央行研究局王信:国务院已批准央行数字货币的研发(全文)

Facebook天秤座和加密货币越来越受到政府高级官员的关注。

在7月8日举行的数字金融开放研究项目启动仪式和第一次学术研讨会上,中国人民银行研究局局长王新透露,国务院已正式批准研究开发。央行的数字货币。目前,央行正在组织市场机构从事相应的工作。

王昕在演讲中介绍了Facebook天秤座,央行数字货币和数字金融的最新研究成果。王鑫表示,技术的发展使得过去的交易和行业限制在数字时代不存在。 Facebook天秤座和其他稳定的硬币被用作支付工具。如果它们被广泛使用,它们可以发挥更多的金钱功能,从而影响法定货币和减少货币政策。有效性。

“货币落后于利益,权力,国际政治,外交。如果支付工具起着货币的作用,它将不可避免地影响法定货币,从而直接影响一个国家的货币监管,金融监管和各方面。” p>

此外,王鑫还讨论了如何应对天秤座挑战,加强数字金融领域的国际合作。核心内容包括以下10点:

1. 2014年,在当时的央行行长周小川的主持下,央行开始研究和开发数字货币和央行数字货币。

2.当Facebook推出Libra时,中央银行的数字金融研究平台同时成立,并得到阿里巴巴蚂蚁金融的支持。

3.中央银行现已正式获得国务院批准,正在组织市场机构进行中央银行数字货币的研发。

4.央行数字货币的研发工作目前由中央银行货币基金组织管理,王新是中央银行货币基金组织的负责人。

中央银行担心像比特币这样的加密货币会在某些方面取代法国货币。然而,比特币等加密货币价格波动剧烈,交易不方便。最后,央行认为,比特币等加密货币对金融稳定和货币政策的影响不会在很大程度上取代真实货币。

然而,天秤座的引入引起了央行的注意。因为它声称是一篮子货币,它在一定程度上解决了信任和广泛使用的问题。此外,它还基于Facebook的大型社交网络平台。通过进一步使用,除了有可能在支付领域发挥作用外,它还可以行使其货币功能。这可能对货币政策,金融稳定甚至每个国家的国际货币体系产生重大影响。

7.为促进中央银行数字货币的研发,央行成立了中央银行数字货币研究所,与深圳等地的城市密切合作,开展系统研究与开发。

8.如何应对天秤座的挑战?目前的想法包括:加快引入中央银行数字货币,发行自己类似天秤座产品的国家,以及国际货币基金组织(国际货币基金组织)此前提出的发行超主权数字货币。

9.重新考虑加密货币的监管:在过去几年中,我们(中央银行)对虚拟货币和虚拟资产采取了非常严格的态度。天秤座后我应该采取什么样的态度和策略?

10.在数字金融领域,有必要加强国际协调与合作,特别是有必要尽快发表中国的声音。中国的声音并不一定代表政府的声音。它还应该有许多重要的市场和民间声音。

以下是中央银行研究院院长王欣演讲的全文:

亲爱的李主任,专家,同事们,大家早上好!

我很高兴有机会参加由开放平台建立的会议。我认为这是一个强大的联合学术研究平台。刚才黄卓先生提到了天秤座。事实上,当Facebook发布Libra时,我们的数字金融研究平台也已经建立。我认为这可能不是巧合。至少它表明国内外高度重视数字金融,金融技术等,不仅从学术研究,实际应用等方面,都提出了非常紧迫的问题。我们的平台是众多学术机构,我们得到了蚂蚁金融服务公司的支持,这是我国最先进的数字金融创新领导者,。与此同时,我们非常重要的特征是我们的数字金融从一开始就是重点。实体经济,侧重于包容性金融。我认为继续与国际同行竞争,保持领先地位,最终为实体经济服务非常重要。

我们的人民银行也一直高度关注并参与相关的研究工作。 2015年,我院成立了互联网金融研究中心。我还负责IMF的工作,IMF最初负责传统的现金业务。他们中的大多数是年轻人,每个人都很少使用现金。随着Ant Financial,腾讯和其他平台的兴起,我认为我的工作会更容易,也更有时间阅读一些书籍。但我没想到,相反,我们将更多地参与新工作。从2014年起,中央银行在周总裁的强烈倡议下开始了数字货币和央行数字货币的研发工作。现在,中央银行已正式批准国务院,正在组织市场机构进行中央银行数字货币的研发。应该说这项工作要尽早开始,但正如黄先生所说,我们能否继续保持领先地位,我们需要做很多工作。

