电子货币的风险研究范文

电子货币的风险研究篇1

比特币是由中本聪发明的一种去中心化的电子现金系统 [1]。它通过加密算法和p2p分布式网络技术，构筑全球分布式自治系统，是全球第一个分布式匿名数字货币 [2]。比特币的产生不依赖于第三方金融机构，而是依据特定算法，按照一定的规则产生;比特币的管理依赖于分布式网络中的众多节点，这些节点共同创建账本、管理账本、验证交易、确认交易，从而共同实现数字授信的追踪，解决虚拟经济的信用问题 [3]，保证比特币的流通。比特币具有去中心化、匿名、不可逆、全球通用、开源、非超国家等特点。比特币自2009年问世以来，一方面，以其独特的创新吸引了全世界的关注，并在全球迅速崛起;另一方面，其价格的跌宕起伏、盗窃事件的多次发生、山寨币的竞相登台、国际网络犯罪的牵涉等等问题，让全球学者开始关注比特币的风险研究。目前，比特币风险研究主要集中在比特币风险的分析和管理方面，比特币风险的评估和防范研究较少，因而有必要认真研究。

Bitcoin is a decentralised electronic cash system invented by Central Hsibon [1]. It builds a global distributional self-government system through encryption algorithms and p2p distributed network technologies. Bitcoin is the world’s first distributed anonymous digital currency [2]. Bitcoin is generated not by third-party financial institutions, but by specific algorithms, in accordance with certain rules; Bitcoin management relies on numerous nodes in distributed networks, which collectively create ledgers, manage books, validate transactions, confirm transactions, jointly achieve digital credit tracking, solve the credit problems of the virtual economy [3], guarantee the circulation of bitcoins. Bitcoin has decentralized, anonymous, irreversible, global, open-source, non-stated, etc.

二、比特币风险分

II. Bitcoin risk score

析研究

Parsing studies

比特币风险是指在从事比特币相关活动中，由于各种不确定性因素的影响给行为主体造成损害或损失，甚至阻碍其发展，让其走向衰亡的可能性。这里所说的行为主体，从狭义上讲，是指比特币及比特币用户、比特币企业;从广义上讲，还包括社会和国家。目前多数研究者都结合比特币的技术，针对比特币生态圈出现的各种问题，综合着分析各种风险，没有明确的分类导向;只有少数学者按照个人对比特币本质属性的理解对风险进行了专题研究，研究方法以定性研究为主，结合定量研究，比特币是货币 [4]、商品 [5]、支付手段 [6]还是投资品 [7]，将学者们对比特币风险的研究进行综合、归纳，并按照风险承担的对象进行归类（见表1）。

The Bitcoin risk refers to the possibility of causing damage or loss to, or even hindering the development of, the actors involved in Bitcoin-related activities as a result of the influence of uncertainties. Here, the actors are referred to, in the narrow sense, as Bitcoin and Bitcoin users, Bitcoin enterprises; and, in the broad sense, as well as society and the state. Most researchers now combine Bitcoin techniques, analyse the risks in the various ways that have arisen in the Bitcoin biosphere and do not have a clear classification orientation; only a small number of scholars have conducted a thematic study of the risks based on an individual's understanding of the nature of the bitcoin, the methodology being based on qualitative studies, and, in the context of quantitative studies, the Bitcoins are currencies [4], commodities [5], means of payment [6] or investments [7], and integrate and group the studies of the scholars relative to the risks of the Bitcoin (see table 1).

三、比特币风险管

III. Bitcoin risk management

理研究

R & D

目前国内外学者对比特币风险管理的研究主要集中在比特币的监管和立法方面，大部分采用定性研究，研究视角有所不同，主要分为四类：第一类是侧重于比特币本身独有的特性，主要是对比特币的匿名性、去中心化和全球通用性引发的风险问题进行分析并提出监管思路和建议。姜宇[23]提出以去匿名化和经验制度安排为监管思路，实现保护投资者、防范系统性风险以及反洗钱、反避税的监管目标[23]。Ajibola Ogunbadewa提出政府需要和投资专家建立“高科技犯罪”的执法机构计划，通过比特币地址有效地进行比特币经济体内的在线监控[24]。Nikolei M. Kaplanov提出，大多数用户会将比特币兑换成法币，所以，第三方兑换平台为跟踪和定位非法使用比特币提供一种机会[25]。Sundaresh Menon等人建议建立多边平台，构建国际公约，通过世界各国共同合作与Bitcoin的非法使用作国际斗争[26]。

The current study by national and international scholars of Bitcoin risk management focuses on the regulatory and legislative aspects of Bitcoin, mostly using qualitative studies, with different perspectives, and falls into four categories: the first, focusing on the unique characteristics of Bitcoin itself, analyses and offers regulatory ideas and recommendations on risks arising from Bitcoin's anonymity, de-centralization and global interoperability. Kang[23] proposes regulatory approaches to de-anonymization and the institutionalization of experience to protect investors, guard against systemic risks, and against money-laundering and tax avoidance. Ajibola Ogunbadewa, among others, proposes the establishment of a “high-tech crime” law enforcement agency programme by government needs and investment experts, effective online surveillance of the Bitcoin economy through a Bitcoin address [24]. Nikolei M. Kaplanov suggests that most users exchange bitcoin into French, so that a third-party exchange platform offers an opportunity to track and locate the illegal use of bitcoin [25].

第二类是针对比特币的特定风险进行论证分析并提出监管思路或对策（见表2）。

The second category is to analyse and propose regulatory ideas or responses to specific risks in Bitcoin (see table 2).

