数字人民币互联互通的法律规制

Legal Regulation on the Interconnection of E-CNY

传统非现金支付工具虽可满足差异化的支付结算需求,但其形成的碎片化支付状态会减损支付效率、加剧金融排斥、增大货币调控难度,通过技术标准制定、支付监管、功能共享等方式已无法有效予以应对。体现国家信用的数字人民币兼容不同技术手段、联结不同信息系统,在货币保管、货币类型变动、货币流动等方面可强化互联互通的强制性和支付链条的透明度。但是,数字人民币的互联互通存在法偿效力设定不当、通过行政手段限制市场竞争等风险,进而会损害基于国家信用的互联互通实效。对此,应在确立“一主多次”互联互通架构的基础上,将数字人民币的发行运营实体认定为系统重要性支付系统的运营机构,确立其强制性互联互通义务,并将可加入互联互通的主体限定为提供支付结算等业务、具有较强地域影响力并具备良好风险管理能力的网络平台运营机构;针对潜在的行政垄断,应结合公平竞争审查、合宪性审查等方式维护支付市场的竞争秩序。

The traditional cashless payment means can meet the needs of differentiated payment and settlement,but the fragmented payment status caused by it may reduce payment efficiency,aggravate financial exclusion and increase the difficulty of monetary regulation,which cannot be solved by technical standard formulation,payment supervision and function sharing.E-CNY,which reflects the national credit,is compatible with different technical means and connects different information systems,which can strengthen the mandatory interoperability and transparency of the payment chain in terms of custody,exchange and flow of funds,and reduce security risks.However,the interconnection of e-CNY is fraught with risks,such as the inappropriate determination of legal tender and the restriction of market competition by administrative means,which may affect the effectiveness of the interconnection.In this regard,based on the establishment of the“one primary entity,multiple secondary entities”structure,the issuing and operating entity of e-CNY should be identified as the operator of the systemically important payment system,which shall fulfill the mandatory interconnection obligations,and the entities that can join the interconnection should be limited to the platform operators that provide payment and settlement and other businesses,have strong geographical influence and excellent risk management capabilities.In view of the potential administrative monopoly,the competitive order of the payment market should be maintained through fair competition examination and constitutionality examination.