数字货币的兴起.docxVIP

THE RISE OF DIGITAL MONEYAlipay. Libra. M-Pesa. Paxos. Stablecoins. Swish. WeChat Pay. Zelle. All, and many others, are increas- ingly in our wallets as consumers and on our minds as policymakers. But how should we think of these new digital forms of money? Are they money at all, and does that matter? Will they really benefit from rapid adoption? If so, what might their implications THE RISE OF DIGITAL MONEY be, on the banking sector to start with—where money is customarily created and managed today? And how might central banks react? Is there an opportunity to benefit from these rapid transformations, or just a need to regulate? ftis paper takes a first step in tackling these questions. Given their complexity, it limits the scope of analysis and does not venture into the normative realm. fte goal of this paper is to offer a conceptual framework to categorize new digital monies, identify some of their risks, think through the implications, and offer some policy options for central banks to consider. fte focus is mostly on the interplay between new forms of money and the banking sector; thus on financial stability and consumer protection. Other risks and implications—touching on financial integrity, monetary policy and capital flows, and antitrust—are mentioned in passing but do not represent the core of the discussion. In short, the paper argues that the two most com- mon forms of money today will face tough compe- tition and could even be surpassed. Cash and bank deposits will battle with e-money, electronically stored monetary value denominated in, and pegged to, a common unit of account such as the euro, dollar, or renminbi, or a basket thereof. Increasingly popular Without implicating their views, for substantial input we thank Federico Grinberg, Matthew Jones, Alfred Kammer, John Kiff, Sole- dad Martinez Peria, and Cedric Tille. For helpful comments we are indebted to seminar participants at Consensus 2019, the Graduate Institute in Geneva, the IMF, and the