{"id":11034,"date":"2025-07-17T01:02:30","date_gmt":"2025-07-17T01:02:30","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/cbdc-trong-tam-nhin-lieu-stablecoins-co-phai-la-ban-thiet-ke-an-giau-cho-dong-do-la-ky-thuat-so-cua-my\/"},"modified":"2025-07-17T01:02:30","modified_gmt":"2025-07-17T01:02:30","slug":"cbdc-trong-tam-nhin-lieu-stablecoins-co-phai-la-ban-thiet-ke-an-giau-cho-dong-do-la-ky-thuat-so-cua-my","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/cbdc-trong-tam-nhin-lieu-stablecoins-co-phai-la-ban-thiet-ke-an-giau-cho-dong-do-la-ky-thuat-so-cua-my\/","title":{"rendered":"CBDC Trong T\u1ea7m Nh\u00ecn: Li\u1ec7u Stablecoins C\u00f3 Ph\u1ea3i L\u00e0 B\u1ea3n Thi\u1ebft K\u1ebf \u1ea8n Gi\u1ea5u Cho \u0110\u1ed3ng \u0110\u00f4 La K\u1ef9 Thu\u1eadt S\u1ed1 C\u1ee7a M\u1ef9?"},"content":{"rendered":"

Gi\u1edbi thi\u1ec7u v\u1ec1 Stablecoins<\/h2>\n

Stablecoins<\/strong>, nh\u1eefng lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c g\u1eafn v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, \u0111ang ng\u00e0y c\u00e0ng tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn. Tuy nhi\u00ean, s\u1ef1 ki\u00ean c\u01b0\u1eddng \u00e2m th\u1ea7m c\u1ee7a ch\u00fang d\u01b0\u1edbi s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh c\u00f2n m\u1ecfng manh c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u m\u1ed9t vai tr\u00f2 s\u00e2u s\u1eafc h\u01a1n nh\u01b0 m\u1ed9t s\u00e2n th\u1eed nghi\u1ec7m cho m\u1ed9t lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng (CBDC<\/em>). Nh\u1eefng m\u00e3 th\u00f4ng b\u00e1o d\u1ef1a tr\u00ean blockchain n\u00e0y, \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 duy tr\u00ec gi\u00e1 tr\u1ecb \u1ed5n \u0111\u1ecbnh, cung c\u1ea5p c\u00e1i nh\u00ecn v\u1ec1 m\u1ed9t t\u01b0\u01a1ng lai m\u00e0 ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ee7a m\u00ecnh \u0111\u1ec3 gi\u1edbi thi\u1ec7u m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 do nh\u00e0 n\u01b0\u1edbc ki\u1ec3m so\u00e1t.<\/p>\n

Ch\u1ee9c n\u0103ng v\u00e0 T\u00e1c \u0111\u1ed9ng c\u1ee7a Stablecoins<\/h2>\n

Stablecoins ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean m\u1ed9t nguy\u00ean t\u1eafc \u0111\u01a1n gi\u1ea3n: ch\u00fang l\u00e0 c\u00e1c lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed g\u1eafn v\u1edbi m\u1ed9t lo\u1ea1i ti\u1ec1n t\u1ec7 fiat, th\u01b0\u1eddng l\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, nh\u1eb1m tr\u00e1nh s\u1ef1 bi\u1ebfn \u0111\u1ed9ng g\u00e2y r\u1eafc r\u1ed1i cho c\u00e1c t\u00e0i s\u1ea3n nh\u01b0 bitcoin ho\u1eb7c ethereum. \u0110\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n, ch\u00fang \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1edfi c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t, tr\u00e1i phi\u1ebfu ho\u1eb7c t\u00e0i s\u1ea3n kh\u00e1c, \u0111\u1ea3m b\u1ea3o t\u1ef7 l\u1ec7 1:1 v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la. USDT<\/strong> c\u1ee7a Tether, stablecoin l\u1edbn nh\u1ea5t, v\u00e0 USDC<\/strong>, \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi Circle, chi\u1ebfm \u01b0u th\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho h\u00e0ng t\u1ef7 giao d\u1ecbch h\u00e0ng ng\u00e0y tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi<\/em>), chuy\u1ec3n ti\u1ec1n v\u00e0 th\u01b0\u01a1ng m\u1ea1i to\u00e0n c\u1ea7u.<\/p>\n

