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区块链国际资讯基于互联网平台的金融业务

国际货币基金组织提议创建央行数字货币 抑制加密资产兴起

国际货币基金组织(IMF)最近推出了一项名为《金融技术与金融服务:初期注意事项》的内部讨论报告,表明了该组织对目前加密资产兴起的详细意见。

国际货币基金组织的报告主要关注分布式账本技术(DLT)可以在跨境支付中发挥的作用,该组织认为其可在全球范围内发挥作用来协调和规范数字资产,这在很大程度上似乎是在支持中央银行试图创建自己的数字货币(CBDCs)的请求,并将协助其设计未来的监管环境。

换句话说,组织旨在加强央行对加密资产的控制力,使当前的私有加密资产成为配角:

“有观点认为,私有加密资产的引入和潜在扩散可能会削弱对中央银行货币的需求和货币政策的传导机制。中央银行数字货币可以预先抑制这些私有加密资产,或将其转变为支付系统中的次要角色。考虑到当前私有加密资产的交易情况、局限性及其可能的中期增长,这种威胁尚未迫在眉睫。然而,从中期来看则需要考虑与这种潜在扩散有关的稳定性和安全性问题,并采取其他措施来处理。”

报告的主要结论包括:

(1) 中介机构、市场和新服务提供商之间的界限趋于模糊。

(2) 进入壁垒正在变化,在某些情况中壁垒下降,某些情况中上升,特别是大型封闭式网络的出现减少了市场竞争。

(3) 信任仍然至关重要,消费者降低了对传统金融中介机构的依赖程度,而是更多地依赖于网络和新型服务提供商。

(4) 技术可以改善跨境支付,包括提供更便捷的支付方式和更便宜的服务、降低反洗钱和打击资助恐怖主义(AML/CFT)等规定的执行成本。

该国际组织还呼吁司法当局修改有关数字资产的所有权和合同权利及义务的规定。

“分布式账本技术记录了‘数字资产’的所有权转让,这些数字资产本质上是分布式账本中的单元。它们既可以具有内在价值(像比特币这样的‘内在资产’),也可以是存在于分布式账本之外的实物或数字资产的数字表示(代表如证券等资产的权益的‘基于资产的货币’)。但数字资产的法律地位及其转让的法律效力并不明确。例如,转移分布式账本上的资产支持货币(例如代表证券权益的数字资产)是否需要转移证券的合法所有权,或者是否需要在分布式账本之外登记(例如,在公司股票登记表中登记)?司法当局正在努力解决这些问题,但各国做法不相同。解决这些问题对于虚拟经济发挥作用至关重要,需要决策者深入思考。”

国际货币基金组织报告指出:

“以目前的形式,由于其对法定货币的汇率大幅波动,虚拟资产不太可能具有价值储存作用。这种汇率波动也将破坏中心辐射型网络,因为其需要在两种‘外汇汇率’之间兑换:在获取虚拟资产以及出售虚拟资产时分别兑换。即使持有虚拟资产的时间很短,这笔交易也涉及汇率风险。汇率风险可以进行对冲,但其成本可能与银行转账费用不相上下。”

报告还提到中央银行数字货币(CBDC)可能会解决新兴虚拟资产的协调问题,从而可能带动更多的技术创新。但报告也指出,如果私人发行的虚拟资产开始取得重大进展,中央银行可能需要加强货币政策的有效性。

“相比于目前存在单点故障风险的结算系统,基于分布式账本技术的中央银行数字货币可能更加安全、更有弹性。最后,通过促进小额支付,它可以提升新兴的、去中心化的服务型经济的应用和效率。然而,中央银行数字货币存在多项潜在的成本和风险,例如管理以及整合多个平台、解决可扩展性以及处理隐私等问题。”

 

The International Monetary Fund (IMF) has recently pushed out a staff discussion note called “Fintech and Financial Services: Initial Considerations” which provides a wealth of detail in how the organisation takes view on the current rise of cryptocurrencies.

The IMF paper focusses largely on the role DLT can play in cross-border payments and ends on the role that the organisation feels they can play on a global scale to coordinate and regulate digital assets, largely, it appears, by supporting the role of central banks in their quest for creating their own CBDCs and assisting in designing the future regulatory environment.

In other words, push current private cryptocurrencies into a subservient role and let central banks take control:

“The introduction and potential proliferation of private virtual currencies might, in one view, threaten to erode the demand for central bank money and the transmission mechanism of monetary policy. A CBDC may forestall such private virtual currencies or relegate them to a secondary role in the payments system. This threat is not imminent given the current transactions domain and limitations of existing private virtual currencies and their likely medium-term growth. Stability and safety considerations connected to this proliferation may, however, be relevant in the medium run but could presumably be dealt with by other measures.”

The key findings include the following:

(1) Boundaries are blurring among intermediaries, markets, and new service providers.

(2) Barriers to entry are changing, being lowered in some cases but increased in others, especially if the emergence of large closed networks reduces opportunities for competition.

(3) Trust remains essential, even as there is less reliance on traditional financial intermediaries, and more on networks and new types of service providers.

(4) Technologies may improve cross-border payments, including by offering better and cheaper services, and lowering the cost of compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulation.

The international organisation also calls for jurisdictions to revise rules governing ownership and contractual rights and obligations when it comes to digital assets.

“DLT records the transfer of ownership of “digital tokens,” which are essentially units in a ledger. They can either have intrinsic value themselves (an “intrinsic token” like Bitcoin), or be digital representations of a physical or digital asset that exists outside the ledger (an “asset-based token” representing an interest in another asset such as securities). The legal status of a digital token, and the legal effect of its transfer are not clear. For example, would the transfer of an asset-backed token (e.g., representing a security) on a ledger transfer legal ownership of the security or would registration outside the ledger (e.g., in a corporate share registry) still be required? Jurisdictions are trying to develop answers to these questions but country practice varies. The resolution of these questions is crucial for the economy to function and will require more thought by policymakers.”

The IMF paper notes that:

” …in their current form, virtual currencies are not likely to be adequate stores of value given the volatility in their exchange rates to fiat money. This same volatility would undermine hub-and-spoke networks, as two “foreign exchange rate” conversions are needed: when the token is acquired, and when it is sold. Even if the virtual currency is held for very short periods, the transaction involves foreign exchange rate risk. FX risk could potentially be hedged, although costs could then rival those of correspondent bank transfers.”

The paper adds a Central Bank Digital Currency (CBDC) might resolve the coordination problem over new virtual currencies, and could lead to even more technological innovation. But adds that it might allow the central bank to retain control of monetary policy effectiveness, in case privately-issued virtual currencies started to gain significant ground.

A DLT-based CBDC could also be more secure and resilient than current settlement systems which are exposed to single point of failure risk. Finally, by facilitating small value payments, it could boost the adoption and efficiency of the new, decentralized, service economy. However, CBDCs raise multiple potential costs and risks, such as managing the platform and its integrity, resolving scalability, and dealing with issues of privacy.


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