中央银行数字货币的发展逻辑与国际镜鉴

The Development Logic and International Enlightenment of Central Bank Digital Currency

近年来,区块链技术深度介入货币金融行业,驱动了数字货币的快速演进,形成了私人、机构与法定数字货币的分化发展。其中,中央银行数字货币作为法定数字货币的重要构成,因其具有技术创新下货币物理形态发展的客观性,充分发挥货币政策与宏观调控的稳定性,维护货币主权并推进货币国际化的迫切性,成为众多国家大力发展的货币载体。然而,央行数字货币在发展中同样面临货币发行权、法偿性、金融风险防范、个人信息保护等难题。通过采用比较研究方法,从理论层面剖析为何全球出现三条不同的央行数字货币发展路径,并充分借鉴其实践的共识经验,进而提出促进我国央行数字货币稳健发展的建议。

In recent years, blockchain technology has been deeply involved in the monetary and financial industry, driving the rapid evolution of digital currency, and forming a differentiated development of the private, institutional and legal digital currency. Among them, as an important component of legal digital currency, central bank digital currency has become a currency carrier for many countries to vigorously develop because of its objectivity in the development of the physical form of currency under technological innovation, the urgency of giving full play to the stability of monetary policy and macro-control, maintaining monetary sovereignty and promoting currency internationalization. However, central bank digital currency also faces such problems as currency issuance rights, legal compensation, financial risk prevention, personal information protection and so on. By adopting comparative research methods, this paper theoretically analyzes why there are three different paths for the development of central bank digital currency in the world, fully draws on the consensus experience of its practice, and then puts forward suggestions to promote the steady development of central bank digital currency in China.