加密货币对全球金融治理的挑战与应对  

The Multiple Challenges of Cryptocurrencies to Global Financial Governance and Their Responses

作　　者：张明[1] 包宏 王瑶 ZHANG Ming;BAO Hong;WANG Yao

机构地区：[1]中国社会科学院金融研究所、国家金融与发展实验室 [2]香港中文大学(深圳)国际事务研究院

出　　处：《金融监管研究》2025年第3期73-90,共18页Financial Regulation Research

基　　金：中国社会科学院学科建设“登峰战略”资助计划优势学科“金融与发展”(DF2023YS28);中国社会科学院哲学社会科学创新工程“以金融高质量开放,推动金融强国建设”以及中国社会科学院博士后创新项目“汇率变动与离岸证券发行”的资助。

摘　　要：本文采用文献分析与案例研究相结合的方法,深入探讨了加密货币对全球金融治理的挑战。研究发现,加密货币引发的挑战主要体现在三个方面:一是增加了全球金融系统的脆弱性;二是相关滥用行为放大了国际金融监管的漏洞;三是使发展中国家面临较高的货币替代风险。针对上述问题,本文从探索构建新的金融治理机构或框架,推动建立全球稳定币监管机制,促进加密货币监管的智能化与精准化,以及加快央行数字货币的研发与合作等方面提出了政策建议。本文的创新在于:一方面,结合最新的案例与数据,系统提炼了加密货币对全球金融治理的三大核心挑战;另一方面,将加密货币的特性纳入金融脆弱性理论的分析框架,既揭示了其对金融体系脆弱性的放大渠道,也拓展了该理论在数字金融背景下的应用范围。This paper adopts a combination of literature analysis and case studies to explore the challenges posed by cryptocurrencies to global financial governance.We find that the challenges triggered by cryptocurrencies are mainly manifested in three aspects:first,they increase the fragility of the global financial system;second,related abusive behaviors amplify the loopholes in international financial regulation;and third,they expose developing countries to higher risks of currency substitution.In response to these issues,the paper proposes policy recommendations,including exploring the establishment of new financial governance institutions or frameworks,promoting the creation of a global regulatory mechanism for stablecoins,advancing the intelligence and precision of cryptocurrency regulation,and accelerating the research and cooperation on Central Bank Digital Currency.The innovation of this paper lies in two aspects:on one hand,it systematically extracts the three core challenges of cryptocurrencies to global financial governance by integrating the latest cases and data;on the other hand,it incorporates the characteristics of cryptocurrencies into the analytical framework of financial fragility theory,revealing the channels through which they amplify the fragility of the financial system and expanding the application scope of this theory in the context of digital finance.

关 键 词：加密货币 全球金融治理 金融监管 货币替代 

分 类 号：F113[经济管理—国际贸易]