数字货币的本质与职能——基于马克思主义政治经济学范式的分析

The Essence and Function of Digital Currency: An Analysis from the Marxist Perspective of Political Economics

根据马克思主义政治经济学的货币、资本积累与循环、生息资本与信用、虚拟资本与经济危机等理论,文本从现代货币金融体系的基本特征和功能出发,聚焦探讨央行数字货币和加密数字货币的本质与职能,旨在廓清数字货币与现代货币金融体系的内在联系。文本认为:现代货币金融体系内生于社会化大生产的交易和投融资需求,使部类间资本积累和循环得以实现,由央行基础货币、商业银行信用货币和各类金融市场共同构成。央行基础货币为现代广义信用货币体系提供制度与流动性支撑,市场主体通过社会投融资活动共同创造广义信用货币和金融资产;社会化大生产的投融资需求以及金融资本的独立化和虚拟化发展使现代货币金融系统存在双重不稳定性,需要各国央行履行应对经济周期、金融不稳定的公共职责,其趋势是形成更加中心化的基础货币发行制度、利率调控制度和宏观审慎监管体系;以区块链技术为基础的加密技术不是创造基础货币的充分必要条件,也不是在适应社会化大生产的投融资需求中产生的广义信用货币,因此,比特币等加密数字货币没有社会经济关系基础和公共部门信用保证,无法承担以中心化为特征的央行制度维护宏观经济和金融稳定的职能,只是投机性资产;央行数字货币实际是基础货币的数字化形式,以区块链技术实现分布式账户的需求,能够自然承续央行基础货币职能。

Based on Marx’s theory of money, capital accumulation and circulation, interest bearing capital and credit, virtual capital and economic crisis, the paper focuses on discussing the essence and functions of the central bank’s digital currency and crypto digital currency, and clarifies the internal relationship between digital currency and the modern monetary and financial system. The paper argues that the transaction, investment and financing demands born in the modern monetary and financial system of socialized production make possible the accumulation and circulation of capital. The central bank’s basic currency provides institutional and liquidity support for the modern broad credit monetary system. The market entities jointly create broad credit currency and financial assets through social investment and financing activities. The investment and financing needs of socialized production, the independent and virtual development of financial capital make the modern monetary and financial system inherently unstable. Central banks need to perform their public duties to deal with economic cycles and financial instability. The trend is to form a more centralized basic currency issuance system, interest rate regulation system and macro prudential supervision system. Cryptographic technology based on blockchain technology is not a necessary and sufficient condition to create a base currency, nor is it a broad credit currency generated to meet the investment and financing needs of socialized production. Therefore, crypto digital currencies such as Bitcoin have no social and economic relationship foundation and public sector credit guarantee, and cannot assume the function of maintaining macroeconomic and financial stability of the central bank system characterized by centralization. The central bank’s digital currency is actually a digital form of basic currency. It realizes the demand for distributed accounts with blockchain technology, and naturally inherits the central bank’s basic currency function, which is more conducive to the central bank’s anti money laundering.