_央行数字货币体系构建对金融系统的影响.pdfVIP

金 融 论 坛 2021 年第 4 期（总第 304 期） 央行数字货币体系构建对金融系统的影响 巴曙松 姚舜达 ［摘 要］本文基于货币演化逻辑以及公共选择理论的视角，论证了央行数字货币产生的必要性； 从价值维度、技术维度、运营维度、应用维度的视角，论证了央行数字货币体系构建的充分性。央行数字 货币体系构建过程中可能面临三个主要选择：计不计息、匿不匿名、跨不跨境。这三个选择对金融系统 的影响体现为 ：现金、银行存款与央行数字货币的“三角平衡”问题，金融普惠原则下金融监管与用户隐 私保护的“二元平衡”问题以及人民 币国际化趋势下的全球支付“一点对接”问题。 ［关键词］央行数字货币；数字人民 币钱包 ；货币政策执行；用 户隐私保护；人民 币跨境支付 ［文章编号］ （ ） ［ 分类号］ ［文献标志码］ 1009 - 9190 2021 04 - 0003 - 08 JEL G21 A DOI:10.16529/ki.11-4613/f.2021.04.001 Influence of Construction of Central Bank Digital Currency System on Financial System BA Shu-song YAO Shun-da ［ ］ Abstract Based on the perspective of currency evolution logic and public choice theory, this paper demonstrates the ne－ cessity of the emergence of central bank digital currency (CBDC); from the perspective of four dimensions, value, technolo－ gy, operation and application, it demonstrates the adequacy of the construction of CBDC system. In the process of building a CBDC system, the central bank may face three main choices: whether or not interest-bearing, anonymous, and whether or “ not need cross-border arrangement. The impact of these three choices on the financial system is reflected in the triangle ” “ ” balance between cash, bank deposits and the central banks digital currency, the binary balance between financial su－ “ ” pervision and user privacy protection based on the principle of financial inclusion, and the one point docking problem of