数字货币的“美元化”特征测定及政策建议——基于汇率和利率影响的实证分析

A Measurement of the"Dollarization"Feature of Digital Currencies and Policy Suggestions---An Empirical Analysis Based on the Currency and Interest Rate Effects

文章就数字货币对汇率和利率影响进行量化实证分析,并对Libra特征进行了理论外推,认为旧数字货币存在一定“美元化”的因素,且具有显著的“去人民币化”特征;推测新数字货币“美元化”特征将增强。文章建议加强数字货币的金融安全防范;推进中国央行数字货币的研究,纳入人民币国际化考虑;各国对数字货币的监管需要争取共识,加强协调合作。

The article carries out a quantitative empirical analysis of the impact of digital currencies on exchange rates andinterest rates,and makes a theoretical extrapolation on Libra's characteristics.It believes that the old digitalcurrencies have a characteristic of"dollarization"to some extent and a signi ficant feature of"de-renminbization".It guesses that the“dollarization”feature of digital currencies will even be further enhanced.The article proposesto strengthen the financial security of digital currencies,and urges China to promote the research of the digitalcurrencies and to incorporate it into the RMB internationalization.The article believes that the world authoritiesshould reach a consensus over the supervision of digital currencies and strengthen international coordination andcooperation.