第三类是结合各种法律对比特币监管的法律法规进行研究并提出一些监管对策。刘宁提出制定虚拟财产单行法，确立比特币价值认定办法，明确比特币合同效力认定思路，建立司法预警机制，使比特币在合法合规、风险可控的轨道运行[27]。张若竹依据民法学、物权法学、金融法学提出应针对比特币缺乏立法保障、管辖和准据法适用困难、信誉危机、税收征管和电子证据保全困难等问题加大立法和政府监管[28]。谢杰等人依据经济法提出应调整经济刑法规范、优化司法规则与执法机制、反思货币体系等制度来解决经济刑法困局和互联网金融市场风险问题[29]。Craig K. Elwell等人结合联邦税收法、联邦反洗钱法、商品期货交易监管、电子资金划拨法提出数字货币是无国界的，它需要一个国际性的解决方案[30]。Benjamin Akins结合联邦所得税法律提出比特币挖矿所得具备服务性收入特征，利用比特币进行法币、商品或服务的交换是资本利得或亏损的交易，都应该纳入税务监管[31]。Omri Marian结合犯罪行为学研究提出鼓励用户标识个人识别号码来放弃匿名性，从而增加排除匿名的犯罪可疑用户的检测概率，对利用数字货币的匿名性犯罪交易的人进行查处和制裁 [32]。

The third category is to study and propose regulatory responses in the context of laws and regulations regulating the various legal contrast currency. Liu Ning proposes to develop a virtual property single law, establish a Bitcoin value determination scheme, clarify the idea of a Bitcoin contractual validity determination, establish a judicial early warning mechanism to enable Bitcoin to operate in a legitimate compliance, risk-controlled orbit[27]. Craig K. Elwell et al. propose that digital currency should be raised against the lack of legislative safeguards, jurisdictional and applicable laws, reputational crises, tax administration and electronic evidence preservation difficulties[28]. Sheik et al., in the context of the economic code, propose systems such as the adjustment of economic criminal law norms, the optimization of judicial rules and enforcement mechanisms, rethinking of monetary systems to address the risk of economic criminal courts and Internet financial markets[29]. Craig K. Elwell et al., in the context of the federal tax law, the federal anti-money law, the regulation of anonymous currency and the sale of personalized currency, [32], which would require an international solution [30].

第四类是对比特币风险综合分析的基础上提出综合性对策，这些对策归纳为以下几个方面：第一，面对比特币的各种风险，应当正视比特币的存在，密切关注比特币和全球虚拟货币的发展变化。第二，实时提示比特币风险，加强消费者权益保护。第三，将交易平台、支付纳入监管框架，促进相关利益者之间的交流，同时加强各相关部门的协作沟通，保障比特币行业朝着安全、规范、健康的方向发展。第四，建立电子证据保全制度和预防为主的安全策略，加强比特币的相关法制建设，更新相应的法律框架，完善金融监管和司法保护体系。第五，成立比特币银行，加强比特币的国际监管，构建统一的比特币国际纠纷解决机制及其他监管 [4.13-16]。

The fourth category is a comprehensive response based on a comprehensive analysis of the risks of Bitcoin, which can be summarized as follows: first, in the face of the risks of Bitcoin, the existence of bitcoin should be addressed and the development of bitcoin and global virtual currency should be closely monitored. Second, real-time exposure to bitcoin risks should enhance consumer protection. Third, trade platforms, payments should be incorporated into the regulatory framework, exchanges between relevant stakeholders should be facilitated, and collaborative communication between the relevant sectors should be strengthened to ensure that the Bitcoin industry moves towards safety, regulation and health. Fourth, the establishment of an electronic evidence preservation system and preventive security strategy should strengthen the relevant legal framework for bitcoin and improve the financial regulatory and judicial protection system. Fifth, the establishment of Bitcoin Bank strengthens the international regulation of Bitcoin and the development of a unified Bitcoin international dispute resolution mechanism and other regulations [4.13-16].

除了上述四类比特币风险管理研究以外，Aleksandra Bal从监管成本、监管难度和可能的成效方面进行了分析权衡，认为可以对虚拟货币实施免税[33]。Jerry Brito和Houman Shadab等人研究指出，比特币下一步监管应针对金融工具，并且提出如果监管和执法的代价比监管带来的好处昂贵，那么政策制定者就应该从现实考虑，寻求富有弹性和适应新形势的新策略 [34]。

In addition to the above-mentioned four-category Bitcoin risk management studies, Aleksandra Bal conducted an analytical trade-off in terms of regulatory costs, regulatory difficulties, and possible effectiveness, suggesting that virtual currencies could be tax-free[33]. Jerry Brito and Houman Shadab et al. suggested that Bitcoin’s next regulatory step should target financial instruments and suggested that if the costs of regulation and enforcement are more expensive than the benefits of regulation, policymakers should realistically seek new strategies that are flexible and adapted to the new situation [34].

