支付变迁:从“支票兴衰”看加密资产的蜕变之路  

Payment Evolution:The Transformation of Crypto Assets from the Rise and Fall of Checks

作　　者：李锐 LI Rui(Institute of Finance,People's Bank of China)

机构地区：[1]中国人民银行金融研究所

出　　处：《金融市场研究》2025年第4期103-108,共6页Financial Market Research

摘　　要：本文探讨了支票及其账户体系的发展历程,分析其从去中心化到中心化的演变轨迹及其对现代支付体系的启示。支票作为一种兼具“类现金”与“账户”属性的支付工具,其发展过程反映了支付行为中心化程度的逐步增强。从早期第三方介入支付,到集中增信与全国统一清算平台的形成,支票的支付效率与信任机制不断优化。同时,支票与支票账户的关联与区别也为理解数字货币的“代币”与“账户”属性提供了借鉴。此外,本文通过对比历史上的私人货币与现代稳定币,揭示了私人货币面临的信用风险、与主权货币的矛盾以及技术安全性挑战,强调历史逻辑对理解加密资产未来发展的关键作用。This paper discusses the development of the use of cheques and analyzes their evolution from decentralization to centralization.It alsoassesses the implications of this trend for the modern payment system.As a payment tool with the attributes of being‘cash-like’and based on a‘system of accounts’,the use of cheques reflects the gradual increase in the degree of centralization of payment behavior.From the early third-party intervention in payments to the formation of centralized credit enhancement and a national unified clearing plaform,there has been a marked increase in payment eficiency and the level of trust in the use of cheques.At the same time,this study provides a reference for understanding the attributes of‘tokens’and the‘accounts’of digital currencies.In addition,by comparing historical private currencies with modern stablecoins,this paper reveals the credit risks faced by private currencies,the contradiction with sovereign currencies,and the challenges of technological security.The paper also points out the key role of historical logic in understanding the future development of cryptoassets.

关 键 词：支票体系 支付中心化 加密资产 

分 类 号：F832.2[经济管理—金融学] F830.2