央行数字货币体系构建对金融系统的影响

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,...

Influence of Construction of Central Bank Digital Currency System on Financial System

Based on the perspective of currency evolution logic and public choice theory, this paper demonstrates the necessity of the emergence of central bank digital currency(CBDC);from the perspective of four dimensions, value, technology, 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 supervision and user privacy protection based on the principle of financial inclusion, and the"one point docking"problem of global payment in the trend of RMB internationalization.