数字人民币前沿研究综述与展望

Review and Prospect of Digital Currency/Electronic Payment Frontier Research

梳理数字人民币研究的最新文献,并将数字人民币与第三方支付工具相比较,可以把握数字人民币的本质和核心特征。数字人民币是我国替代流通中现金的法定数字货币,遵循“中央银行—商业银行”二元模式和“一币、两库、三中心”的运营架构。去中心化的区块链与数字人民币的央行集中管理存在冲突,但是在发行流通环节可以借鉴区块链的创新特征和智能合约实现可控匿名和精准调控。数字人民币会对货币政策效果、银行和支付机构经营、数字经济发展、人民币国际化乃至社会治理产生深远的影响。未来要探索构建数字人民币分级利率体系,创新货币政策工具,更好地发挥法定数字货币对经济社会的积极作用,赋能实体经济和国内国际双循环新发展格局。

This paper sorts out the latest literatures on DC/EP,and compares DC/EP with third-party payment tools to grasp the essence and core characteristics of DC/EP.DC/EP is a legal digital currency in China to replace cash in circulation.It follows the dual model of“central bank-commercial bank”and the operational framework of“one currency,two banks and three centers”.There are conflicts between the decentralized blockchain and the central bank’s centralized management of DC/EP.However,the innovative features of blockchain and smart contracts can be used for reference in the issuing and circulating links to achieve controllable anonymous and precise regulation.DC/EP will have far reaching implications for monetary policy,banks,payment institutions,digital economy,RMB internationalization and even social governance.In the future,we should explore ways to construct a tiered interest rate system for DC/EP,innovate monetary policy tools,give better play to the positive role of legal digital currency in economy and society,and empower the real economy and the new development pattern of dual circulation.