In short, the difference is wrong. Because the central bank's digital currency is defined as M0 in China, it is a partial replacement of cash, so this work also fell to our Monetary Fund. Cash is the most traditional form of currency, and it has since entered the most advanced form of digital currency. We feel that the pressure is very large, and we are eager to cooperate with the industry, academia, the financial community, and the Internet companies to participate in relevant research.

Today, I would like to briefly report to you from the perspective of the Central Bank, introducing some international organizations and new things in the digital finance field that the central bank is paying more attention to. Of course (in this area), before, more is the impact on payments. As we all know, Tencent, Ant Financial, and so on, have made very fast progress in payment. Later, virtual currency, or digital assets, appeared. Everyone is concerned about whether it will form a substitute for the currency. However, due to the volatility of its prices and the inconvenience of transactions, international organizations such as the FSB (Financial Stability Board) believe that it has not really played the role of money for a long period of time, and therefore in the context of financial stability and monetary policy. In terms of impact, it does not replace the real currency. Therefore, the impact on monetary policy is not very large, and the impact on financial stability is not great. Of course, they also raise other important issues.

xxWith the birth of Libra, this time everyone attaches great importance to it. Because it claims to be a basket of currencies, it solves the problem of trust and widespread use to a certain extent. Because it is based on a large platform. If Libra is expected to achieve significant development prospects in the payment field, especially in the cross-border payment field, then the scope of use will be further expanded, will Libra play more of its monetary function? This problem is very big. Monetary policy, financial stability, and even the international monetary system of all countries may have a major impact. Everyone guesses how much the dollar will play in the back of it. Is it a package of anchored currencies, and the real trend is to anchor the dollar? If the final digital and virtual currency fields are also closely related to the US dollar, then the international monetary system may form a situation in which the former legal currency and the US dollar-centered digital currency coexist. But in the end, everyone is likely to think that it is just a boss, that is, the US dollar, the United States.

If this is the case, it will bring not only economic and financial problems, but also a series of complicated issues such as international politics and political economy. So the discussion in this area is much broader than the dimensions discussed by everyone two months ago. The establishment of our research platform is just the right time. In the next stage, we are also very willing to contribute. From the perspective of policy research, practice, monetary policy, financial stability, etc. we will work with you to conduct more interesting research.

I mainly talk about two aspects:

The first part is to introduce some of the concerns of major international financial organizations and central banks on digital finance and financial technology from the perspective of our central bank;

The second part, from my personal point of view, the next stage at least from a policy perspective, people may be more concerned about the issue, for your reference.

From the perspective of the government and the central bank, we are concerned about three aspects: the first is the impact on financial services, the second is the impact on monetary policy, and the third is the impact on financial stability.

xx第一个方面是对金融服务的影响。许多研究认为,无论金融技术的发展还是数字金融的兴起,金融技术都可以提高金融服务的效率,促进服务创新,并带来更高效,更准确的服务。人工智能技术的应用可以极大地优化金融机构的商业模式,也将对银行的行为产生重要影响。更具创意的公司可以利用互联网和新格式更快地获得信贷并促进经济增长。对于这个技术巨头来说,每个人的兴趣都越来越强烈。技术巨头可以提供高效,便捷,低成本的金融服务,所有这些都源于金融创新本身,也源于技术巨头带来的竞争加剧。在产品领域,这些对客户,金融机构和客户的粘性以及竞争的影响都带来了直接的变化。

显然,金融技术和金融技术巨头的发展将迫使传统金融机构转型。众所周知,大型银行现在正在大力投资金融技术,他们在这些领域的进展也非常快。与此同时,中小银行也非常重视这一部分。他们处于包容性金融和支持小微企业的前沿,但现在他们没有足够的力量对金融技术进行重大投资。我稍后还会提到如何帮助中小型银行赶上金融技术的快速发展,转变业务,技术等等。这些都是下一阶段的重要问题。