四、比特币风险评

IV. Bitcoin risk assessment

估和防范研究

Assessment and precautionary studies

比特币风险的预警、评估和防范研究很少，大都集中在比特币交易和支付环节。Malte ■ser等人不仅对比特币交易风险进行了定性研究，而且还采用实证通过对比特币公开交易数据以及已经发生的比特币损失案件的数据进行分析、研究，指出通过交易平台的交易量、交易频率（非法比特币操作必定会急于转移）、交易地址多变等方面对比特币交易风险预测评估;而比特币风险的防范方面建议用户在比特币交易平台“快兑少存” [8]。Tyler Moore也采用实证方法对比特币交易平台的风险进行了预测和评估，通过对交易平台相关数据的分析研究指出，比特币交易量越多的平台越不容易关闭，而且交易量与受攻击的次数成反比，即交易量越多越容易成为黑客攻击的目标 [18]。

There are few early warning, assessment and preparedness studies on Bitcoin risks, which are mostly concentrated in bitcoin transactions and payment links. Malte ser et al. not only undertook a qualitative study of the risk of bitcoin transactions, but also used empirical evidence to analyse and assess the risks of the bitcoin trading platforms by means of data on their public transactions and on cases of Bitcoin losses that have occurred. It was noted that the more transactions in the trading platforms, the frequency of transactions (unlawful operations of bitcoins are bound to move quickly), the more volatile transaction addresses are assessed, and the greater the risk prevention of bitcoin, the greater the volume of transactions is recommended to be targeted by hackers.

五、总结与建议

V. SUMMARY AND RECOMMENDATIONS

近几年，国内外学者对比特币风险的研究呈上升趋势，取得了一些成果。但通过现有文献的收集和梳理发现，比特币风险研究还存在以下不足，对此提出以下两点建议。

In recent years, there has been an upward trend in the study of the risk of bitcoin by national and international scholars, and some results have been achieved. However, the following shortcomings in the study of bitcoin risk have been identified through the collection and collation of existing literature, and the following two suggestions are made.

（一）研究内容

(i) Content of the study

1.缺乏对比特币风险的内涵研究。譬如比特币风险的概念如何界定，至今仍是学术讨论的一个空白区。

1. Lack of studies on the content of the Bitcoin risk. For example, how the concept of Bitcoin risk is defined remains a blank area for academic discussion.

2.缺乏对比特币风险的归类研究。譬如从目前比特币风险研究现状看，风险种类很多很复杂，但是对于比特币风险的归因讨论几乎阙如。

2. There is a lack of studies to classify the risk in bitcoin. For example, given the current status of the Bitcoin risk study, there are many complex types of risk, but the attribution of the risk in bitcoin is barely discussed.

3.比特币的风险分析方面，横向、纵向研究还有待拓展。横向看，研究不够系统全面，缺乏对企业尤其是交易平台将资金挪为他用的道德风险、比特币的腐败风险等方面的研究;纵向方面，比特币分析大都停留在综合分析上，对比特币风险进行深入细致的专题研究较少。因而应加强对某些特定的、倍受关注的比特币风险进行重点研究。

3. In the case of Bitcoin, horizontal and vertical studies have yet to be expanded. Horizontal research is not comprehensive enough, and there is a lack of research on the ethical risks associated with the diversion of money from businesses, especially from trading platforms, and the corruption risks associated with bitcoin; in the case of vertically, the analysis of bitcoin is mostly based on a comprehensive analysis, and the study of bitcoin risks is less intensive. Priority research on certain bitcoin risks of particular concern should therefore be strengthened.

4.比特币风险的防范、预警、评估方面的研究成果很少，应加大这些方面的研究。

Research on the prevention, early warning and assessment of Bitcoin risks is scarce and should be intensified.

（二）研究方法

(ii) Research methodology

目前国内对比特币风险的研究主要采用定性研究方法，国外有少数学者采用定量分析研究。因此，为了能够对比特币风险有更准确的量化研究，我们应该加大对比特币相关数据的收集和实际调研，从数据角度对比特币风险进行定量分析，从而为比特币用户、比特币企业献言献策，为社会和国家提供更准确、更可靠的参考依据，从而让全社会树立比特币风险意识，积极采取措施，加大对风险的防范，。

In order to be able to conduct a more accurate quantitative study of the risk, we should increase the collection and practical study of the relevant data on the risk from a data point of view, so that we can contribute to the quantitative analysis of the risk from a data point of view, so as to provide a more accurate and reliable frame of reference for society and the country, so that society as a whole can become more aware of the risk and take active measures to prevent it.

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电子货币的风险研究篇2

关键词网上银行 业务风险 法律规制

Keywords online banking business risk legal regulation

中图分类号:d920.4 文献标识码:a 文章编号:1009-0592(2010)01-019-02

Central Chart Classification Number: d920.4 Bibliography ID Code: a Article No: 1009-0592 (2010)01-019-02

随着网络信息技术的飞速发展,网上银行业务应运而生并在全球蓬勃发展。保障网络世界的安全,最有效的方式是立法,但网上银行作为新生事物,我国相关的法律法规的缺位和不完善成为制约其进一步发展的重大瓶颈,由于网上银行业务本身所依赖的互联网的无国界性,任何人以任何方式在任何地点都可以享受网上银行业务带来的便捷服务,从而进一步加剧了金融全球化的趋势,使得国际银行业间的市场竞争突破了国界成为全球性的竞争。因此对网上银行法律保障机制的研究不能仅仅局限于国内国的层面,在对我国立法不断完善的基础上充分借鉴和吸收国外的立法经验具有重要的意义。

With the rapid development of Internet-based information technology, online banking has emerged and flourished globally. The most effective way to secure the web-based world is legislation, but the absence and imperfection of online banking as a new matter in our country’s relevant laws and regulations has become a major bottleneck in its further development. Given the fact that online banking itself depends on the Internet without borders, everyone can enjoy easy access to online banking services anywhere, thus further exacerbating the trend towards financial globalization, making market competition among international banking sectors a global competition.

