摘要
数字货币包括央行数字货币(CBDC)和部分稳定币,具有记账单位、交易媒介、价值储藏等完整的货币功能。目前,各国央行正在积极从事CBDC的研究和开发工作,稳定币也因其币值相对稳定的特性在加密货币市场中占据了重要份额。本文从货币功能的角度分析,认为CBDC和稳定币及其依托的底层技术在推动改善跨境支付方面具有重要潜力,有可能成为货币国际化的重要补充。但是,除了跨境支付功能外,货币的国际化还需要货币在国际范围中发挥计价、融资、投资、储备等作用,在这些方面CBDC和稳定币并不优于当前银行货币。对于中国而言,虽然数字人民币的研发已处于全球领先地位,具备跨境使用的技术条件,但制度供给才是人民币国际化最关键的因素。人为赋予CBDC探索过多的政治解读,既可能导致方向偏离,更可能制造国际麻烦。
Digital currency includes central bank digital currencies(CBDCs)and some stablecoins;they have complete monetary functions,such as unit of account,medium of exchange,and store of value.At present,central banks are actively engaged in the research and development of CBDCs,and stablecoins account for a large share of the cryptocurrency market due to their relatively stable value.From the perspective of currency function,this article argues that CBDCs and stablecoins as well as the underlying technology on which they are built have significant potential to promote cross-border payment and can become an important supplement to the currency internationalization drive.However,apart from the function of cross-border payment,the internationalization of a currency also requires its international role in denomination,financing,investment,and reserve to be fully brought out,where the CBDCs and stablecoins do not have any advantage over traditional bank currencies.For China,while it has been a global leader in the development of digital currency and the cross-border use of e-CNY has become technically feasible,it is institutional supply that is the most critical factor in the internationalization of the RMB.Politicized interpretation may derail a country's efforts to develop CBDC.
出处
《国际经济评论》
CSSCI
北大核心
2023年第2期30-42,4,5,共15页
International Economic Review
基金
上海交通大学现代金融研究基金课题(202211)资助的阶段性研究成果。
