区块链应用技术的金融市场基础设施之治理--以数字货币为例

Governance of Financial Market Infrastructure Using Blockchain Technology

区块链技术可以应用于金融市场基础设施以提高效率,可能彻底改变资产的维护和存储方式、义务的履行、交易的实现以及风险的管理。基于区块链的数字货币可以作为支付工具和清算资产,不存在结算风险与清算延迟,不需要集中登记。区块链应用亦可能带来风险,其多节点提供了额外的攻击通道,处理能力还不足以应对大规模交易,加密工具可能被技术攻破,公开账本与匿名性的矛盾统一导致了数据保护与可追溯性不足,智能化机制可能自动触发错误决策连锁发生。新的技术应用与既有制度的不匹配也导致了法律风险与监管漏洞。数字货币应用也呈现极大的道德风险。需要在技术促进与技术监管上治理区块链应用的技术缺陷与技术风险。在促进层面主要体现为助推,鼓励引导技术提升方向,实现管制谦抑与监管沙盒;在监管层面主要体现为监管科技,实现数据驱动、技术驱动与技术规制的监管与治理。同时,可以适时发行法定数字货币,以良币驱逐劣币,更好地促进金融市场基础设施发展。

Blockchain technology can be applied to financial market infrastructure to improve efficiency and flexibility.It may completely change the maintenance and storage of assets,the fulfillment of obligations,the realization of transactions and the management of risks.Digital currency based on the blockchain can be used as payment tools and liquidation assets.There is no settlement risk and liquidation delay,and there is no need for centralized registration.Blockchain's multi-node provides additional attack channels,while its processing capacity is not enough to deal with large-scale transactions.The encryption tools may be broken by technology.The contradiction between public accounts and anonymity leads to insufficient data protection and traceability,and intelligent mechanism may automatically trigger the chain of wrong decisions.The mismatch between the application of new technology and the existing system also leads to legal risks and regulatory loopholes.The application of digital currency also brings great moral risks.It is necessary to deal with the technical defects and risks of blockchain application through technology promotion and supervision.At the promotion level,it is mainly embodied in Nudge,to realize regulatory modesty and regulatory sandbox and guide the direction of technological upgrading;at the regulatory level,it is mainly embodied in RegTech,to realize data-driven,technology-driven and technical regulation supervision.At the same time,central bank digital currencies can be issued in a timely manner to expel bad currency,so as to better promote the development of financial market infrastructure.