C\u00f4ng d\u1ee5ng c\u1ee7a ch\u00fang n\u1eb1m \u1edf kh\u1ea3 n\u0103ng k\u1ebft h\u1ee3p t\u1ed1c \u0111\u1ed9 v\u00e0 t\u00ednh minh b\u1ea1ch c\u1ee7a blockchain v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a ti\u1ec1n t\u1ec7 truy\u1ec1n th\u1ed1ng, khi\u1ebfn ch\u00fang tr\u1edf th\u00e0nh s\u1ef1 y\u00eau th\u00edch c\u1ee7a nh\u1eefng ng\u01b0\u1eddi \u0111am m\u00ea ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 m\u1ed9t b\u1ea3n thi\u1ebft k\u1ebf ti\u1ec1m n\u0103ng cho c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111ang nh\u1eafm \u0111\u1ebfn c\u00e1c lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1.<\/p>\n

CBDC v\u00e0 S\u1ef1 Quan T\u00e2m c\u1ee7a Ch\u00ednh Ph\u1ee7 M\u1ef9<\/h2>\n

Ch\u00ednh ph\u1ee7 M\u1ef9 t\u1eeb l\u00e2u \u0111\u00e3 b\u00e0y t\u1ecf s\u1ef1 quan t\u00e2m \u0111\u1ebfn m\u1ed9t CBDC<\/strong>, m\u1ed9t phi\u00ean b\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 ki\u1ec3m so\u00e1t b\u1edfi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang. Kh\u00e1c v\u1edbi stablecoins, m\u1ed9t CBDC s\u1ebd l\u00e0 m\u1ed9t kho\u1ea3n n\u1ee3 tr\u1ef1c ti\u1ebfp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, cung c\u1ea5p quy\u1ec1n ki\u1ec3m so\u00e1t ch\u01b0a t\u1eebng c\u00f3 \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, theo d\u00f5i giao d\u1ecbch v\u00e0 gi\u00e1m s\u00e1t t\u00e0i ch\u00ednh. Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 l\u1eadp lu\u1eadn r\u1eb1ng n\u00f3 c\u00f3 th\u1ec3 \u0111\u01a1n gi\u1ea3n h\u00f3a thanh to\u00e1n, gi\u1ea3m chi ph\u00ed v\u00e0 n\u00e2ng cao s\u1ef1 bao g\u1ed3m t\u00e0i ch\u00ednh. Tuy nhi\u00ean, c\u00e1c nh\u00e0 ph\u00ea b\u00ecnh c\u1ea3nh b\u00e1o v\u1ec1 s\u1ef1 x\u00f3i m\u00f2n quy\u1ec1n ri\u00eang t\u01b0, r\u1ee7i ro gi\u00e1m s\u00e1t v\u00e0 kh\u1ea3 n\u0103ng ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n ki\u1ec3m so\u00e1t ch\u01b0a t\u1eebng c\u00f3 \u0111\u1ed1i v\u1edbi chi ti\u00eau c\u00e1 nh\u00e2n.<\/p>\n

Stablecoins nh\u01b0 m\u1ed9t M\u00f4 H\u00ecnh cho CBDC<\/h2>\n

L\u1ec7nh h\u00e0nh ph\u00e1p c\u1ee7a ch\u00ednh quy\u1ec1n Biden n\u0103m 2022 v\u1ec1 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00e3 giao cho c\u00e1c c\u01a1 quan kh\u00e1m ph\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a CBDC, v\u00e0 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 nghi\u00ean c\u1ee9u c\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 th\u00f4ng qua c\u00e1c s\u00e1ng ki\u1ebfn nh\u01b0 D\u1ef1 \u00e1n Hamilton<\/strong>. Tuy nhi\u00ean, vi\u1ec7c tri\u1ec3n khai m\u1ed9t CBDC t\u1eeb \u0111\u1ea7u l\u00e0 m\u1ed9t nhi\u1ec7m v\u1ee5 kh\u1ed5ng l\u1ed3\u2014tr\u1eeb khi c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u00e3 t\u1ed3n t\u1ea1i. Nh\u1eadp v\u00e0o stablecoins, nh\u1eefng th\u1ee9 \u0111\u00e3 \u00e2m th\u1ea7m x\u00e2y d\u1ef1ng khung cho m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1.<\/p>\n

