摘要
本文对数字货币的发展潜力及对金融生态的影响提出了一些思考。首先,对Libra从货币的三大职能角度进行分析,Libra在起步阶段支付手段可能是突破口,但发展到一定规模后,储值手段的作用更重要,而记账单位则面临的阻碍最大。其次,大型科技平台的电子货币及金融服务一方面能够发展普惠金融、提高支付效率,另一方面又会带来新的风险,有五个方面需要监管认真对待:一是支付体系和金融稳定,二是铸币税分配问题,三是新型产融结合(银行和社交平台),四是隐私等消费者权益保护问题,五是货币国际化的问题。最后,就央行数字货币而言,一方面其会对现有利益格局产生冲击,减少银行获得的铸币税;另一方面也能增加货币政策传导效率和调控精准度,降低政府融资成本,增加财政和货币的联系。总的来看,数字货币可能会成为流动性资产的新类别,而央行数字货币是本位币的新形态,从改善金融结构、维护金融稳定的角度看,央行发行数字货币至关重要。未来数字货币形式会是国家货币还是私人部门货币?其实私人部门和政府部门是既竞争又互补的关系,创新的动力来自私人部门,但发展到一定程度具有系统重要性时,就需要政府部门来管理风险和负外部性。
This paper puts forward some thoughts on the development potential of digital currency and its impact on financial ecology.Firstly,analyzing Libra from the perspective of three functions of money.In the initial stage of Libra’s development,the role of medium of exchange may be a breakthrough,but when it reaching a certain scale,the role of a store of value will be more important.And the role of a unit of account faces the greatest obstacles.Secondly,digital currency and financial services provided by large-scale technology platforms are double-edged.On one hand,they develop Inclusive Finance and improve payment efficiency.On the other hand,they will bring new risks.There are five aspects that need to be taken seriously by supervision,namely stability of payment system and finance,seigniorage tax distribution,new combination of industry and finance(bank and social platform),the protection of consumer’s rights and interests,and the internationalization of currency.Thirdly,as for central bank’s digital currency(CBDC),it will have an impact on the existing interest pattern and reduce the seigniorage tax obtained by banks.In the meantime,it can also increase the transmission efficiency and control accuracy of monetary policy,reduce the cost of government financing,and increase the connection between finance and currency.Generally speaking,digital currency may become a new category of liquidity assets,and CBDC is a new form of base currency.From the perspective of improving financial structure and maintaining financial stability,CBDC is very important.Will the form of digital currency be national currency or private sector currency in the future?In fact,the private sector and the government sector are competitive and complementary.The motive force of innovation comes from the private sector.However,when it reaches certain scale and becomes systemically important,government should manage risks and reduce negative externalities.
作者
彭文生
PENG Wensheng(Everbright Securities)
出处
《新金融评论》
2019年第3期91-109,共19页
New Finance Review
关键词
数字货币
金融生态
天秤币
Digital Currency
Financial Ecology
Libra
作者简介
彭文生,光大集团研究院副院长、光大证券首席经济学家。
