摘要
中央银行数字货币(Central Bank Digital Currency,CBDC)跨境使用一旦获得政策允许和法律授权,并具备更宽松的市场环境和成熟的技术条件,CBDC跨境测试范围将有望逐步扩大并转向实质性应用,CBDC跨境应用的风险将对传统的国际金融监管网络提出新的挑战。鉴此,有必要将CBDC国际监管协调研究提上日程。本文根据现有的文献、政策动向和国际议程,从三个方面论述了有关CBDC国际竞争与国际监管的前沿研究成果:一是根据国内外关于CBDC国际议程的最新文献,总结梳理了CBDC跨境应用的潜在风险,包括CBDC的国际竞争与潜在冲突,法律与监管风险以及全球治理风险。二是综合国际重要的金融组织所推动或研究的CBDC跨境应用项目,从CBDC的基本原则、设计选择、跨境应用测验等三个维度,分析了CBDC跨境应用的监管探索实践。三是针对CBDC跨境使用的潜在风险以及国际监管短板,重点讨论了四项议题:CBDC将给传统国际货币体系带来不确定性;CBDC的“碎片化”风险将加大金融治理难度;CBDC将对金融安全和金融稳定构成新威胁;CBDC跨境应用将面临司法管辖权的冲突。本文认为,CBDC的发展需要建立在深厚的国际共识基础、较完善的技术标准和相对完备的国际监管环境之上。目前,应加强CBDC国际协调的研究和讨论,防止因CBDC的跨境使用导致新的金融治理风险,甚至对现有的国际货币体系、国际金融市场和国际金融监管造成巨大破坏。
Once CBDC cross-border use is granted policy permission and legal authorization,and has a more relaxed market environment and mature technical conditions,the scope of CBDC cross-border testing is expected to gradually expand and shift towards substantive applications.The risks of CBDC cross-border application will pose new challenges to the traditional international financial regulatory network.Therefore,it is necessary to put CBDC international regulatory coordination research on the agenda.This paper discusses the cuttingedge research results on international competition and regulation of CBDC from three aspects based on existing literature,policy trends,and international agendas.Firstly,based on the latest literature on the international agenda of CBDC at home and abroad,it summarizes and sorts out the potential risks of cross-border application of CBDC,including international competition and potential conflicts,legal and regulatory risks,and global governance risks.The second is to comprehensively analyze the regulatory exploration practices of CBDC cross-border application projects promoted or studied by important international financial organizations from three dimensions:fundamental principles,design selection,and cross-border application testing of CBDC.Thirdly,in response to the potential risks of cross-border use of CBDC and international regulatory shortcomings,four key issues were discussed:CBDC will introduce uncertainty to the traditional international monetary system;The fragmentation risk of CBDC will increase the difficulty of financial governance;CBDC will pose new threats to financial security and stability;Cross-border applications of CBDC will face conflicts of jurisdiction.This paper believes that the development of CBDC needs to be based on a deep international consensus foundation,relatively complete technical standards,and a relatively complete international regulatory environment.At present,research and discussions on international coordination of CBDC should be strengthened to prevent new financial governance risks caused by the cross-border use of CBDC,and even cause significant damage to the existing international monetary system,international financial markets,and international financial regulation.
出处
《金融监管研究》
CSSCI
北大核心
2023年第10期80-94,共15页
Financial Regulation Research
关键词
CBDC
国际监管
互操作性
跨境互联
司法管辖
CBDC
International Regulation
Interoperability
Cross-Border Interconnection
Jurisdiction
作者简介
邓宇,特聘研究员,上海金融与发展实验室,联系方式:1260501744@qq.com。
