;ng ph&#432;&#417;ng T&acirc;y &#273;ang lo l&#7855;ng. PBOC ph&aacute;t h&agrave;nh &#273;&#7891;ng nh&acirc;n d&acirc;n t&#7879; s&#7889; cho c&aacute;c t&#7893; ch&#7913;c v&#7853;n h&agrave;nh, sau &#273;&oacute; c&aacute;c t&#7893; ch&#7913;c n&agrave;y m&#7899;i &#273;&#432;a &#273;&#7871;n ng&#432;&#7901;i d&acirc;n, gi&uacute;p duy tr&igrave; m&#7889;i quan h&#7879; kh&aacute;ch h&agrave;ng c&#7911;a c&aacute;c ng&acirc;n h&agrave;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-implications-for-global-cbdc-development">T&aacute;c &#273;&#7897;ng &#273;&#7889;i v&#7899;i s&#7921; ph&aacute;t tri&#7875;n CBDC to&agrave;n c&#7847;u</h2>

<p>&#272;&#7897;ng th&aacute;i c&#7911;a Trung Qu&#7889;c &#273;&atilde; &#273;&#7863;t ra nhi&#7873;u c&acirc;u h&#7887;i kh&oacute; cho c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng kh&aacute;c tr&ecirc;n th&#7871; gi&#7899;i.</p>
<p>ECB, d&#7921; ki&#7871;n <a href="https://beincrypto.com/digital-euro-takes-shape-ecb/" target="_blank" rel="noreferrer noopener">s&#7869; tri&#7875;n khai &#273;&#7891;ng euro s&#7889; v&agrave;o n&#259;m 2029</a>, quy&#7871;t t&acirc;m gi&#7919; m&ocirc; h&igrave;nh kh&ocirc;ng tr&#7843; l&atilde;i, &#273;&#7891;ng th&#7901;i gi&#7899;i h&#7841;n s&#7889; d&#432; n&#7855;m gi&#7919; &#273;&#7875; tr&aacute;nh c&#7841;nh tranh v&#7899;i ti&#7873;n g&#7917;i ng&acirc;n h&agrave;ng. H&#7897;i &#273;&#7891;ng ch&acirc;u &Acirc;u c&#361;ng &#273;ang &#7911;ng h&#7897; vi&#7879;c &#273;&#7863;t gi&#7899;i h&#7841;n s&#7889; d&#432; euro s&#7889; &#273;&#7875; &ldquo;tr&aacute;nh b&#7883; s&#7917; d&#7909;ng nh&#432; k&ecirc;nh t&iacute;ch tr&#7919; gi&aacute; tr&#7883;&rdquo;.</p>
<p>Tuy nhi&ecirc;n, ng&agrave;y c&agrave;ng c&oacute; nhi&#7873;u nghi&ecirc;n c&#7913;u h&#7885;c thu&#7853;t th&aacute;ch th&#7913;c quan &#273;i&#7875;m l&atilde;i su&#7845;t 0%. <a href="https://cepr.org/voxeu/columns/macroeconomic-effects-introducing-central-bank-digital-currency" target="_blank" rel="noreferrer noopener">Nghi&ecirc;n c&#7913;u c&#7911;a CEPR n&#259;m 2025</a> cho th&#7845;y &ldquo;m&#7913;c ph&uacute;c l&#7907;i x&atilde; h&#7897;i t&#259;ng l&ecirc;n &#273;&aacute;ng k&#7875;&rdquo; n&#7871;u qu&#7889;c gia &#273;&#7863;t l&atilde;i su&#7845;t CBDC &#7903; m&#7913;c &ldquo;ho&#7863;c 0% ho&#7863;c th&#7845;p h&#417;n l&atilde;i su&#7845;t ch&iacute;nh s&aacute;ch hi&#7879;n t&#7841;i 1%, t&ugrave;y theo m&#7913;c n&agrave;o cao h&#417;n&rdquo;. <a href="https://www.imf.org/en/Blogs/Articles/2019/12/12/central-bank-digital-currencies-4-questions-and-answers" target="_blank" rel="noreferrer noopener">IMF c&#361;ng th&#7915;a nh&#7853;n</a> CBDC c&oacute; l&atilde;i su&#7845;t &ldquo;gi&uacute;p n&#7873;n kinh t&#7871; ph&#7843;n &#7913;ng t&#7889;t h&#417;n v&#7899;i thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879;&rdquo;.</p>
