货币的本质与未来

数字货币和金融科技的快速发展,引发了关于货币的本质和未来发展趋势的激烈讨论。本文在梳理货币演变历程的基础上,提出货币的本质是由形式与功能组合形成的一般信用,并且通过货币体系实现信用的制度化。在此基础上,针对数字货币是否会改变货币本质的问题,本文从货币形式、主权信用、中心化、金融稳定、普惠金融和货币管理等六方面进行分析,提出数字货币并未脱离货币发展的一般规律,其在本质上依然需要依托稳固的信用制度作为基础,但是其在信用实现方式的创新也对货币发行、支付结算、金融稳定带来了全新的挑战。货币和金融管理部门应当在掌握数字货币技术创新的前提下,完善货币制度和金融管理体系,建立激励相容的机制,积极引导数字货币推动的良性货币竞争。

The Nature and Future of Money

The rapid development of digital currency and fintech has sparked heated discussions on the nature of currency and future development trends.Based on a review of the evolution of currency,this paper proposes that the essence of currency is general credit formed by a combination of form and function,and credit institutionalization via the currency system.On this basis,in order to explore whether digital currency will change the nature of the currency,this article analyzes the following six aspects of digital currency:currency form,sovereign credit,centralization,financial stability,inclusive finance,and currency management.It is proposed that digital currency does not deviate from the general law of currency development.It still needs to rely on a solid credit system as a foundation in essence,but its innovation in credit implementation also brings new challenges to currency issuance,payment settlement,and financial stability.Monetary and financial management departments should improve the monetary system and financial management system,establish incentive compatible mechanisms,and actively guide the benign currency competition promoted by digital currencies under the premise of mastering digital currency technology innovation.