一、网上银行的概念

I. The concept of online banking

网上银行(internet bank or e-bank)又称网络银行,根据巴塞尔银行监管委员会2001年5月的《电子银行业务风险管理规则》,所谓“电子银行业务”,不仅包括“通过电子渠道提供的零售和小额银行产品与服务”,还包括“以电子方式提供的大额电子支付与其他批发性银行服务”。所谓“批发性银行业务”其针对的对象是大型工商企业和机构,单笔业务数额巨大,不同于银行与客户之间以传统方式构成的零售银行业务。“它们既包括如获取财务信息、取得贷款和开立存款账户之类的传统业务活动,又包括如电子票据支付服务、个人理财、账户汇总及商户对商户市场与交换之类较新的产品与服务。”网上银行又被称为“aaa银行”,因为其为客户提供了“aaa”式服务,其业务操作可以不受时间、空间、地点的限制。笔者认为,网上银行其本质上是网络信息技术发展的产物,是银行业在网络信息时代的一场技术革新,其实质上仍是以传统的银行业务为基础,是银行业等金融机构为客户提供服务方式的改变,即通过电子渠道向客户提供各种金融产品和服务。

Internet banking or e-bank, also known as cyberbanks, includes not only “retail and small bank products and services provided through electronic channels” but also “substantial electronic payments and other wholesale banking services” under the Basel Committee on Banking Supervision's May 2001 Rules for the Management of the Risk of Electronic Banking Operations. “They include both traditional operations such as access to financial information, access to credit and deposit accounts, as well as electronic paper payment services, personal finance, bank consolidation, and business-to-business-to-business-to-business products and services.” Online banks are also referred to as “aaaa” banks, which provide customers with “aa”-type services that are not subject to time, space and location restrictions.

全球第一个严格意义上的网上银行于1995年10月诞生于美国——安全第一网上银行(security first network bank),它通过互联网向全球客户提供金融服务,包括在线交易登记、联机声明、电子钞票兑付以及支票转账。一时之间,许多金融机构纷纷开展自己的网上银行业务,网上银行发展势头强劲,大有取代传统银行成为未来世界银行业发展主导之势。然而,仅仅时隔三年,安全第一网上银行就因为业务亏损而被收购。网上银行作为新生事物在将网络信息技术的先进性和传统银行制度的优势充分结合的同时也面临着两者带来的双重风险。

The first online bank in the strict sense of the globe was born in October 1995 in the United States - Security First Network Bank, which provides financial services to global clients via the Internet, including online transaction registers, online statements, electronic bank notes, and cheque transfers. In the interim, many financial institutions are running their own online banking operations, with strong online banking momentum, replacing traditional banks for future World Bank developments.

二、网上银行业务的风险分析

II. Risk analysis for online banking

网上银行因其运行机制的特殊性,除了具有传统银行所面临的风险外还具有网络环境下新的风险表现形式。传统的银行业风险表现形式主要是指信用风险、声誉风险、外汇风险、流动性风险等,在巴塞尔银行监管委员会1998年颁布的《电子银行和电子货币业务的风险管理》中,电子货币的业务风险被分为声誉风险、操作风险、信用风险、法律风险、利率风险、流动性风险、市场风险及跨国风险等风险类型,要对网上银行业务风险进行有效规制,必须针对不同的风险类别制定不同的法律监管框架。笔者认为,在网上银行业务的风险中,比较重要的风险类型主要包括:

Because of the special nature of their operating mechanisms, online banks have new forms of risk in a network environment, in addition to the risks they face. Traditional forms of banking risk are mainly credit risk, reputational risk, foreign exchange risk, liquidity risk, etc. In the Risk Management of Electronic Banking and Electronic Currency Operations, published in 1998 by the Basel Committee on Banking Supervision, e-money business risks are classified as reputational risk, operating risk, credit risk, legal risk, interest rate risk, liquidity risk, market risk and cross-border risk types. For effective regulation of online banking risk, different legal regulatory frameworks must be developed for different risk categories.

(一)操作风险

(i) Operational risks

由于网上银行业务以网络信息系统为基础,来源于系统自身的安全性、稳定性和可靠性方面的重大缺陷而导致潜在损失的可能性被认为是操作风险。巴塞尔银行监管委员会在报告中认为操作风险主要包括如下几种情况带来的风险:电子货币犯罪;雇员的欺诈;系统的设计、实施和维护以及客户的操作不当。可以看出操作风险主要体现在三个方面:其一、系统和设备自身的设计和运行的不完善而引发的技术层面的风险;其二,银行内部的管理控制机制的不完善引发的风险,其三、作为网上银行业务参与人的客户对系统的错误操作也会引发操作风险。

Since online banking is based on web-based information systems, the potential for potential losses arising from major deficiencies in the system’s own security, stability and reliability is considered operational risk. In its report, the Basel Committee on Banking Supervision considered that the risks involved in the operation included, inter alia, the following: e-money crime; employee fraud; system design, implementation and maintenance; and poor operation of customers. Operational risks can be seen in three main ways: one is the risks associated with the imperfect design and operation of the system and the equipment itself; and two are the risks associated with inadequate management control mechanisms within banks, the third being the risks associated with poor operation of the system by customers as participants in online banking operations.