C\u00e1c m\u1ea1ng blockchain c\u1ee7a ch\u00fang, h\u1ec7 th\u1ed1ng v\u00ed v\u00e0 s\u1ef1 t\u00edch h\u1ee3p v\u1edbi c\u00e1c s\u00e0n giao d\u1ecbch to\u00e0n c\u1ea7u cung c\u1ea5p m\u1ed9t h\u1ec7 sinh th\u00e1i s\u1eb5n c\u00f3. Tether v\u00e0 USDC, ch\u1eb3ng h\u1ea1n, ho\u1ea1t \u0111\u1ed9ng tr\u00ean c\u00e1c blockchain c\u00f4ng khai nh\u01b0 Ethereum, cho ph\u00e9p c\u00e1c giao d\u1ecbch xuy\u00ean bi\u00ean gi\u1edbi g\u1ea7n nh\u01b0 ngay l\u1eadp t\u1ee9c. Ch\u00fang c\u0169ng \u0111\u00e3 \u0111i\u1ec1u h\u01b0\u1edbng c\u00e1c v\u00f9ng x\u00e1m quy \u0111\u1ecbnh k\u1ec3 t\u1eeb khi ra \u0111\u1eddi. S\u1ef1 ki\u00ean c\u01b0\u1eddng n\u00e0y g\u1ee3i \u00fd m\u1ed9t s\u1ef1 ch\u1ea5p nh\u1eadn ng\u1ea7m t\u1eeb c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd, nh\u1eefng ng\u01b0\u1eddi c\u00f3 th\u1ec3 \u0111ang quan s\u00e1t c\u00e1ch m\u00e0 nh\u1eefng \u0111\u1ed3ng ti\u1ec1n n\u00e0y ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ef1c t\u1ebf\u2014c\u00f3 th\u1ec3 nh\u01b0 m\u1ed9t cu\u1ed9c di\u1ec5n t\u1eadp cho m\u1ed9t CBDC.<\/p>\n

Nh\u1eefng Th\u00e1ch Th\u1ee9c v\u00e0 C\u01a1 H\u1ed9i<\/h2>\n

Nh\u1eefng \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng gi\u1eefa stablecoins v\u00e0 m\u1ed9t CBDC ti\u1ec1m n\u0103ng l\u00e0 r\u1ea5t r\u00f5 r\u00e0ng. C\u1ea3 hai \u0111\u1ec1u d\u1ef1a v\u00e0o s\u1ed5 c\u00e1i k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u1ec3 theo d\u00f5i giao d\u1ecbch, c\u1ea3 hai \u0111\u1ec1u nh\u1eb1m \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la, v\u00e0 c\u1ea3 hai \u0111\u1ec1u y\u00eau c\u1ea7u s\u1ef1 tin t\u01b0\u1edfng v\u00e0o s\u1ef1 \u0111\u1ea3m b\u1ea3o c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh. M\u1ed9t CBDC c\u00f3 th\u1ec3 l\u00fd thuy\u1ebft \u00e1p d\u1ee5ng ki\u1ebfn tr\u00fac c\u1ee7a stablecoin, thay th\u1ebf c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh t\u01b0 nh\u00e2n b\u1eb1ng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang.<\/p>\n

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S\u1ef1 chuy\u1ec3n \u0111\u1ed5i n\u00e0y s\u1ebd l\u00e0 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn l\u00e9n l\u00fat, b\u1ecf qua nhu c\u1ea7u x\u00e2y d\u1ef1ng m\u1ed9t CBDC t\u1eeb \u0111\u1ea7u. B\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng c\u00e1c khung stablecoin hi\u1ec7n c\u00f3, Fed c\u00f3 th\u1ec3 tri\u1ec3n khai m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 v\u1edbi s\u1ef1 gi\u00e1n \u0111o\u1ea1n t\u1ed1i thi\u1ec3u, s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 quen thu\u1ed9c \u0111\u1ec3 d\u1ec5 d\u00e0ng ch\u1ea5p nh\u1eadn t\u1eeb c\u00f4ng ch\u00fang v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c.<\/p>\n<\/blockquote>\n

