Bitcoin Forum
May 13, 2024, 09:11:20 AM
Welcome,
Guest
. Please
login
or
register
.
News
: Latest Bitcoin Core release:
27.0
[
Torrent
]
Home
Help
Search
Login
Register
More
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
媒体
>
央行副行长范一飞:关于央行数字货币的几点考虑
Pages: [
1
]
« previous topic
next topic »
Print
Author
Topic: 央行副行长范一飞:关于央行数字货币的几点考虑 (Read 106 times)
runque
(OP)
Member
Offline
Activity: 140
Merit: 10
央行副行长范一飞:关于央行数字货币的几点考虑
January 26, 2018, 02:40:06 AM
Merited
by
hdd3go
(10)
#1
近年来,各主要国家和地区央行及货币当局均在对发行央行数字货币开展研究,新加坡央行和瑞典央行等已经开始进行相关试验,人民银行也在组织进行积极探索和研究。本文提出了有关我国央行数字货币发行安排的一些思考。
fyf
中国人民银行副行长范一飞
一、中国央行数字货币应采用双层投放体系
大国发行央行数字货币是一个复杂的系统工程。我国幅员辽阔、人口众多,各地区经济发展、资源禀赋和人口受教育程度差异较大,在设计和投放(发行)、流通央行数字货币过程中,要充分考虑系统、制度设计所面临的多样性和复杂性。比如,需要考虑网络覆盖不足的偏远地区的使用问题。如果采用单层(one-tier)投放,将面临上述因素所带来的极大考验。为提升央行数字货币的便捷性和服务可得性,增强公众使用意愿,可考虑采用双层(two-tier)投放,来应对上述困难。
“双层投放”有利于充分利用商业机构现有资源、人才、技术等优势,通过市场驱动、促进创新、竞争选优。商业银行等机构的IT基础设施应用和服务体系已比较成熟,系统的处理能力较强,在金融科技应用等方面已经积累了一定的经验,人才储备较为充分。因此,在商业银行现有的基础设施、人力资源及成熟的应用和服务体系之外,另起炉灶、重复建设,对社会资源是巨大的浪费。在安全、可靠的前提下,中央银行与商业银行等机构可以密切合作,不预设技术路线,充分调动市场力量,通过竞争来实现系统优化,共同开发、共同运行。这既有利于整合资源、发挥合力,也有利于促进创新。而且,大众已习惯通过银行等商业机构处理金融业务,双层投放也有助于提升社会公众对央行数字货币的接受度。
“双层投放”有助于分散化解风险。在以往银行间支付清算系统的开发过程中,央行积累了丰富的经验,但银行间清算支付系统是直接服务金融机构,央行数字货币是直接服务公众,涉及千家万户。如果仅靠央行自身力量进行研发,支撑如此庞大的系统,既要满足安全、高效、稳定的目标,还要满足用户体验需求,很不容易。同时,央行还受制于预算、资源、人员和技术等客观约束,通过两级投放的设计,可避免将风险过度集中。
“双层投放”可以避免“金融脱媒”。“单层投放”下,央行直接对公众投放数字货币,央行数字货币与商业银行存款货币将形成竞争关系。显然,由央行背书的央行数字货币的信用等级高于商业银行存款货币,会对商业银行存款产生挤出效应,可能出现“存款搬家”,进而影响商业银行的贷款投放能力。此外,商业银行吸纳存款能力降低会增加其对同业市场的依赖,抬高资金价格,增加社会融资成本,损害实体经济,引发“金融脱媒”。为保持其放贷能力和金融稳定,央行将不得不对商业银行进行补贴。极端情况下,还会颠覆现有金融体系,出现央行包打天下的“大一统”局面。
综上,“中央银行-代理投放的商业机构”的双层投放模式是既适合我国国情,又能够充分利用现有资源、调动商业银行积极性的选择。首先,不改变流通中货币的债权债务关系。为保证货币不超发,代理投放机构需要向央行按100%全额缴纳准备金。所以,公众所持有的央行数字货币依然是中央银行负债,由中央银行信用担保,具有无限法偿性。其次,不改变现有货币投放体系和二元账户结构,不会构成对商业银行存款货币的竞争,不会增加商业银行对同业拆借市场的依赖,不会影响商业银行的放贷能力,也就不会导致“金融脱媒”现象。再次,由于不影响现有货币政策传导机制,不会强化压力环境下的顺周期效应,因此也不会对现行实体经济运行方式产生负面影响。最后,该模式更有利于发挥央行数字货币的优势,节约成本、提高货币流通速度,提升支付便捷性和安全性。此外,由于具有央行背书的信用优势,有利于抑制公众对私有加密数字货币的需求,巩固我货币主权。
二、在双层投放体系安排下,我国的央行数字货币应以账户松耦合的方式投放,并坚持中心化的管理模式
为保持央行数字货币的属性,实现货币政策和宏观审慎管理目标,我国的央行数字货币双层投放体系应不同于各种代币的去中心化发行模式。第一,因为央行数字货币仍然是中央银行对社会公众的负债,其债权债务关系并未随着货币形态而改变,因而仍必须保证央行在投放过程中的中心地位。第二,需要保证并加强央行的宏观审慎与货币政策调控职能。第三,不改变二元账户体系,保持原有货币政策传导方式。第四,为避免代理投放机构超发货币,需要有相应安排实现央行对数字货币投放的追踪和监管。
因此,央行数字货币应坚持中心化投放模式。不过,这里所说的中心化投放模式与传统电子支付工具也有所不同。电子支付工具的资金转移必须通过账户完成,采用的是账户紧耦合方式。央行数字货币则应基于账户松耦合形式,使交易环节对账户的依赖程度大为降低。这样,既可和现金一样易于流通,又能实现可控匿名。央行数字货币持有人可直接将其应用于各种场景,有利于人民币流通和国际化。另外,如果没有交易第三方匿名,会泄露个人信息和隐私;但如果允许实现完全的第三方匿名,会助长犯罪,如逃税、恐怖融资和洗钱等犯罪行为。所以为取得平衡,必须实现可控匿名,只对央行这一第三方披露交易数据。在松耦合账户体系下,可要求代理投放机构每日将交易数据异步传输至央行,既便于央行掌握必要的数据以确保审慎管理和反洗钱等监管目标得以实现,也能减轻商业机构的系统负担。
1715591480
Hero Member
Offline
Posts: 1715591480
Ignore
1715591480
1715591480
#2
1715591480
Report to moderator
1715591480
Hero Member
Offline
Posts: 1715591480
Ignore
1715591480
1715591480
#2
1715591480
Report to moderator
BitcoinCleanup.com
: Learn why Bitcoin isn't bad for the environment
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715591480
Hero Member
Offline
Posts: 1715591480
Ignore
1715591480
1715591480
#2
1715591480
Report to moderator
1715591480
Hero Member
Offline
Posts: 1715591480
Ignore
1715591480
1715591480
#2
1715591480
Report to moderator
1715591480
Hero Member
Offline
