货币职能、货币权力与数字货币的未来

Monetary Functions,Monetary Power,and the Future of Digital Currency

价值尺度和流通手段职能的实现是货币具有生命力的内生性前提条件,能否广泛地独立承担起价值尺度的职能是数字货币成为货币的重要条件。货币划分为社区货币、国家货币、国际货币和世界货币这四个层面,层面越高的货币其信用实现条件和支撑基础越复杂,不同层面数字货币的货币权力也有着不同表现。由于数字货币的币值稳定、信用载体和供给非中心化三者之间“不可能三角形”的存在,未来的国家和国际层面数字货币的供给形式一定是中心化的。社区层面的数字货币属于非主权货币,其难以取代和超越法定数字货币的货币权力。国际层面的非法定数字货币,具有超主权和非主权两面的属性,其必然与主权货币抑或法定数字货币之间存在着天然的剧烈竞争,并具有法定化的宿命。虽然存在技术道德中性,但使用和掌握技术的行为主体具有道德非中性。所以,国家层面的法定数字货币比私人数字货币更具信用竞争优势,更容易解决“可信用”货币的问题,将在未来数字货币体系中占据主导地位,还会成为主权国家维护货币权力的重要方式,也会带来新型的国际货币竞争以及对现行国际货币体系带来一定的冲击。

The realization of the function of value scale and circulation means is the endogenous prerequisite for currency to have vitality. Whether the function of value scale can be widely and independently assumed is an important condition for digital currency to become currency. Currency is divided into four levels including community currency, national currency, international currency and world currency. The higher the level of currency, the more complex the credit realization conditions and supporting foundation, and the currency power of digital currency at different levels also has different performance. Due to the existence of an"impossible triangle"between the value of digital currencies, the stability of credit carriers, and the decentralization of supply, the supply form of digital currencies at the national and international levels in the future must be centralized. Digital currency at the community level is a non-sovereign currency, and it is difficult to replace and exceed the monetary power of legal digital currency. The non-legal digital currency at the international level has both super-sovereign and non-sovereign attributes.There must be a natural fierce competition with sovereign or legal digital currency, and it will definitely become legal currency.Although there is moral neutrality in technology, the subject of the use and mastery of technology is morally non-neutral. Therefore, national-level legal digital currencies have more credit competitive advantages than private digital currencies, and it is easier to solve the problem of"trustworthy"currencies. They will occupy a dominant position in the future digital currency system and will also become important for sovereign states to maintain monetary power. This approach will also bring about a new type of international currency competition and a certain impact on the current international monetary system.