C\u00e2u h\u1ecfi l\u00e0 li\u1ec7u \u0111i\u1ec1u n\u00e0y \u0111\u00e3 x\u1ea3y ra ngay tr\u01b0\u1edbc m\u1eaft ch\u00fang ta hay ch\u01b0a.<\/p>\n

\u0110\u1ea1o lu\u1eadt GENIUS v\u00e0 T\u01b0\u01a1ng Lai c\u1ee7a CBDC<\/h2>\n

M\u1ed9t s\u1ed1 nh\u00e0 ph\u00ea b\u00ecnh tin r\u1eb1ng \u0110\u1ea1o lu\u1eadt GENIUS<\/strong> ph\u1ee5c v\u1ee5 nh\u01b0 m\u1ed9t l\u1ed1i v\u00e0o cho m\u1ed9t CBDC v\u00ec n\u00f3 t\u1ea1o ra m\u1ed9t khung cho c\u00e1c ng\u00e2n h\u00e0ng ph\u00e1t h\u00e0nh stablecoins g\u1eafn v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0 m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 do nh\u00e0 n\u01b0\u1edbc ki\u1ec3m so\u00e1t, c\u00f3 kh\u1ea3 n\u0103ng cho ph\u00e9p s\u1ef1 gi\u00e1m s\u00e1t v\u00e0 ki\u1ec3m so\u00e1t c\u1ee7a ch\u00ednh ph\u1ee7 m\u00e0 kh\u00f4ng c\u1ea7n ph\u00e1t h\u00e0nh tr\u1ef1c ti\u1ebfp t\u1eeb C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang.<\/p>\n

B\u1eb1ng c\u00e1ch cho ph\u00e9p c\u00e1c ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p li\u00ean bang ph\u00e1t h\u00e0nh stablecoins d\u01b0\u1edbi s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh nghi\u00eam ng\u1eb7t, \u0110\u1ea1o lu\u1eadt c\u00f3 th\u1ec3 thi\u1ebft l\u1eadp m\u1ed9t m\u1ea1ng l\u01b0\u1edbi t\u01b0\u01a1ng t\u00e1c c\u1ee7a c\u00e1c lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 t\u01b0 nh\u00e2n ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng c\u1ee7a CBDC. \u0110\u1ea1i di\u1ec7n Marjorie Taylor Greene cho bi\u1ebft b\u00e0 \u0111\u00e3 b\u1ecf phi\u1ebfu KH\u00d4NG cho \u0110\u1ea1o lu\u1eadt GENIUS v\u00ec n\u00f3 \u0111\u00e3 b\u1ecf qua m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng: m\u1ed9t l\u1ec7nh c\u1ea5m c\u1ea5m CBDC.<\/p>\n

Nh\u1eefng T\u00e1c \u0110\u1ed9ng c\u1ee7a CBDC<\/h2>\n

Nh\u1eefng t\u00e1c \u0111\u1ed9ng c\u1ee7a m\u1ed9t \u0111\u1ed9ng th\u00e1i nh\u01b0 v\u1eady c\u00f3 th\u1ec3 r\u1ea5t s\u00e2u s\u1eafc. M\u1ed9t CBDC \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean n\u1ec1n t\u1ea3ng stablecoin c\u00f3 th\u1ec3 cung c\u1ea5p cho C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00e1i nh\u00ecn ch\u01b0a t\u1eebng c\u00f3 v\u00e0o c\u00e1c giao d\u1ecbch, c\u00f3 th\u1ec3 y\u00eau c\u1ea7u c\u00e1c v\u00ed k\u1ef9 thu\u1eadt s\u1ed1 li\u00ean k\u1ebft v\u1edbi c\u00e1c danh t\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh. Kh\u00e1c v\u1edbi ti\u1ec1n m\u1eb7t, v\u1ed1n l\u00e0 \u1ea9n danh, m\u1ed9t CBDC c\u00f3 th\u1ec3 theo d\u00f5i m\u1ecdi chuy\u1ec3n \u0111\u1ed9ng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la, l\u00e0m d\u1ea5y l\u00ean nh\u1eefng lo ng\u1ea1i v\u1ec1 quy\u1ec1n ri\u00eang t\u01b0.<\/p>\n