(二)信用风险

(ii) Credit risk

信用风险是网上银行业务中最为常见的风险,存在于债务人履行与银行所签的合同的过程中,由于债务人未能按照合同的约定履行义务而给银行的资本或收益带来的风险。由于银行并不是电子货币的发行者,而仅仅是作为电子货币的“承销商”从发行者处购买货币在转售给客户,如果电子货币的发行者不对电子货币进行兑换将会使银行产生信用风险;同时,客户在使用电子银行业务的过程中,很可能发生迟延履行或不履行等违约情况,造成网上银行业务的信用风险。

Credit risk is the most common risk in online banking, which exists in the course of the debtor's performance of the contract with the bank, and the risk to the bank's capital or earnings as a result of the debtor's failure to perform as agreed in the contract. Since the bank is not the issuer of electronic currency, but simply the “underwriter” of electronic currency purchases from the issuer to the customer, the bank's credit risk is created if the issuer of electronic currency does not exchange the electronic currency; at the same time, defaults, such as late or non-performance, are likely to occur in the course of the customer's use of electronic banking, creating credit risk for online banking.

(三)信誉风险

(iii) Credibility risk

信誉风险也称为声誉风险,是指由于舆论导向的不利或公众的负面评价而对银行的资本和收益带来重大损失的风险。在金融全球化的今天,信誉乃是银行的生存之本,特别是在网络的环境下,网络的无国界性使得信息的传递比以往任何时候都更为快捷,一旦网上银行出现系统缺陷或是安全事故必然会迅速传播造成重大影响。此外,如果不能及时稳妥的解决客户的问题引起客户的信心危机,在媒体舆论进行负面报道的情况下,引起银行的信誉危机就在所难免了。

Credibility risk is also referred to as reputational risk, which is the risk of significant losses in banks’ capital and earnings due to adverse public opinion-oriented or negative public assessments. In today’s financial globalization, credibility is the backbone of banks’ survival, especially in a web-based environment where the lack of borders makes the transmission of information more rapid than ever before, and where there are systemic flaws in online banks or security incidents, it is bound to spread rapidly.

(四)法律风险

(iv) Legal risks

网上银行业务的法律风险是指违法相关的法律、法规、行业做法所产生的风险及由于相关法律、法规本身的不完善、不健全而引起法律后果所导致的风险。巴塞尔银行监管委员会认为法律风险还包括由于交易对象的法律权利义务未能确定所产生的风险。可从以下三方面理解法律风险:其一,由于网上银行作为新生事物与传统银行业务的差异性,针对传统银行业务的法律法规已难以规制网上银行业务出现的新问题。其二,由于参与主体的银行自身违法操作行为直接导致或者是其他主体的违法行为间接导致的法律风险。其三,由于网上银行交易的跨国性,针对网上银行业务的风险规制尚无一个统一的国际立法,各国基于不同的国情必然会制定不同的法律规范,那么会产生国际私法方面的管辖权和法律适用的冲突,无形中增加了法律成本,也会对网上银行业务的跨境交易的发展造成阻碍。

The Basel Committee on Banking Supervision considers that the legal risk also includes risks arising from the failure to identify legal rights obligations of the subject of the transaction. The legal risk can be understood in three ways: first, because of the differences between online banking as a new business and traditional banking operations, it is difficult for laws and regulations to regulate traditional banking operations. Second, because of the legal risks arising out of infractions by participating banks themselves, or indirectly from violations by other subjects. Third, because of the transnational nature of online banking transactions, there is no uniform international legislation on risk regulation of online banking operations, depending on the country's circumstances, it is necessary to develop different legal norms. There is therefore a conflict of jurisdiction and application of laws in relation to private international law. Intangiblely, the legal costs increase and the development of cross-border transactions in online banking may be hindered.

三、国际上关于网上银行业务风险规制的法律制度

III. International legal regime on online banking risk regulation

由于网上银行业务风险的无国界性,对网上银行业务风险规制的研究已不能仅仅局限于传统意义上纯粹的国内法的层面,其所具有的特性及未来发展方向迫切要求国际社会不仅应在在国内法的层面就网上银行业务风险规制制定相关的法律法规,并且还应在国际社会之间就包括风险监管在内的重大法律问题达成共识,弥补各国立法规制的差异性,统一和协调网上银行业务风险规制的相关法律法规及形成国际惯例和标准。基于巴塞尔银行监管委员会在网上银行业务风险监管方面的突出研究成果,本文以巴塞尔银行监管委员会为开头概述国际上关于网上银行业务风险规制的法律制度。

Given the cross-border nature of online banking risks, research on online banking risk regulation can no longer be limited to the traditional level of purely domestic law, and its characteristics and future directions urgently require the international community not only to develop relevant laws and regulations on online banking risk regulation at the level of domestic law, but also to reach consensus among the international community on important legal issues, including risk regulation, to bridge differences in national legislation, to harmonize and harmonize relevant laws and regulations on online banking risk regulation and to develop international practices and standards. Based on the salient findings of the Basel Committee on Banking Supervision on online banking risk regulation, this paper outlines the international legal regime on online banking risk regulation, starting with the Basel Committee on Banking Supervision.

