第三方支付的“铸币税”及其监管对策——以支付宝为例

The Seigniorage of Third Party Payment and Its Supervision Countermeasures——Alipay as an Example

随着支付宝线下支付业务的开展,现金替代功能日益增强,"蚂蚁花呗"等额度消费功能已构成电子货币的"实质发行"行为,支付宝由此获得铸币税收入。发行的电子货币,从基础货币及货币乘数两方面影响货币供应量,从而影响货币政策。在当前《中国人民银行法》所规定的央行垄断货币发行背景下,电子货币的发行理应纳入央行监管范围。然而,哈耶克和弗里德曼提出"应破除政府货币垄断发行"的理念,值得我们进一步思考。

With the business development of Alipay offline payment,the cash vicarious function is increasing day by day.The quota consumption function of＂Hua Bei＂,for example.has made up the＂the virtual behavior＂of electronic currency,which contributes to the Alipay Seigniorage income.The issued electronic money has an influence on money supply from the aspects of basic currency and the monetary multiplier,thereby affecting the monetary policy.In the current background where the Central Bank monopolies the issue of currency specified by＂Law of the People＇s Bank of China＂,the issue of electronic currency should be included in the scope of the central bank supervision.However,Hayek and Freedman put forward the idea of＂breaking the monopoly issuing of government money＂,which deserves us to have a further thinking.