金融大数据在量化投资和智能投资方面发生了重大变化。技术融资的发展使金融机构不仅能够遵守KYC,了解您的客户,还能够了解您的数据,因为数据的重要性。通过这种方式,可以更准确地定价风险,并且可以实现财务资源的有效分配。

在这些方面,推动数字普惠金融发展是一个非常重要的应用领域。这方面,人民银行一直高度重视,而且在国际金融交流,国际合作方面也一直发挥主导带领作用2016年杭州峰会,人民银行代表中国担任G20全球普惠金融合作伙伴主席,当时推动出台了G20普惠金融高级原则。之后,人民银行还作为联席GPFI(普惠金融全球合作伙伴)主席,也一直是数字普惠金融的倡导者。所以,人民银行一直都在联合相关国家,推动相关方面的工作。可以说,数字金融大有可为。因为普惠金融本身的特点,传统金融机构涉足普惠金融存在短板和劣势。借助于数字金融和金融科技,人们可以在一定程度上克服普惠金融风险偏大,成本较高,收益偏低的问题。当然随着大量数据低成本地收集,以及科技手段有效地应用,传统观念也可能会被打破,不见得一定是成本高,收益偏低。比如大家比较熟悉的蚂蚁金服的做法,也是借助科技的力量,实现低成本地提供普惠金融服务。

对货币政策的影响,我们现在也有一些讨论这是中央银行最关注的领域,尤其是在数字货币方面对货币政策的影响是现在讨论比较多的,有这几个角度:

1.加剧了金融业的竞争,大数据提升了金融机构和实体经济部门获取信息的能力。市场可能对利率的反应更加灵敏,从而使货币政策的传导效率更高。但也可能会导致过度反应

2.金融科技发展推动了非银行金融机构的扩张。传统上。货币政策基本通过商业银行进行传导。如果说,越来越多金融业务,金融服务通过非银行的金融机构来进行,那对货币政策的传导显然也会带来直接的重要影响。

XX3. The impact on asset prices. As we all know, in addition to paying close attention to the CPI price index, the central bank has been arguing about whether or not to pay attention to asset prices. But in any case, the central bank should pay attention to changes in asset prices and economic cycles, which is the unshirkable responsibility of the Central Bank.

In the case of the development of financial technology, changes in asset prices will also have a direct impact. In some transactions on the e-commerce platform (of course, many of them are the transaction prices of traditional commodities), some adjustments in the use of financial technology in the asset market will be more frequent and dramatic.

Virtual currency. If virtual currency can replace traditional currency to a greater extent, and the central bank is mainly targeting traditional currencies, the effectiveness of its monetary policy will certainly decrease. Especially Libra, everyone is very concerned. Libra is likely to be widely used with the participation of the large platforms on its back, as well as a large number of usage scenarios. Some people even think that at a certain stage, it relies on a basket of legal coins as a credit support. However, if it can rely on its own market trust, and thus will be used more and more as a value store, or even as a credit, then virtual currency may have the function of money creation, and the impact on monetary policy will be greater. This is a very controversial issue.

xx现在它是央行的数字货币。每个人都认为虚拟世界是基于加密算法的。所谓的虚拟货币和虚拟资产并不十分可靠。我们将通过中央银行直接发行央行数字货币,就像央行现在正在努力做的那样。事实上。英格兰银行,加拿大银行和瑞典中央银行也进行了类似的研究和尝试,但细节不是很清楚。如果央行直接发行央行的数字货币,它就是直接法定货币,即人民币。它还有助于发展中央银行支付功能。在这种情况下,央行能否应对当前虚拟货币的影响和影响?在支付方面,在零售业,支付格式会有一些新的变化吗?还可以减少加密货币对法定货币的影响。货币政策的有效性也将得到维持。

当然,这在很大程度上取决于央行的数字货币是否有息。如果支付利息,央行可以更好地调整利率,更容易实现央行货币政策的意图。至少有一点,在许多欧美国家和地区目前的零利率限制中,如果利率很低甚至是负数,数字货币可能会转为现金。在使用中央银行数字货币的情况下,现金越来越少。这种转移很难实现。即使中央银行的数字货币支付利息,显然有利于实现央行的政策意图。一些国际学者在这方面大力倡导和提出政策建议。

