数字货币发展:典型特征、演化路径与监管导向

The Development of Digital Currency:Typical Characteristics, Evolution,and Guidelines for Regulation

近年来,伴随着金融科技的应用,数字货币蓬勃发展,其研发浪潮引起了各国央行的关注,纷纷对数字货币进行试点和测试,货币由纸币形态向数字形态转变已成为必然趋势。以数字货币的内涵特征、产生动因、演化路径、运行机制、影响机制和监管机制为研究对象,尝试分析数字货币的影响和未来的发展趋势,结论表明,法定数字货币是能够承担货币职能的真正货币,其发行将对经济增长、金融体系、货币政策等造成深远影响。未来应重视对数字货币的监管体系构建,加大数字货币技术创新力度,对数字货币相关理论进行前瞻性研究,积极稳妥地推进中国数字货币试验。

In recent years,with the application of numerous financial technologies,digital currency has maintained rapid development. Central banks worldwide have been amazed by the progress,and many have started pilot and testing programs for digital currency.It seems inevitable that paper notes will eventually be replaced with digital currency.This study analyzes the effects of digital currency and its trends from the perspectives of the essences of digital currency,the driving forces behind its existence,and its evolutionary path,functioning,channels of influence,and regulation regime.Our conclusions suggest that digital fiat currency is comparable to real currency in terms of monetary functions.The issuance of digital fiat currency would have profound implications for economic growth,financial systems,and monetary policies.Therefore,to actively and prudently promote digital currency experiments in China,we must build a regulatory framework for digital currency,drive innovation in relevant technologies,and conduct forward-looking researches in related theories.