Stablecoins \u0111\u00e3 thu th\u1eadp d\u1eef li\u1ec7u ng\u01b0\u1eddi d\u00f9ng th\u00f4ng qua c\u00e1c s\u00e0n giao d\u1ecbch v\u00e0 nh\u00e0 cung c\u1ea5p v\u00ed, m\u1ed9t th\u1ef1c ti\u1ec5n c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng d\u01b0\u1edbi m\u1ed9t CBDC. H\u01a1n n\u1eefa, m\u1ed9t ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 th\u1ec3 l\u1eadp tr\u00ecnh m\u1ed9t CBDC \u0111\u1ec3 th\u1ef1c thi c\u00e1c ch\u00ednh s\u00e1ch\u2014nh\u01b0 l\u00e3i su\u1ea5t \u00e2m ho\u1eb7c h\u1ea1n ch\u1ebf chi ti\u00eau\u2014\u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn c\u00e1ch m\u00e0 c\u00e1 nh\u00e2n s\u1eed d\u1ee5ng ti\u1ec1n. Kh\u1ea3 n\u0103ng h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh c\u1ee7a stablecoins, cho ph\u00e9p c\u00e1c giao d\u1ecbch c\u00f3 th\u1ec3 l\u1eadp tr\u00ecnh, c\u00f3 th\u1ec3 ph\u1ee5c v\u1ee5 nh\u01b0 m\u1ed9t m\u1eabu cho nh\u1eefng ki\u1ec3m so\u00e1t nh\u01b0 v\u1eady.<\/p>\n

Nh\u1eefng Ho\u00e0i Nghi v\u00e0 T\u01b0\u01a1ng Lai<\/h2>\n

Nh\u1eefng ng\u01b0\u1eddi ho\u00e0i nghi c\u00f3 th\u1ec3 l\u1eadp lu\u1eadn r\u1eb1ng stablecoins qu\u00e1 phi t\u1eadp trung \u0111\u1ec3 ph\u1ee5c v\u1ee5 nh\u01b0 nh\u1eefng nguy\u00ean m\u1eabu cho CBDC. D\u00f9 sao \u0111i n\u1eefa, c\u00e1c blockchain c\u1ee7a ch\u00fang th\u01b0\u1eddng l\u00e0 kh\u00f4ng c\u00f3 quy\u1ec1n truy c\u1eadp, c\u00f3 ngh\u0129a l\u00e0 b\u1ea5t k\u1ef3 ai c\u0169ng c\u00f3 th\u1ec3 tham gia m\u00e0 kh\u00f4ng c\u1ea7n ng\u01b0\u1eddi ki\u1ec3m so\u00e1t. Nh\u01b0ng \u0111i\u1ec1u n\u00e0y b\u1ecf qua c\u00e1c \u0111i\u1ec3m ngh\u1ebdn t\u1eadp trung: c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ki\u1ec3m so\u00e1t qu\u1ea3n l\u00fd d\u1ef1 tr\u1eef, v\u00e0 c\u00e1c s\u00e0n giao d\u1ecbch th\u1ef1c thi c\u00e1c quy t\u1eafc KYC (bi\u1ebft kh\u00e1ch h\u00e0ng c\u1ee7a b\u1ea1n).<\/p>\n

M\u1ed9t CBDC c\u00f3 th\u1ec3 gi\u1eef l\u1ea1i hi\u1ec7u qu\u1ea3 c\u1ee7a blockchain trong khi thay th\u1ebf c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh t\u01b0 nh\u00e2n b\u1eb1ng Fed, t\u1eadp trung h\u00f3a quy\u1ec1n ki\u1ec3m so\u00e1t. Ch\u00ednh ph\u1ee7 c\u0169ng c\u00f3 th\u1ec3 y\u00eau c\u1ea7u t\u00ednh t\u01b0\u01a1ng t\u00e1c gi\u1eefa stablecoins v\u00e0 m\u1ed9t CBDC trong t\u01b0\u01a1ng lai, t\u1ea1o ra m\u1ed9t h\u1ec7 th\u1ed1ng lai m\u00e0 trong \u0111\u00f3 c\u00e1c m\u00e3 th\u00f4ng b\u00e1o t\u01b0 nh\u00e2n m\u1edf \u0111\u01b0\u1eddng cho s\u1ef1 th\u1ed1ng tr\u1ecb c\u1ee7a nh\u00e0 n\u01b0\u1edbc.<\/p>\n