金融稳定对中央银行的影响更集中在这些领域。金融脱媒的风险增加了监管套利的风险。这个讨论更多。许多从事数字金融的机构并不完全处于当前的金融监管,不同的监管机构和不同国家的相关法规之下。这将导致监管套利,或带来监管缺口,这可能导致风险的出现和蔓延。如今,技术巨头的问题也正在国际上进行讨论。事实上,它已成为一个不可逾越的例子。因此,财务管理和系统性金融风险的预防将产生直接影响。

金融技术更隐蔽,更具破坏性和系统性。在看到它的好处的同时,每个人都应该对其快速发展的许多方面给予足够的重视。包括相互加强数据风险和信息安全风险。

在第二部分中,我简要提到了我们在不久的将来需要深入考虑的政策的某些方面。刚刚提到过这些。为了促进央行数字货币的研发,我们建立了中央银行数字货币研究所,与深圳等地的地方政府密切合作,共同开发该系统。

首先是关于数字货币的加密,尤其是天秤座所代表的稳定货币。由于过去比特币的价格波动太大,现在首先关注的焦点是稳定的硬币,特别是天秤座。将来会出现合法数字货币与少数数字稳定货币共存的模式吗?在货币使用方面,最终应该通过市场消除或政府的有意影响在相对较快的时间内消除,只能存在极少数的支付工具或货币。这样,可以降低市场的交易成本。

大家知道货币的背后是利益,权力,政治,国际政治,外交。所以,如果一种支付工具在相当程度上还发挥货币职能,那它必然会冲击法定货币,从而对国际货币调控,金融调控,乃至各方面都会带来直接影响。随着科技的发展,过去疆域和行业的限制,在数字时代可能都不存在。从网络的外部性来看,支付的工具或货币也是越少越好,这样才方便,这是市场本身的内在需求。

但我们现在还是处在一个主权国家的大格局下,而且现在到未来的一段时间,大家都会看到全球化出现某种停滞,甚至一些方面出现某种逆转,人们采取内部,封闭政策等等。是不是在货币这个涉及到权力,国家主权的最重要的金融领域,它就可以敞开胸怀迎接所谓的国际货币或超主权货币?这需要打一个很大的问号。可能技术,市场还有国家主权的某种冲突会在未来相当长的时间内一直存在。

下一步,我们如何应对天秤座?相信大家都会有各种不同的想法。比如加快央行数字货币的推出,各国支持发行本国类天秤座的项目,这些都是值得考虑的问题。甚至IMF(国际货币基金组织)也跳出来,发行一个超主权数字化货币。这些都值得关注。

第二点,探索数字金融如何更好地支持实体经济发展,这也是咱们平台重要的研究领域,会继续在普惠金融方面深化。在数字铺普惠金融方面,在拥有较好基础的情况下,怎样强化优势,应对外部各种挑战,这是我们正在思考的问题。

XXPiece, the release of Libra-like Chinese version of the digital currency, then what is its application range? Mainly used to compete with Libra and in the international arena? Can it still be widely used in the country? What is the impact on the current RMB? Of course, one thing is certain, that is, traditional cash is definitely getting smaller and smaller. My personal energy may also need to shift from physical cash to digital cash, which is a huge challenge for me and an interesting and challenging topic for all of you here.

Fourth, strengthen the construction of digital financial infrastructure. It involves a number of technical issues, such as privacy protection, financial infrastructure security, and more.

The last point is very important and probably a very important aspect, namely how to strengthen international coordination and cooperation in the field of digital finance. In this regard, our industry and academics have played a very good role, such as high-level dialogue with the IMF (International Monetary Fund). In fact, there is now more and more discussion on the international financial policy platforms such as BIS (BIS), IMF, etc. On these platforms, we especially need to voice China as soon as possible. The voice of China does not necessarily represent the voice of the government. It should also have many important voices of the market and folk voices. In this way, we can better safeguard China's interests and promote the development of our digital finance in terms of international policy discussions, rule standard setting, and even real competition for products and services. Ultimately better support the real economy and better prevent financial risks.

Yang Binyu)xx