全球稳定币的系统性风险:监管挑战与应对

Systemic Risks of Global Stablecoins:Regulatory Challenges and Responses

2008年次贷危机至今,全球宏观审慎监管框架始终着眼于防范传统金融机构的系统性风险,却忽视了新兴的全球稳定币及其所引发的支付方式变革。全球稳定币诱发系统性风险的路径不仅包括因为替代法币支付功能从而加剧金融功能的脆弱性,还包括加深金融结构集中度与金融网络复杂性。同时,全球稳定币给既有的"宏观审慎监管"框架造成监管信息滞后、监测制度缺位、货币政策失灵以及监管机制碎片化等诸多监管挑战。因此,重塑功能监管的监管理念,创新Regtech监管手段,革新传统监管政策,并推进合作主义规制,是当前金融监管层有效防范全球稳定币系统性风险的必要举措。我国也应积极参与构建全球稳定币的监管机制,制定或完善国内的相关监管政策,以守住不发生系统性风险的底线。

Since the subprime mortgage crisis,the global macro-prudential regulatory framework has always focused on preventing the systemic risks of traditional financial institutions,but ignored the emerging global stable currency and the changes that it has caused in payment. The systemic risks triggered by global stablecoins are the aggravation of the fragility of financial functions and the deepening of the concentration of financial structures and the complexity of financial networks due to the replacement of legal currency payment functions. At the same time,global stablecoins have posed many regulatory challenges to the existing macro-prudential regulatory framework such as the lagging of regulatory information,the absence of monitoring system,the failure of monetary policy,and the fragmentation of regulatory mechanism. Therefore,there are some necessary measures for the current financial regulators to effectively prevent the systemic risks of global stablecoins: reshaping the functional supervision,innovating Regtech regulatory methods,reforming traditional regulatory policies,and promoting cooperative regulation. China should also actively participate in the construction of a regulatory mechanism for global stablecoins,formulate or improve domestic relevant regulatory policies so as to prevent systemic risks.