央行数字货币制度演进的国际法关照

Central Bank Digital Currency Legal System Evolution From International Law Perspective

数字货币作为数字时代的重要标志,经历了比特币、数字稳定币、央行数字货币(CBDC)的阶段。CBDC的研发遵循传统货币基础和功能结构,但是采纳了批发型和零售型不同做法,反映了金融发达体与新兴金融经济体不同的市场逻辑和制度逻辑。CBDC带来的国际货币多元化冲击货币主权制度,推动国际支付体系扁平化,形塑国际货币竞争新格局,助力国际货币“三足鼎立”。CBDC仍然面临着分布式账本技术安全法律保障、国际标准和基础设施建设的国际法协同、CBDC跨境使用风险法律防范等问题。推进数字人民币国内规则与国际规则统筹建设,加强CBDC基础设施与货币互换网络布局,以技术创新带动监管模式升级。在国际法层面,也要构建以数字人民币为基础和核心的跨境支付体系,加强数字货币技术和规则构建的国际协同与合作,积极推动建立全球数字货币篮,并纳入国际货币体系。

As a major symbol of the digital era,Digital Currency(DC) has experienced the development phases of Bitcoin,Digital Stablecoin and Central Bank Digital Currency(CBDC).The development of CBDC is in compliance with the basis and functional structure of traditional currencies,however,adopting modes of wholesale and retail,which reflects different market and system logics of developed financial economy and emerging financial economies.The diversification of international currencies brought by CBDC shocksthe sovereign monetary system facilitatesthe delayering of international payment system,shapesa new pattern of international currency competition and forms“a situation of tripartite confrontation”in international currency market.Nonetheless,there still exists some problems of CBDC such as the law safeguard issue for the security of distributed ledger technology,coordination of international standards and infrastructure construction complying with international laws as well as the legal prevention of risks in the cross-border application of CBDC.It is suggested to propel the coordinative construction of domestic rules and international rules regardingDigital Currency Electronic Payment(DCEP),enhance the overall arrangement of infrastructure and currency swap networks,and stimulate the upgrading of supervision model by technology innovations.Referring to international laws,it is reasonable to establish a cross-border payment system based on DCEP and with DCEP as the core,enhance international coordination and cooperation in DC technologies and rules construction,and actively promotethe integration of Multi-CBDC basket into the international monetary system.