央行数字货币跨境支付的监管风险及其法律因应

Regulatory Risks of Cross-Border Payments and Their Legal Consequences in Central Bank Digital Currencies

央行数字货币作为新事物不同于私人数字货币和传统主权货币,具有新的特征,无法被现有制度兼容。因而,在其跨境支付工作的起步阶段,面临诸多监管风险。一是尚未制定平台上的共同监管规则,各国国内监管机构间的职责不清,监管主体权力分配不合理导致监管重叠与监管真空风险。应当以国际清算银行为核心,推动共同平台规则的制定,以各国央行为主要监管主体并厘清监管边界。二是不同国家监管规则存在差异,跨境监管合作缺失,监管客体规避监管,出现监管套利风险。应当推动标准化工作,缩小差异,加强全链条、全领域跨境监管合作,全局把握跨境支付过程。

Central bank digital currencies,being new and different from private digital currencies and traditional sovereign currencies,have new characteristics that are not compatible with existing systems.As a result,they face more than a few regulatory risks when the cross-border payment work is launched.Firstly,common regulatory rules on the platform have not yet been formulated,the responsibilities between domestic regulatory bodies within a nation are uncleanly defined,and the unreasonable distribution of power among bodies leads to risk of overlapped or vacuum regulation.The Bank for International Settlements(BIS)should play the core role in promoting the formulation of common platform rules;central banks should be the main regulatory body and clarify the regulatory boundaries.Secondly,regulatory rules bear differences among nations,with the lack of cross-border regulatory cooperation,regulatory objects to avoid regulation,and the risk of regulatory arbitrage.Standardization should be promoted to narrow the gaps,strengthen cross-border regulatory cooperation in the whole chain and all fields,and enhance the cross-border payment process in a holistic manner.