如何破解对数字虚拟货币监管的难题

随着数字经济与金融科技的飞速发展,区块链技术日渐走向成熟,但对私人机构发行的数字虚拟货币这一典型应用的监管,在全球范围内都仍是一个难题。本文从数字虚拟货币的本质、全球各国的监管策略、中国对数字虚拟货币监管的探索等视角,对数字虚拟货币的定义、发展与监管进行了详细的研究探讨。研究发现,在越来越多的国家认可数字虚拟货币在商业应用与价值创造方面的作用并不断探索有效监管途径的背景下,一刀切地禁止民间进行数字虚拟货币探索及其相关应用,可能并非最佳选择。本文在案例分析的基础上,提出了未来我国监管机构在坚持审慎原则的前提下,可以推行适度灵活的数字虚拟货币监管政策,完善相关法律法规,建立信息披露制度,并通过监管科技、监管沙盒等监管手段的不断创新,构建中国特色数字虚拟货币监管体系。     

试析外汇信托业发展及其外汇管理

实现国际收支平衡,实行外汇流入、流出均衡管理至关重要。本文拟从扶植外汇信托业发展,引导外汇资金合理流动的角度,探索外汇流入流出均衡管理的有效途径和方式。     

论虚拟货币反洗钱和反恐怖融资监管的策略

虚拟货币具有去中心化、匿名性、跨国性、快捷性、非接触性、服务分割性等特点,使得传统的反洗钱和反恐怖融资监管制度趋于失灵。虚拟货币的监管问题已成为维护金融安全与社会稳定必须予以高度重视和妥善解决的重大现实问题。《金融行动特别工作组建议》明确提出将虚拟资产服务提供商纳入反洗钱和反恐怖融资监管范畴,《联合国安全理事会第2462号决议》在国际法上明确了各国遵守《金融行动特别工作组建议》的国际义务,鼓励成员国对虚拟资产服务提供商实施以风险为本的监管。为了更有效地防控虚拟货币洗钱和恐怖融资风险,提出以下建议:第一,明确虚拟货币的虚拟资产性质,并在立法和监管中使用虚拟资产、虚拟资产服务提供商等标准术语;第二,遵循以风险为本的监管思路,密切监测和定期评估虚拟货币相关活动及其风险;第三,明确和细化区块链信息服务提供者的反洗钱与反恐怖融资义务;第四,完善国内监管部门协调机制,推进国际监管合作,形成监管合力。     

世界主要货币国际化进程:比较与借鉴

本文对人民币国际化从理论依据上进行了描述,对德国、日本货币国际化时的主要指标与当前中国进行了定性对比和计量分析,得出了人民币国际化的条件已经基本成熟的结论。同时本文认为人民币国际化可借鉴德国、日本经验,而美国经验不可取,也很难实现;人民币目前仅仅实现了周边化,实现国际化是一个长期的复杂的过程;一国货币国际化必须具备币值对内对外稳定、汇率制度完善、综合国力强大、进出口额占世界比重较大等关键条件。     

Mortgages Denominated in Domestic and Foreign Currencies: Simple Models

We design a family of simple models of foreign currency-denominated (FXD) loans to compare the cash flows of installments and the paths of outstanding debts denominated in domestic and foreign currencies, respectively. Using them, we draw several conclusions relevant to the recent debates about the FXD loans. We demonstrate the key role played by the uncovered interest rate parity in the comparisons. Moreover, we give a closed-form solution for the trade-off between the currency depreciation and the unilateral FX interest rate increases by the banks. We determine the optimal size of domestic and FXD loans, respectively.     

Credit Risk Spreads in Local and Foreign Currencies

Governments, corporations, and even small firms raise and denominate capital in different currencies. We examine the micro‐level factors that should be considered by a borrower when structuring debt denominated in various currencies. This paper will show how the currency composition of debt affects the cost of debt through the interaction with the risk of company's assets. We look at the currency mismatch in the firm and analyze its credit spread within a Merton's type model with bankruptcy. We show that foreign currency borrowing is cheaper when the exchange rate is positively correlated with the return on the company's assets. The determining factor is not just whether a given company is an exporter or importer, but rather the statistical correlation between the rate of return on the firm's assets and changes in the exchange rate.