<p>C&aacute;ch ti&#7871;p c&#7853;n c&#7911;a Trung Qu&#7889;c c&oacute; th&#7875; cho th&#7845;y, nh&#7919;ng r&#7911;i ro m&agrave; c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng ph&#432;&#417;ng T&acirc;y lo s&#7907; &ndash; nh&#432; r&uacute;t ti&#7873;n &#7891; &#7841;t, thu h&#7865;p t&iacute;n d&#7909;ng &ndash; c&oacute; th&#7875; &#273;&#432;&#7907;c ki&#7875;m so&aacute;t nh&#7901; thi&#7871;t k&#7871; th&ocirc;ng minh, v&iacute; d&#7909;: gi&#7899;i h&#7841;n s&#7889; d&#432;, &aacute;p d&#7909;ng bi&#7875;u l&atilde;i su&#7845;t ph&acirc;n t&#7847;ng v&agrave; b&#7843;o hi&#7875;m ti&#7873;n g&#7917;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-diverging-cbdc-landscape">B&#7913;c tranh CBDC ng&agrave;y c&agrave;ng ph&acirc;n h&oacute;a</h2>

<p>Th&#7871; gi&#7899;i &#273;ang h&igrave;nh th&agrave;nh nhi&#7873;u m&ocirc; h&igrave;nh tri&#7875;n khai ti&#7873;n s&#7889; d&agrave;nh cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&aacute;c nhau, t&ugrave;y thu&#7897;c truy&#7873;n th&#7889;ng ti&#7873;n t&#7879;, c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh v&agrave; &#432;u ti&ecirc;n chi&#7871;n l&#432;&#7907;c t&#7915;ng qu&#7889;c gia.</p>
<p>M&#7929; th&#7853;m ch&iacute; &#273;i theo h&#432;&#7899;ng ng&#432;&#7907;c l&#7841;i &ndash; tr&#7903; th&agrave;nh qu&#7889;c gia duy nh&#7845;t ch&iacute;nh th&#7913;c c&#7845;m ph&aacute;t h&agrave;nh CBDC cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;, theo H&#7897;i &#273;&#7891;ng &#272;&#7841;i T&acirc;y D&#432;&#417;ng. Th&aacute;ng 01/2025, T&#7893;ng th&#7889;ng Trump k&yacute; s&#7855;c l&#7879;nh c&#7845;m c&aacute;c c&#417; quan li&ecirc;n bang tham gia ph&aacute;t tri&#7875;n ho&#7863;c th&uacute;c &#273;&#7849;y CBDC. Th&aacute;ng 07/2025, Qu&#7889;c h&#7897;i M&#7929; c&#361;ng &#273;&atilde; th&ocirc;ng qua &ldquo;Tu&#7847;n l&#7877; Crypto&rdquo; v&#7899;i <a href="https://vn.beincrypto.com/anti-cbdc-surveillance-state-act/" target="_blank" rel="noreferrer noopener">D&#7921; lu&#7853;t Ch&#7889;ng CBDC b&#7883; gi&aacute;m s&aacute;t</a> &ndash; m&#7897;t trong ba &#273;&#7841;o lu&#7853;t l&#7899;n v&#7873; ti&#7873;n m&atilde; h&oacute;a (b&ecirc;n c&#7841;nh GENIUS Act v&#7873; stablecoin v&agrave; CLARITY Act v&#7873; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng). D&#7921; lu&#7853;t ch&#7889;ng CBDC, v&#7899;i t&#7927; l&#7879; 219&ndash;210 t&#7841;i H&#7841; vi&#7879;n, hi&#7879;n &#273;ang &#273;&#432;&#7907;c chuy&#7875;n sang Th&#432;&#7907;ng vi&#7879;n xem x&eacute;t.