巴塞尔银行监管委员会早在1997年就了《银行有效监管核心原则》。1998年3月,该委员会成立了专门工作组,对电子银行与电子货币的风险管理意义进行了研究,并了《电子银行和电子货币交易的风险管理》的报告。报告在肯定电子银行和电子货币交易的良好发展前景的基础上也指出了其作为新生事物对传统银行业的影响及带来的风险和挑战,并得出在电子银行业务风险管理领域进一步开展工作的必要性的结论。1999年11月,委员会设立了电子银行业务工作组(the electronic banking group), 致力于为电子银行业务制定相关的风险监管和银行监管指南。由来自成员国或地区的中央银行和银行监管机构组成。在此基础上,委员会在2001年5月公布了《电子银行业务的风险管理原则》报告,该报告对此前的相关研究进行了初步的总结,提出了14条电子银行业务风险管理的原则,以促进电子银行业务的安全与稳定发展。巴塞尔银行监管委员会对电子银行业务风险监管的最新阶段性成果。其内容包括有关董事会与管理层监控、安全控制和法律与信誉风险管理的原则。2007年7月,委员会又了《跨境电子银行业务活动的管理和监督》,其目的是对跨境电子银行业务的风险进行规制,构成了对上述《电子银行业务的风险管理原则》的重要的补充。

The Basel Committee on Banking Supervision adopted the Core Principles for Effective Banking Supervision as early as 1997. In March 1998, the Committee established a special working group to study the significance of e-banking and e-currency risk management and a report on e-banking and e-money transactions. On the basis of its recognition of the prospects for the good development of e-banking and e-money transactions, the report also identified the risks and challenges it posed to the traditional banking sector as an emerging matter and concluded that further work was necessary in the area of e-banking risk management. In November 1999, the Committee established a working group on e-banking (the e-banking group) to work on the development of relevant risk-management and banking guidance for e-banking operations.

此外,欧盟(european union)作为重要的国际组织也对网上银行业务的风险监管进行了积极地探索和研究。其于2000年6月了《关于内部市场电子商务若干法律方面的欧共体指令》《关于信用机构业务开办与经营的2000/12/ec指令》为欧洲一体化过程中促进欧盟银行业市场一体化,为欧盟网上银行业务的监管提供了重要的指导原则,该指令涵盖了欧洲银行业务审慎监管的主要方面,确立了诸如相互承认原则、协调原则、互惠原则以及单一许可原则等一系列促进银行业务监管与发展的重要指导性原则。亚洲与太平洋经济合作组织(asian-pacific economic cooperation)作为亚洲及太平洋地区最具影响力的区域性经济组织,在对作为组织成员的各个经济实体网上银行业务的监管和发展进行深入研究的基础上提出了数项原则性建议,以期促进各成员网上银行业务的健康发展。其中包括实施风险管理、保护消费者、有效利用稳健做法、确立准入要求的建议。

In addition, the EU (european unit) as an important international organization has actively explored and studied risk regulation of online banking. Its June 2000 EC Directive 2000/12/ec on Certain Legal Aspects of Electronic Commerce in Internal Markets, which promotes the integration of the EU banking market in the context of European integration, provides important guidelines for the regulation of EU online banking operations, covering key aspects of prudential regulation of European banking operations, establishing a range of important guiding principles for promoting banking regulation and development, such as the principles of mutual recognition, harmonization, reciprocity and single licensing. Asia-Pacific Economic Cooperation, as the most influential regional economic organization in Asia and the Pacific, has made a number of principled recommendations based on an in-depth study of the regulation and development of online banking operations of the various economic entities that are members of the organization, with a view to promoting the healthy development of the operations of member banks, including the implementation of risk management, consumer protection, effective use of sound practices, and the establishment of access requirements.

除国际组织外,纵观网上银行的发展历史,网上银行作为新生事物最早出现在发达国家,世界上第一个严格意义上的网上银行——“安全第一网上银行”诞生于美国。美国作为发展网上银行业务的先驱国家,其对网上银行业务监管的研究也最为深入。所以通过深入研究美国网上银行业务的法律保障机制,对于完善我国的相关法律法规必然具有重要的参考意义。

In addition to international organizations, online banking was the first to emerge as a new phenomenon in developed countries, and the world's first strictly online bank, “Safe First Online Bank,” was born in the United States. The United States, as a pioneer in the development of online banking, also has the most in-depth research into online banking regulation.

在美国对银行业实施诸多的法律法规中,尤以规范银行业监管为主要内容。美国的银行业监管模式为双重银行监管机制,联邦和州均有权对银行进行监管,在联邦一级,负责银行监管的主要机构有三个:财政部货币监理署、联邦储备局和联邦存款保险公司。美国银行监管法基本上由国会颁布的法律和联邦、各州颁布的法规组成。1999年11月,美国国会通过了规制美国金融业经营和管理的《金融服务现代化法》为网上银行业务的监管问题提供了初步指导。该法以金融混业经营为核心,废除了分业隔离,鼓励银行与证券保险公司三者的联合经营,并加强了对金融消费者隐私的保护。《联邦银行法》是规制美国联邦银行业务活动的基本法律规范,该法为制定适合网上银行业务风险特征的新的监管法规提供了新的依据。其允许银行利用所有能够促进其银行业务的“剩余权限”,还规定“联邦银行可以从事开展银行业务所必需的附带业务”。此外,传统法律规范中有关网上银行业务的大量条款仍可适用。如《电子资金划拨法》中规定,从事网上银行业务的银行机构应当遵循其中关于扣抵客户账户款项的相关操作程序。 编辑整理

In November 1999, the United States Congress adopted the Financial Services Modernization Act, which regulates the operation and management of the United States financial sector, which provides initial guidance on the regulation of online banking operations. The Act places the central focus on financial banking operations, abolishes segregation, encourages joint banking with securities insurers, and strengthens the protection of the privacy of financial consumers. The Federal Banking Act, which is the basic legal norm governing the operations of United States federal banks, provides a new basis for the development of new regulatory regulations appropriate to the risk characteristics of online banking operations. It allows banks to use all “residual competencies” that can facilitate their banking operations. It also provides that “federal banks can undertake the incidental operations necessary for banking operations”.

参考文献:

References:

[1]余素梅.网上银行业务安全的法律保障机制研究.武汉大学出版社.2006年版.

