从监管走向治理--数字货币规制的全球格局与实践共识

From Regulation to Governance——Global Landscape of Digital Currency and Emerging Consensus

全球数字货币正沿着两个方向飞速发展,技术驱动下私人数字货币的自发秩序仍在不断生长,而国家规制下法定数字货币的公权扩张也日趋明显。纵观数字货币规制的全球格局,虽然各国在数字货币ICO和交易所监管思路及其最新发展各不相同,但都是在促进金融创新与防范风险之间寻求最优平衡。因地制宜,我国亦不应采取单一的监管或控制思维,而应更多地寻求公权力机构和私权力平台合作,规制理念宜从政府监管向共同治理模式变革:从链下管制走向链上链下相结合的全域治理,从政府直接监管走向“第三方护卫”的间接治理,从国家规制走向超国家规范的规制治理。

Global digital currencies are evolving rapidly in two directions,with the number and variety of private cryptocurrencies increasing alongside the number of fiat digital currency pilot projects.Although the regulatory approach to cryptocurrency ICOs and exchanges and their latest developments vary from country to country,looking at the global landscape of cryptocurrency regulation,it is all about oscillating between promoting financial innovation and preventing risk.To comply with the world trend,China should not adopt a single regulatory or control mindset,but rather seek more cooperation between public authorities and private platforms.The concept of regulation should be changed from a government regulation model to a shared governance model:from off-chain regulation to a combination of on-chain and off-chain governance,from direct government regulation to indirect governance with“third-party guards”,and from national regulation to supranational regulatory governance.