B\u1ed1i C\u1ea3nh To\u00e0n C\u1ea7u v\u00e0 T\u01b0\u01a1ng Lai c\u1ee7a \u0110\u1ed3ng \u0110\u00f4 La<\/h2>\n

B\u1ed1i c\u1ea3nh to\u00e0n c\u1ea7u l\u00e0m t\u0103ng t\u00ednh c\u1ea5p b\u00e1ch cho l\u00fd thuy\u1ebft n\u00e0y. Nh\u00e2n d\u00e2n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a Trung Qu\u1ed1c \u0111\u00e3 \u0111ang trong giai \u0111o\u1ea1n th\u1eed nghi\u1ec7m, v\u00e0 c\u00e1c qu\u1ed1c gia nh\u01b0 Bahamas v\u00e0 Nigeria \u0111\u00e3 ra m\u1eaft CBDC c\u1ee7a ri\u00eang h\u1ecd. M\u1ef9 c\u00f3 nguy c\u01a1 t\u1ee5t l\u1ea1i trong cu\u1ed9c \u0111ua x\u00e1c \u0111\u1ecbnh t\u01b0\u01a1ng lai c\u1ee7a ti\u1ec1n t\u1ec7, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c stablecoin nh\u01b0 Tether chi\u1ebfm \u01b0u th\u1ebf trong c\u00e1c thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi \u1edf nh\u1eefng khu v\u1ef1c c\u00f3 ti\u1ec1n t\u1ec7 kh\u00f4ng \u1ed5n \u0111\u1ecbnh.<\/p>\n

N\u1ebfu M\u1ef9 t\u00edch h\u1ee3p c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng stablecoin v\u00e0o m\u1ed9t CBDC, n\u00f3 c\u00f3 th\u1ec3 duy tr\u00ec s\u1ef1 th\u1ed1ng tr\u1ecb to\u00e0n c\u1ea7u c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la trong khi ch\u1ed1ng l\u1ea1i c\u00e1c lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 n\u01b0\u1edbc ngo\u00e0i. L\u1ee3i th\u1ebf chi\u1ebfn l\u01b0\u1ee3c n\u00e0y c\u00f3 th\u1ec3 gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd \u0111\u00e3 cho ph\u00e9p stablecoins ph\u00e1t tri\u1ec3n m\u1eb7c d\u00f9 c\u00f3 nh\u1eefng r\u1ee7i ro c\u1ee7a ch\u00fang.<\/p>\n

Nh\u1eadn Th\u1ee9c c\u1ee7a C\u00f4ng Ch\u00fang v\u00e0 Th\u00e1ch Th\u1ee9c T\u01b0\u01a1ng Lai<\/h2>\n

Nh\u1eadn th\u1ee9c c\u1ee7a c\u00f4ng ch\u00fang v\u1eabn l\u00e0 m\u1ed9t tr\u1edf ng\u1ea1i. Stablecoins \u0111\u01b0\u1ee3c tin t\u01b0\u1edfng trong s\u1ed1 ng\u01b0\u1eddi d\u00f9ng ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng m\u1ed9t CBDC c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi ph\u1ea3n \u1ee9ng d\u1eef d\u1ed9i v\u1ec1 nh\u1eefng lo ng\u1ea1i v\u1ec1 gi\u00e1m s\u00e1t. Ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u \u0111i\u1ec1u n\u00e0y b\u1eb1ng c\u00e1ch \u0111\u1ecbnh h\u00ecnh m\u1ed9t CBDC nh\u01b0 m\u1ed9t s\u1ef1 ti\u1ebfn h\u00f3a c\u1ee7a stablecoins, nh\u1ea5n m\u1ea1nh s\u1ef1 quen thu\u1ed9c v\u00e0 \u1ed5n \u0111\u1ecbnh.<\/p>\n

