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英国放弃发行加密货币,担心威胁金融稳定性

2015年起,英格兰银行就开始着手研究加密货币,并一直考虑推出自己的加密货币。

然而近日据FT Advisor报道,英格兰银行已经决定放弃推出自己的加密货币。

英格兰银行预测,新型加密货币发行后,消费者将会更愿意使用这种加密货币而不是纸币,并且停止使用商业银行账户和纸币。也就是说,消费者会从商业银行取走存储的资金,而这些银行并没有足够的货币储备,银行同时也将不能够从其他银行借取资金,最终对整体经济造成影响。

此外该央行还担心未来无法通过使用利率政策来维持金融稳定性。传统纸币的需求是相当有弹性的,这就是说这种需求会通过价格变化对货币利率做出回应。

假如中央银行认为经济发展过程中债务过高,那么他们会通过提升利率来减少借贷需求,从而刺激人民增加储蓄。这在理论上讲将会阻止一场最终会破裂的债务泡沫。

假如中央银行认为经济需求不足,他们就会削减利率将使债务更便宜,刺激人民增加借债和减少储蓄,从而增加经济总需求。从理论上讲,这将支持经济增长。

英格兰银行表示,他们不确定是否能够在加密货币经济中维持这种弹性,以及是否会破坏该行通过利率维持经济稳定性的能力。

不过英格兰银行表示,他们并不认为现有数字货币如比特币是金融系统的一种威胁。

虽然自行发行数字货币的计划已经暂停,但是英格兰银行行长Mark Carney仍然看好区块链技术在金融领域的巨大应用前景和潜力。

The Bank of England has decided it will not launch its own cryptocurrency due to its possible impact on the financial system, according to FT Advisor. The bank began researching cryptocurrencies in 2015 and was considering launching its own cryptocurrency.

The bank continues to research cryptocurrencies, but it has decided that having its own such currency could have negative ramifications on traditional banks. The bank believes that consumers would choose its cryptocurrency over paper money and would stop using commercial bank accounts as well as paper money.

Concern About Impact On Banks

The central bank feared consumers would withdraw funds from commercial banks and those banks would not have the funds to pay their depositors, bringing havoc to the economy. The banks would also not be able to borrow from other banks.

The central bank is also concerned that it would not be able to maintain financial stability using its interest rate policy.

The demand for traditional paper money is fairly elastic, meaning it responds through price changes to interest rates charged on the money. The bank said it is not sure if such elasticity would sustain itself in a cryptocurrency economy, undermining the bank’s ability maintain economic stability using interest rates.

Interest Rate As A Tool

Should the central bank believe there is too much debt in the economy, it can raise interest rates to reduce the demand for borrowing, thereby motivating people to save money. This would theoretically halt a debt bubble that would eventually burst.

Should the central bank believe there is insufficient demand in the economy, cutting interest rates would make debt cheaper, motivating people to borrow more and save less, thereby building aggregate demand in the economy. This would theoretically support growth.

The central bank indicated it does not consider existing digital currencies like bitcoin as a threat to the financial system.

Central Bank Governor Cites Benefits

Dr. Mark Carney, Governor of the Bank of England, recently made the case for a central bank-backed cryptocurrency to England’s Treasury Select Committee. According to Dr. Carney, there are clear positives to using blockchain technology for central banking practices.

“You don’t end up with those financial stability risks; you get financial stability benefits. And you save huge amounts of computational energy intensity,” he argued.

The governor also added that the central bank and its research unit are “disciplined” in their approach. “If we’re going to apply something to the core of the system, it’s going to need to meet five sigma quality rating.”


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