[1] Yusumi. Study on legal safeguards for the security of online banking operations. Wuhan University Press. 2006 edition.

电子货币的风险研究篇3

（辽宁科技大学工商管理学院，辽宁 鞍山 114051）

Liaoning University School of Business Administration, Liaoning Saddle Mountain 114051

摘　要：电子商务的普及，使得电子货币即将取代传统货币成为主要交易支付手段进入人民日常生活的步伐不断加快。本文首先将电子货币与传统货币相比，阐述了电子货币的特点。其次，根据电子货币的特点从五个方面分析其存在的风险，在此基础上加强对电子货币的风险防范措施，健全相关法律法规体系，加强风险控制已是金融体系国际化发展的必经之路。最后，对电子货币风险防范具有的深远意义进行总结。

This paper first describes the characteristics of e-money in relation to the traditional currency. Second, by analysing its five dimensions of risk, it strengthens risk prevention measures for e-money, improves the relevant legal and regulatory systems, and strengthens risk control as an essential part of the development of the internationalization of the financial system.

关键词 ：电子货币；风险；意义

Keywords: electronic currency; risk; meaning

中图分类号：F822文献标志码：A文章编号：1000-8772（2014）10-0135-02

Central Chart Classification Number: F822 Documental Mark Code: Article No. A: 1000-8772 (2014)10-0135-02

1．前言

1. Foreword

随着经济的繁荣发展，电子信息技术的不断进步，金融市场的竞争日益激烈，人民的生活正进入一个崭新的经济时代，即电子商务时代，而电子商务的发展必须依托电子货币的存在，电子货币作为金融电子化的产物，已逐渐取代传统货币成为经济交易的主要媒介，以电子支票、电子钱包、信用卡等为代表的电子货币逐渐成为人们经济生活的必不可少组成部分。电子货币较传统货币相比提高了效率，解决了时间和空间上的差距。而电子货币在给人们带来方便、快捷的同时，一系列风险也应运而生。因此，加强电子货币风险防范的步伐越来越迫在眉睫。

As the economy flourishes, as electronic information technology progresses, as financial markets become more competitive, and people’s lives enter a new economic era – the era of e-commerce, which must be built on the presence of e-money, which, as a product of financial digitization, has gradually replaced traditional currencies as the main medium of economic transactions, and electronic currencies, represented by electronic cheques, electronic wallets, credit cards, etc., have become an essential part of people’s economic life. E-currency has become more efficient than traditional currencies, resolving the time and space gap.

2．电子货币存在的风险及其防范措施

2. Risks and precautions associated with the presence of electronic currencies

随着电子商务进入人民生活各个领域，电子货币由于其实用简便、安全迅速等优点而得到广泛的应用，但同时一系列的风险也随之而来。[1]由于计算机技术的突飞猛进，使得电子货币的风险也越来越大，越来越多，其主要的表现形式有：技术性风险、流动性风险、信用风险、法律风险和利率风险。

As e-commerce enters all spheres of people’s lives, e-money is widely used because of its advantages of simplicity, security, etc., but a range of risks follow.[1] The rapid advances in computer technology have increased and increased the risks of e-money, mainly in the form of technical risks, liquidity risks, credit risks, legal risks and interest rate risks.

2.1技术安全性风险及其防范措施

2.1 Technical security risks and their precautions

电子货币是一种特殊的网络产品，在网络虚拟金融环境中电子货币的控制工作是由电脑程序和软件系统完成的，而开放网络的设备和程序及其复杂，任何一个环节出现故障都可能对电子货币的支付和流通造成威胁。[2]电子货币的技术安全性风险主要表现在两个方面：一方面，电子货币容易因为系统本身的失误而造成风险，如计算机失灵、管理及控制系统缺陷引起的风险；由于系统突然中断、网络黑客、数据丢失而造成的风险。此外，计算机病毒干扰和破坏电子支付系统的正常运行或数据，可能造成巨大的损失。另一方面，电子货币不同于传统货币，由于电子货币的产生依附于电子信息技术和网络金融系统，并且电子假币在技术上与电子真币几乎完全相同，所以只要掌握了电子货币关键的编码技术和数据机密，以假乱真起来就轻而易举了。[3]

Electronic money is a special web product, and control of electronic money in a network virtual financial environment is done by computer programs and software systems, while the equipment and procedures of open networks and their complexity can threaten the payment and circulation of electronic money at any point. [2] The risks to the technical security of electronic money are mainly in two ways: on the one hand, electronic money can easily be exposed to risks arising from the system’s own failures, such as computer failures, regulatory and control system deficiencies; and, on the other hand, computer viruses interfere with and disrupt the normal operation or data of electronic payment systems. On the other hand, unlike traditional currencies, e-money, because of its dependence on electronic information technology and the network financial system, and because electronic counterfeit currency is technically almost identical to electronic real currency, it is easy to tamper with key coding techniques and data secrets of electronic currency.[3]

针对技术安全性风险，发行者应该在开发电子货币之前要对其技术性、安全性进行可行性分析。建立合理有效的内部风险控制系统和电子货币识别制度，，使其能够识别潜在的技术安全性风险，防范计算机病毒、计算机犯罪、黑客入侵等，确保信息的完整性，保护消费者的隐私。提供安全可靠地电子货币产品，实现电子货币的合法交易、安全支付。并建立一定的防范紧急事件的计划，在发生系统中断、数据丢失等状况时，能够及时处理进行数据恢复、数据代替处理等。

In response to technological security risks, issuers should undertake a feasibility analysis of the technical and safety aspects of electronic currency before it is developed. A reasonable and effective internal risk control system and an electronic monetary identification system are in place to enable them to identify potential technological security risks, protect against computer viruses, computer crime, hacking, etc., ensure the integrity of information and protect consumer privacy. A safe and reliable electronic currency product, legal transactions in electronic currency, and secure payment.