Posts: 1715591480
Ignore
1715591480
1715591480
#2
1715591480
Report to moderator
a16487093
Jr. Member
Offline
Activity: 54
Merit: 1
Re: 央行副行长范一飞:关于央行数字货币的几点考虑
February 05, 2018, 07:31:17 AM
#2
近年来,各主要国家和地区央行及货币当局均在对发行央行数字货币开展研究,新加坡央行和瑞典央行等已经开始进行相关试验,人民银行也在组织进行积极探索和研究。本文提出了有关我国央行数字货币发行安排的一些思考。
Pages: [
1
]
Print
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
媒体
>
央行副行长范一飞:关于央行数字货币的几点考虑
« previous topic
next topic »
Jump to:
Please select a destination:
-----------------------------
Bitcoin
-----------------------------
=> Bitcoin Discussion
===> Legal
===> Press
===> Meetups
===> Important Announcements
=> Development & Technical Discussion
===> Wallet software
=====> Electrum
=====> Bitcoin Wallet for Android
=====> BitcoinJ
=====> Armory
=====> Mycelium
=====> Hardware wallets
=> Mining
===> Mining support
===> Pools
===> Mining software (miners)
===> Hardware
=====> Group buys
===> Mining speculation
=> Bitcoin Technical Support
=> Project Development
-----------------------------
Economy
-----------------------------
=> Economics
===> Speculation
=> Marketplace
===> Goods
=====> Computer hardware
=====> Digital goods
=======> Invites & Accounts
=====> Collectibles
===> Services
===> Currency exchange
===> Gambling
=====> Games and rounds
=====> Investor-based games
=====> Gambling discussion
===> Lending
=====> Long-term offers
===> Securities
===> Auctions
===> Service Announcements
=====> Micro Earnings
===> Service Discussion
=====> Web Wallets
=====> Exchanges
=> Trading Discussion
===> Scam Accusations
===> Reputation
-----------------------------
Other
-----------------------------
=> Meta
===> New forum software
===> Bitcoin Wiki
=> Politics & Society
=> Beginners & Help
=> Off-topic
=> Serious discussion
===> Ivory Tower
=> Archival
===> Корзина
===> CPU/GPU Bitcoin mining hardware
===> Chinese students
===> Obsolete (buying)
===> Obsolete (selling)
===> MultiBit
-----------------------------
Alternate cryptocurrencies
-----------------------------
=> Altcoin Discussion
=> Announcements (Altcoins)
===> Tokens (Altcoins)
=> Mining (Altcoins)
===> Pools (Altcoins)
=> Marketplace (Altcoins)
===> Service Announcements (Altcoins)
===> Service Discussion (Altcoins)
===> Bounties (Altcoins)
=> Speculation (Altcoins)
-----------------------------
Local
-----------------------------
=> العربية (Arabic)
===> العملات البديلة (Altcoins)
=====> النقاشات
===> إستفسارات و أسئلة المبتدئين
===> التعدين
===> النقاشات الأخرى
===> منصات التبادل
=> Bahasa Indonesia (Indonesian)
===> Marketplace (Bahasa Indonesia)
===> Mining (Bahasa Indonesia)
===> Altcoins (Bahasa Indonesia)
===> Trading dan Spekulasi
===> Ekonomi, Politik, dan Budaya
===> Topik Lainnya
=> Español (Spanish)
===> Mercado y Economía
=====> Servicios
=====> Trading y especulación
===> Hardware y Minería
===> Esquina Libre
===> Mercadillo
=====> Mexico
=====> Argentina
=====> España
=====> Centroamerica y Caribe
===> Primeros pasos y ayuda
===> Altcoins (criptomonedas alternativas)
=====> Minería de altcoins
=====> Servicios
=====> Tokens (Español)
=> 中文 (Chinese)
===> 跳蚤市场
===> 山寨币
===> 媒体
===> 挖矿
===> 离题万里
=> Hrvatski (Croatian)
===> Trgovina
===> Altcoins (Hrvatski)
=====> Announcements (Hrvatski)
===> Off-topic (Hrvatski)
