中国央行数字货币:系统架构、影响机制与治理路径  

China Central Bank Digital Currency:System Architecture, Impact Mechanism and Governance Path

作　　者：陈燕红[1] 于建忠 李真 Chen Yanhong;Yu Jianzhong;Li Zhen(School of Humanities and Social Sciences,North China Electric Power University,Beijing 202206;China Financial Transaction Research Center,University of International Business and Economics,Feeing 100029;PBC School of Finance,Tsinghua University,Beijing 100083)

机构地区：[1]华北电力大学人文与社会科学学院,北京102206 [2]对外经济贸易大学国家对外开放研究院,北京100029 [3]清华大学五道口金融学院应用经济学博士后流动站,北京100083

出　　处：《浙江社会科学》2020年第10期4-12,24,156,共11页Zhejiang Social Sciences

基　　金：工业和信息化部国家重点研发计划“电子货币新算法与新原理研究”(2017YFB0802501)。

摘　　要：我国央行数字货币(DC/EP)采用双层运营模式,基于D-RMB系统的架构主要包括设计、印制、发行、流通、兑换、回笼、银行间结算等环节。我国发行央行数字货币有助于提升人民银行地位,增强货币政策有效性,提高宏观审慎管理能力,推进人民币跨境支付等。但同时也面临一些不确定性和潜在挑战,主要包括系统安全风险、数字钱包被盗用、用户数据被非法获取、泄露,及消费者使用习惯的培养问题等。建议通过立法形式明确央行数字货币的法律地位,厘定法律关系和法律责任,强化对商业银行流动性风险管理,加强网络技术建设,强化对账户持有人审查,优化反洗钱监管流程,以及加强跨境交易监管与协调机制建设等举措,探索出适合我国资源禀赋和监管需求的央行数字货币治理新路径。China’s central bank digital currency(DC/EP)adopts a two-layer operation model.The architecture based on the D-RMB system mainly includes design,printing,issuance,circulation,exchange,return,inter-bank settlement and other links.The issuance of central bank digital currency in China will help enhance the People’s Bank’s currency status,enhance the effectiveness of monetary policies,improve macro-prudential management capabilities,and promote RMB cross-border payments.But at the same time,it also faces some uncertainties and potential challenges,including system security risks,digital wallet-related risks,and the cultivation of consumer habits.It is recommended to clarify the legal status of the central bank’s digital currency through legislative forms,strengthen liquidity risk management of commercial banks,strengthen network technology construction,strengthen the review of account holders,optimize the anti-money laundering regulatory process,and strengthen cross-border transaction supervision and coordination mechanism construction to take a multi-pronged approach and explore a new governance path for central bank digital currency that suits China’s resource endowment and supervision needs.

关 键 词：央行数字货币 人民币DC/EP 运行机制 外部影响 风险防控 

分 类 号：F822[经济管理—财政学] F49