数字货币去中心化的现实阻碍及对金融供给侧改革的启示

The Obstacles to the Decentralization of Digital Currency and Some Implications for the Financial Supply-Side Reform

本文首先对经典经济学理论中的货币去中心化思想进行了追溯,然后在此基础上,从技术角度、商业角度和政治角度对数字货币的运行逻辑进行了全方位考察。本文认为,当前数字货币要想实现其理想设定下的去中心化仍然存在较大的现实阻碍,其存在的价格波动、金融安全、隐私保护等多重问题尚待论证,各个节点的利益博弈也导致其可能形成另外一种形式的中心化。然而,数字货币的发展具有不容忽视的趋势性,对于其可能对货币体系造成的颠覆性影响,我国也应当予以重视、深入研究,并适时对宏观经济政策做出相应的动态调整。

This paper first traces the idea of currency decentralization in classical economics theory.On this basis,the logic of digital currency is investigated from the technical,commercial and political perspectives.This paper believes that at present,there are still many obstacles to the decentralization of digital currency to achieve its ideal setting.There are many issues to be demonstrated such as price volatility,financial security,and privacy protection.The interest game of each node also leads to the possibility of another form of centralization.However,the trend of digital currency cannot be ignored.China should pay attention to this trend,thoroughly study its possible subversive effects on the monetary system,and make adjustments to macroeconomic policies in due course.