数字货币的“不等边三元悖论”与监管治理——基于卡—梅框架视角的研究

The"Unequal Trilateral Paradox"and Regulatory Governance Of Digital Currency

随着数字技术特别是区块链技术的广泛应用,大量新型数字货币的涌现对传统法定货币与监管产生了冲击。区块链技术驱动下的数字货币带来了创新性的变革,促进了货币的数字化与多元化发展,大幅提升了货币发行与运营的综合效率,但也衍生出“不等边三元悖论”,即它不可能同时实现币值稳定、信用载体以及去中心化的三元目标,极易引发不等边的法律风险、金融风险与技术风险。根据法经济学的卡—梅框架,从私人数字货币透视“不等边三元悖论”下的具体风险,可发现全球典型国家对数字货币的监管治理主要有三类:以英美为代表的海洋法系国家秉承财产规则,采取开放性监管政策;以日本为代表的大陆法系国家秉承责任规则,强调整体福利的法律保障;以韩国为代表的大陆法系国家恪守禁易规则,严格禁止数字货币交易。当前,我国亟待构建具有中国特色的数字货币监管治理体系:采取分类监管原则,明晰数字货币的法律属性;创新金融监管体制,推进行为监管与智慧监管;深化技术监管应用,促进数字货币的稳健发展。

With the widespread application of digital technology,especially blockchain technology,the emergence of a large number of new digital currencies has had an impact on traditional legal tender and regulation.The digital currency driven by blockchain technology has brought about innovative changes,promoting the digitization and diversification of currency development,greatly improving the comprehensive efficiency of currency issuance and operation,but also brought on the"unequal trilateral paradox".That is,it is impossible to achieve the ternary goals of currency stability,credit carrier and decentralization supply simultaneously,which is very likely to cause unequal legal,financial and technical risks.By adopting the C&M framework of law and economics,and from the perspective of the specific risks under the"unequal trilateral paradox"of private digital currencies,it is found that the regulatory governance of digital currencies in typical countries around the world falls into three categories:the maritime law countries represented by the UK and the USA uphold the property rule and adopt open regulatory policies;the civil law countries represented by Japan adhere to the responsibility rules and emphasize the legal protection of overall welfare;the countries of civil law system represented by South Korea strictly abide by the inalienability rule and prohibit digital currency transactions.At present,China urgently needs to build a digital currency regulatory governance system with Chinese characteristics:the principle of classified regulation is to be adopted to clarify the legal attributes of digital currency;the financial regulation system is to be innovated to promote behavioural regulation and intelligent regulation;the application of technical regulation is to be further promoted to maintain a steady development of the digital currency.