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/kEzNzf6bW__qHk2mZx-95GqBnWk=/smart/f3014aa5cffe4d83a9a55ad739b152b0" alt="" class="wp-image-787181">137 qu&#7889;c gia, chi&#7871;m 98% t&#7893;ng GDP to&agrave;n c&#7847;u, &#273;ang t&igrave;m hi&#7875;u v&#7873; CBDC. Ngu&#7891;n: Atlantic Council <a href="https://www.atlanticcouncil.org/cbdctracker/" target="_blank" rel="noreferrer noopener">CBDC Tracker</a>

<p>Ch&acirc;u &Acirc;u c&oacute; v&#7867; r&#7845;t ki&ecirc;n &#273;&#7883;nh v&#7899;i CBDC nh&#432; m&#7897;t h&#7841; t&#7847;ng thanh to&aacute;n &ndash; hi&#7879;u qu&#7843;, bao tr&ugrave;m nh&#432;ng c&#7889; &yacute; kh&ocirc;ng h&#7845;p d&#7851;n khi d&ugrave;ng &#273;&#7875; ti&#7871;t ki&#7879;m. Trung Qu&#7889;c th&igrave; &#273;&#7863;t c&#432;&#7907;c r&#7857;ng CBDC v&#7899;i t&iacute;nh n&#259;ng gi&#7889;ng nh&#432; ti&#7873;n g&#7917;i c&oacute; th&#7875; c&ugrave;ng t&#7891;n t&#7841;i v&#7899;i h&#7879; th&#7889;ng ng&acirc;n h&agrave;ng v&agrave; mang l&#7841;i nhi&#7873;u ti&#7879;n &iacute;ch th&#7921;c t&#7871; h&#417;n ch&#7881; l&agrave; m&#7897;t c&ocirc;ng c&#7909; giao d&#7883;ch. Trong khi &#273;&oacute;, M&#7929; l&#7841;i t&#7915; ch&#7889;i ho&agrave;n to&agrave;n kh&aacute;i ni&#7879;m n&agrave;y &ndash; khi&#7871;n b&#7913;c tranh CBDC to&agrave;n c&#7847;u chia r&#7869; r&otilde; r&#7879;t theo quan &#273;i&#7875;m v&agrave; &#273;&#7883;a ch&iacute;nh tr&#7883;.</p>
<p>Khi 137 qu&#7889;c gia chi&#7871;m t&#7899;i 98% GDP to&agrave;n c&#7847;u &#273;ang nghi&ecirc;n c&#7913;u CBDC, th&iacute; nghi&#7879;m c&#7911;a Trung Qu&#7889;c v&#7899;i lo&#7841;i ti&#7873;n k&#7929; thu&#7853;t s&#7889; c&oacute; tr&#7843; l&atilde;i ch&#7855;c ch&#7855;n s&#7869; &#273;&#432;&#7907;c theo d&otilde;i ch&#7863;t ch&#7869;. N&#7871;u th&agrave;nh c&ocirc;ng, n&oacute; c&oacute; th&#7875; bu&#7897;c c&#7843; th&#7871; gi&#7899;i ph&#7843;i suy ngh&#297; l&#7841;i v&#7873; nh&#7919;ng gi&#7843; &#273;&#7883;nh &#273;&atilde; &#273;&#7883;nh h&igrave;nh c&aacute;ch thi&#7871;t k&#7871; CBDC t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.</p>
<p>C&acirc;u h&#7887;i gi&#7901; &#273;&acirc;y kh&ocirc;ng ch&#7881; l&agrave; c&oacute; n&ecirc;n ph&aacute;t h&agrave;nh CBDC hay kh&ocirc;ng, m&agrave; c&ograve;n l&agrave; n&ecirc;n thi&#7871;t k&#7871; n&oacute; tr&#7903; th&agrave;nh lo&#7841;i ti&#7873;n nh&#432; th&#7871; n&agrave;o.</p>
