摘要
本文基于央行数字货币专利申请信息和相关专家公开论述,系统分析了央行数字货币的设计演变、双层投放体系及其对金融体系、政策调控的潜在影响。研究认为,央行数字货币在中心化、双层投放体系设计下,定位于现金替代,对商业银行存款挤出及货币乘数影响较小。央行数字货币在保护用户隐私、提高监管能力、降低交易成本和简化跨境支付方面有着显著优势,对现有第三方支付业务产生替代效应。央行数字货币也会影响以支付为重要入口的金融科技业务和数字金融解决方案输出业务的发展,但若数字货币支付交易数据能够在保证安全和隐私的前提下,向金融科技企业和金融机构开放数据分析接口,则有利于打破数据孤岛,推动金融科技业务和金融数字化转型更好更快发展。
Based on the application information of central bank digital currency patent and public discussion of the relevant experts,this paper systematically analyzes the design evolution of the central bank digital currency,the twolayer delivery system and its potential impact on the financial system and policy regulation. The study believes that the central bank digital currency is positioned as a cash replacement under the design of a centralized and double-layered delivery system,which has slight effect on commercial bank deposit crowding out and currency multipliers. The central bank digital currency has significant advantages in protecting users’ privacy,improving regulatory capabilities,reducing transaction costs and simplifying cross-border payments. But it will have a substitution effect on existing third-party payment services and affect the effectiveness of digital financial solutions with payment as an important entry. If the central bank opens data analysis interfaces to qualified financial institutions on the premise of ensuring data privacy and security,it will help to break the "data island" and improve the quality of existing financial technology services.
作者
朱太辉
张皓星
Zhu Taihui;Zhang Haoxing(National Institution for Finance&Development,Beijing 100020,China;National School of Development,Peking University,Beijing 100871,China;Institute of Digital Finance,Peking University,Beijing 100871,China)
出处
《金融发展研究》
北大核心
2020年第5期3-9,共7页
Journal Of Financial Development Research
关键词
数字货币
货币政策
金融科技
第三方支付
digital currency
monetary policy
financial technology
third-party payment
