虚拟货币概念演变、风险特征与监管模式研究

Study on the Conceptual Evolution,Risk Characteristics and Regulatory Models of Virtual Currencies

从货币形态演进的视角对虚拟货币的概念进行了梳理和辨析,明确了虚拟货币与数字货币的概念分野。分析虚拟货币的风险特征及其生成机制表明,私人部门发行的虚拟货币缺乏稳定的信用支撑,导致其内在价值和市场不稳定,交易炒作风险和衍生风险要明显高于传统金融资产,因而它不仅不具有货币属性,更难以承担避险资产的功能。进一步从“监管力度”和“监管集中度”视角对虚拟货币监管模式进行分析发现,在若干监管共识的基础上,全球主要经济体针对虚拟货币的监管可以根据监管主体的集中分散程度和监管力度强弱程度分为四种典型模式,我国属于“监管主体较为分散,监管力度较强”的模式。在此基础上,从完善虚拟货币常态化监管的法律体系、加强监管政策的执行力和有效性、优化数字人民币推行机制等方面提出了政策建议。

This paper examines and clarifies the concept of virtual currency from the perspective of the evolution of currency forms,distinguishing the concepts of""virtual currency"and"digital currency".By ana-lyzing the risk characteristics and generation mechanisms of virtual currency,it is revealed that the lack of stable credit support for virtual currencies issued by private sectors leads to instability in their intrinsic value and trading market.As a result,The risks of speculative trading and derivative risks are significantly higher than those of traditional financial assets.Virtual currencies not only lack monetary attributes,but also ail to function as safe-haven assets.Furthermore,analyzing the regulatory models of virtual currency from the per-spectives of"regulatory intensity"and"regulatory concentration"reveals that,based on several regulatory consensuses,the regulation of virtual currencies in major global economies can be classified into four typical modes according to the degree of centralization of the regulatory authorities and the intensity of regulatory efforts.China falls into the category of"relatively decentralized regulatory authority with strong regulatory efforts".Based on this analysis,this paper proposes policy recommendations such as improving the legal framework for the routine regulation of virtual currencies,enhancing the implementation and effectiveness of regulatory policies,and optimizing the promotion mechanism of e-CNY.