论数字货币的信用传承与形态变革

On the Inherit of Credit and the Change of Form of Digital Currency

如果说以现金为基础的纸币代表着货币的现在,那么以分布式记账凭证为基础的数字货币的崛起却可代表着货币的未来。在此过程中,人类社会几千年发展起来的货币的内涵与外在形式既有变化,又有保留。但无论是比特币、LIBRA币,还是主权国家的法定数字货币,数字货币只不过是"数字时代"由计算机技术所催生的货币新形态,数字货币并没有改变人类几千年历史长河中货币作为信用工具的定位与功能。在本质上,数字货币的法律属性还是基于"信用工具"的定位,但其改变了货币发行的主体和信用方式,从而加速金融行业的"脱媒"速度,由此带来传统金融行业和交易方式的颠覆性变革,这种变革也将迫使以传统实物货币为基础的旧有金融监管措施和货币政策措施发生新的变化。

If cash represents the current existing of currency,the digit currency based on DLT represents the future of currency.During the past history,the formality of currency has changed but the content of currency has never changed.Whatever Bitcoin,LIBRA or the legal currency,digit currency is one of the new formalities of the currency in the digit time.Digit Currency will never change the characteristic and function of the currency as the credit tool in the long-time human history.But we have to acknowledge that the digit currency changed the issuer and credit channel of the currency and speed the disintermediation of the currency.Such change will cause the revolutionary reform in the traditional financial market and trading methods and it will cause the new regulation on the digit currency from the traditional regulation based on the cash currency system.