V\u00ed d\u1ee5, t\u00ednh minh b\u1ea1ch v\u00e0 s\u1ef1 \u0111\u1ea3m b\u1ea3o d\u1ef1 tr\u1eef c\u1ee7a m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u0111\u00f4 la ph\u1ed5 bi\u1ebfn c\u00f3 th\u1ec3 ph\u1ee5c v\u1ee5 nh\u01b0 m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ec3 tr\u1ea5n an ng\u01b0\u1eddi d\u00f9ng r\u1eb1ng m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 c\u0169ng \u0111\u00e1ng tin c\u1eady nh\u01b0 v\u1eady. Trong khi \u0111\u00f3, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin c\u00f3 th\u1ec3 hoan ngh\u00eanh s\u1ef1 t\u00edch h\u1ee3p, v\u00ec \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 c\u1ee7ng c\u1ed1 vai tr\u00f2 c\u1ee7a h\u1ecd trong m\u1ed9t h\u1ec7 th\u1ed1ng \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 ch\u1ea5p thu\u1eadn, b\u1ea3o v\u1ec7 h\u1ecd kh\u1ecfi c\u00e1c cu\u1ed9c \u0111\u00e0n \u00e1p quy \u0111\u1ecbnh trong t\u01b0\u01a1ng lai.<\/p>\n

K\u1ebft Lu\u1eadn<\/h2>\n

Con \u0111\u01b0\u1eddng \u0111\u1ebfn m\u1ed9t CBDC \u0111\u1ea7y r\u1eaby nh\u1eefng th\u00e1ch th\u1ee9c k\u1ef9 thu\u1eadt v\u00e0 ch\u00ednh tr\u1ecb, nh\u01b0ng stablecoins cung c\u1ea5p m\u1ed9t l\u1ed1i t\u1eaft h\u1ea5p d\u1eabn. S\u1ef1 ch\u1ea5p nh\u1eadn r\u1ed9ng r\u00e3i c\u1ee7a ch\u00fang, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec3m nghi\u1ec7m qua tr\u1eadn chi\u1ebfn v\u00e0 s\u1ef1 ki\u00ean c\u01b0\u1eddng quy \u0111\u1ecbnh trong su\u1ed1t th\u1eadp k\u1ef7 qua khi\u1ebfn ch\u00fang tr\u1edf th\u00e0nh nh\u1eefng \u1ee9ng c\u1eed vi\u00ean l\u00fd t\u01b0\u1edfng cho m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u00e9n l\u00fat. D\u00f9 c\u00f3 ch\u1ee7 \u00fd hay kh\u00f4ng, s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a Tether v\u00e0 USDC gi\u1eefa s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn m\u1ed9t CBDC, ranh gi\u1edbi gi\u1eefa stablecoins t\u01b0 nh\u00e2n v\u00e0 ti\u1ec1n t\u1ec7 do nh\u00e0 n\u01b0\u1edbc ki\u1ec3m so\u00e1t tr\u1edf n\u00ean m\u1edd nh\u1ea1t, \u0111\u1eb7t ra m\u1ed9t c\u00e2u h\u1ecfi quan tr\u1ecdng: Li\u1ec7u ch\u00fang ta \u0111\u00e3 \u0111ang s\u1eed d\u1ee5ng nguy\u00ean m\u1eabu cho t\u01b0\u01a1ng lai c\u1ee7a ti\u1ec1n t\u1ec7?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Gi\u1edbi thi\u1ec7u v\u1ec1 Stablecoins Stablecoins, nh\u1eefng lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c g\u1eafn v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, \u0111ang ng\u00e0y c\u00e0ng tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn. Tuy nhi\u00ean, s\u1ef1 ki\u00ean c\u01b0\u1eddng \u00e2m th\u1ea7m c\u1ee7a ch\u00fang d\u01b0\u1edbi s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh c\u00f2n m\u1ecfng manh c\u00f3 th\u1ec3 b\u00e1…<\/p>\n","protected":false},"author":3,"featured_media":11033,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[4225,4592,5079,4218,4790,4332,4364,4217,4409,4314,4756],"class_list":["post-11034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-bitcoin","tag-cbdc","tag-circle","tag-ethereum","tag-federal-reserve","tag-genius-act","tag-joe-biden","tag-legal","tag-tether","tag-tether-usdt","tag-usdc"],"yoast_head":"\nCBDC Trong T\u1ea7m Nh\u00ecn: Li\u1ec7u Stablecoins C\u00f3 Ph\u1ea3i L\u00e0 B\u1ea3n Thi\u1ebft K\u1ebf \u1ea8n Gi\u1ea5u Cho \u0110\u1ed3ng \u0110\u00f4 La K\u1ef9 Thu\u1eadt S\u1ed1 C\u1ee7a M\u1ef9? - 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