Libra的监管挑战--基于金融创新视角的研究

The Regulatory Challenges of Libra--A Research from the Perspective of Financial Innovation

Libra作为一项重要的金融科技创新,有望成为区块链和数字货币大规模实质性应用时代的开篇,具备颠覆全球货币金融体系的潜力,但能否真正落地取决于监管。因兼具私人数字货币和金融创新的双重属性,Libra面临多重监管挑战。在监管、市场和技术的不确定性背景下,本文从金融创新的视角分析Libra对货币政策及金融稳定的潜在冲击,探讨Libra受到广泛争议的原因,并尝试寻找金融科技监管的发展路径,就此把握金融科技监管的新范式以寻求科技创新和监管的平衡,或可找到当前监管困局的突破口。

As a fintech innovation,Libra is expected to start the new era of large-scale and substantial application of block chain and digital currency,and rebuild the global financial system.However,its implementation depends on the regulation,due to its dual nature as a private digital currency and financial innovation.With the uncertainty of regulation,market and technology and from the perspective of financial innovation,this paper analyzes Libra’s potential shocks to monetary policies,financial stability and the reasons for its disputes,and seeks for a new paradigm of fintech regulation,and balances regulation and innovation.