=> Deutsch (German)
===> Anfänger und Hilfe
===> Mining (Deutsch)
===> Trading und Spekulation
===> Projektentwicklung
===> Off-Topic (Deutsch)
===> Treffen
===> Presse
===> Altcoins (Deutsch)
=====> Announcements (Deutsch)
===> Marktplatz
=====> Auktionen
=====> Suche
=====> Biete
=> Ελληνικά (Greek)
===> Αγορά
===> Mining Discussion (Ελληνικά)
===> Altcoins (Ελληνικά)
=====> Altcoin Announcements (Ελληνικά)
=====> Altcoin Mining (Ελληνικά)
=> עברית (Hebrew)
=> Français
===> Actualité et News
===> Débutants
===> Discussions générales et utilisation du Bitcoin
===> Mining et Hardware
===> Économie et spéculation
===> Place de marché
=====> Échanges
=====> Produits et services
=====> Petites annonces
===> Le Bitcoin et la loi
===> Wiki, documentation et traduction
===> Développement et technique
===> Vos sites et projets
===> Hors-sujet
===> Altcoins (Français)
=====> Annonces
=> India
===> Mining (India)
===> Marketplace (India)
===> Regional Languages (India)
===> Press & News from India
===> Alt Coins (India)
===> Buyer/ Seller Reputations (India)
===> Off-Topic (India)
=> Italiano (Italian)
===> Guide (Italiano)
===> Progetti
===> Discussioni avanzate e sviluppo
===> Trading, analisi e speculazione
===> Mercato
=====> Mercato valute
=====> Beni
=====> Servizi
=====> Esercizi commerciali
=====> Hardware/Mining (Italiano)
=====> Gambling (Italiano)
===> Accuse scam/truffe
===> Mining (Italiano)
===> Alt-Currencies (Italiano)
=====> Annunci
===> Raduni/Meeting (Italiano)
===> Crittografia e decentralizzazione
===> Off-Topic (Italiano)
=> 日本語 (Japanese)
===> アルトコイン
=> Nederlands (Dutch)
===> Markt
===> Gokken/lotterijen
===> Mining (Nederlands)
===> Beurzen
===> Alt Coins (Nederlands)
===> Off-topic (Nederlands)
===> Meetings (Nederlands)
=> Nigeria (Naija)
===> Politics and society (Naija)
===> Off-topic (Naija)
=> 한국어 (Korean)
===> 대체코인 Alt Coins (한국어)
=> Pilipinas
===> Altcoins (Pilipinas)
=====> Altcoin Announcements (Pilipinas)
===> Pamilihan
===> Others (Pilipinas)
=> Polski
===> Tablica ogłoszeń
===> Alternatywne kryptowaluty
=====> Nowe kryptowaluty i tokeny
=====> Tablica ogłoszeń (altcoiny)
=> Português (Portuguese)
===> Primeiros Passos (Iniciantes)
===> Economia & Mercado
===> Mineração em Geral
===> Desenvolvimento & Discussões Técnicas
===> Criptomoedas Alternativas
===> Brasil
===> Portugal
=> Русский (Russian)
===> Новички
===> Бизнес
=====> Барахолка
=====> Обменники
===> Идеи
===> Кодеры
===> Майнеры
===> Политика
===> Трейдеры
===> Альтернативные криптовалюты
=====> Токены
=====> Бayнти и aиpдpoпы
===> Хайпы
===> Работа
===> Разное
===> Oбcyждeниe Bitcoin
=====> Новости
=====> Юристы
=> Română (Romanian)
===> Anunturi importante
===> Offtopic
===> Market
=====> Discutii Servicii
===> Minerit
===> Tutoriale
===> Bine ai venit!
===> Presa
===> Altcoins (Monede Alternative)
=====> Anunturi Monede Alternative
=> Skandinavisk
=> Türkçe (Turkish)
===> Bitcoin Haberleri
===> Pazar Alanı
===> Madencilik
===> Ekonomi
===> Servisler
=====> Fonlar
===> Proje Geliştirme
===> Alternatif Kripto-Paralar
=====> Madencilik (Alternatif Kripto-Paralar)
=====> Duyurular (Alternatif Kripto-Paralar)
===> Konu Dışı
===> Yeni Başlayanlar & Yardım
===> Buluşmalar
=> Other languages/locations
Loading...