数字货币发展的是与非:脸书Libra案例

The Black and White of Digital Currency Development: A Case Study of Facebook Libra

近几年,数字货币的发展令全球瞩目。作为数字经济时代的产物,数字货币更新迭代速度极快,不断冲击着社会政策、经济、金融、科技的现有框架,因此深入探究数字货币发展的影响具有重大意义。2019年6月,脸书宣布了超主权数字货币Libra的白皮书,吸引了各国政府及央行的密切关注。本文以Libra为案例,探究了大型跨国企业发行的数字货币国际化所带来的影响,以及如何才能更好地设计和发展数字货币。本文认为,脸书推出Libra是满足公司对商业模式转型与创新的需求,也是其开辟市场、拓展业务,形成以脸书为核心生态系统的第一步。大型企业国际化的数字货币对现有法律监管体系、数据主导权和国家主权货币形成了巨大挑战。在瞬息万变的数字货币领域,合理设计发展和政策监督成为关键。本文为未来数字货币的设计发展提供了启示,并结合我国自身特点提出了三点政策建议。

Digital currencies have received remarkable development in recent years.As a new product of the digital economy era,digital currency innovates rapidly,and constantly impacts the existing framework of society,economy,finance and technology.Therefore,understanding the influences of digital currency is of great significance.In June 2019,Facebook publicized Libra,which is a supranational cryptocurrency issued by large-scale institution.Libra,backed by Facebook with a large global user base,has attracted close attention from governments and central banks globally.This paper employs Libra as an important case to explore the impact of supranational digital currency of large-scale institution,and to investigate how to better design and develop digital currency.Libra meets the demand of business model innovation of Facebook,and it is a strategic step of Facebook to diversify business,enter developing market and form business ecosystem.This paper argues that digital currencies like Libra impose huge challenges to the existing legal and regulatory framework,national controllability of important data and international position of sovereign currency.Rational design and strategic development are of primary importance under global competition.This paper also provides guidance for the design and development of digital currencies,and further offers policy recommendations under the specific Chinese environment.