2.2流动性风险及其防范措施

2.2 Liquidity risk and its precautions

流动性风险是指电子货币的发行者没有足够的资金来满足消费者的结算要求时所造成的风险。流动性风险形成的原因较为复杂，风险的大小与电子货币的发行规模和数量以及价格有关，发行规模越大，数量越多，未用于结算的金额越多，发生流动性风险的可能性就越大。同时还与市场和其他风险的大小有关。在这种情况下，一旦发行者出现信誉或资产不足等问题，就会动摇电子货币持有者对电子货币的信心而要求赎回，如果发行者不能等价赎回其发行的电子货币，或者缺乏足够的清算资金等就会有损失惨重，甚至破产的可能。

Liquidity risk refers to the risk posed when the issuer of an electronic currency does not have sufficient funds to meet the consumer’s settlement requirements. Liquidity risk arises for a complex reason. The greater the volume of the risk associated with the size and volume of the issue and the price, the greater the volume of the issue, the larger the amount of money not used for settlement, and the greater the risk of liquidity risk.

针对电子货币的流动性风险，发行者应该事先进行电子货币的成本和收益分析，确保实施管理和内部控制程序，拥有一定比例的准备金和充足的资本。

In response to the liquidity risk of e-money, issuers should undertake prior cost and benefit analysis of e-money to ensure that management and internal control procedures are in place, with a proportion of reserves and sufficient capital.

2.3信用风险及其防范措施

2.3 Credit risk and its precautions

信用风险与公众对电子货币的信任程度有关，发行主体要发行电子货币必然会吸收社会公众的大量预付资金，此时如果社会公众对电子货币是否能运营下去产生怀疑，电子货币的流通会受到很大程度的阻碍。这样的经营模式容易形成违约收益与违约成本发生背离的风险。这类信用风险可能源于网络金融系统和电子货币本身没有达到预期的效果并在消费者心中造成广泛的负面影响，也可能源于客户，客户并没有对电子货币有足够的了解，以及出现问题是否有可靠的保障。[4]

Credit risks are associated with the level of public confidence in e-money, the issuance of which necessarily absorbs large amounts of advance money from the public at large, and the circulation of e-money may be hampered to a great extent if the public is suspicious of its viability. Such business models tend to create a risk of deviations between default gains and default costs. Such credit risks may arise from the cyber-finance system and e-money itself not achieving the desired results and causing widespread negative effects in the consumer’s mind, as well as from customers, who do not have sufficient knowledge of e-money, and whether there are reliable safeguards for problems.[4]

针对信用风险的防范措施，发行者为了维护消费者对电子货币的信心和减少商家的损失，应该建立电子货币的损失担保和其他损失分担机制。建立发行主体的资格准入制度，只有达到一定的资金数额才可发行电子货币，并根据发行电子货币的数额缴纳一定的损失准备金，避免人为放大社会信用规模从而产生的信用风险。

In order to protect against credit risk, issuers should establish mechanisms for the allocation of loss guarantees and other losses in e-money in order to preserve consumer confidence in e-money and reduce business losses.

2.4法律风险及其防范措施

2.4 Legal risks and measures to prevent them

当前由于网络金融立法相对落后和不健全、不完善从而导致电子货币出现的交易风险。电子货币在我国正处于初级阶段，各类法律法规正处于探步的阶段，[5]并没有明确规定非银行机构发行电子货币的法律文献，由于发行主体的不明确性使一些不法分子利用法律的漏洞作案而逍遥法外。法律风险通常包括两个方面，一方面是由于商业法规的不健全而引起的当事人权利义务不明确而带来的风险，另一方面是由于电子货币操作系统中有关监管规定不确定带来的风险，由于电子货币的匿名性、虚拟性使洗钱、逃脱等犯罪行为屡见不鲜。

The risk of transactions involving e-money is currently due to relatively poor and inadequate cyber-finance legislation. Electronic money is in the early stages of our country. Various laws and regulations are being explored.[5] The legal literature on the issuance of e-money by non-banking institutions is not clearly defined.

针对法律风险的防范措施，国家应当建立健全电子货币的法律法规，限制电子货币的发行主体，[6]允许私人部门发行电子货币，但发行主体必须是银行，这样现存的关于银行监管制度的法律仍然可以适用，等关于电子货币的法律渐渐成熟，可以允许信息企业与银行合作开发电子货币，但一定要经过事先批准，达到一定的最低资金标准，并且具有健全的经营机制和规章制度，以增强我国电子货币的覆盖范围和国际竞争力。

In response to legal risks, the State should establish sound laws and regulations governing electronic currency, restricting the issuer of electronic currency,[6] allowing the private sector to issue electronic currency, provided that the issuer is a bank, so that the existing laws on the banking regulatory system are still applicable, etc. Electronic currency laws are becoming more mature to allow information enterprises to cooperate with banks in the development of electronic currency, subject to prior authorization, to meet certain minimum standards of financing and to have sound operating mechanisms and regulations in place to enhance the coverage and international competitiveness of the country's electronic currency.

2.5利率风险及其防范措施

2.5 Interest rate risk and its precautions

利率风险是指由于市场利率变动的不确定性而给电子货币的发行机构和商业银行造成损失的风险。[7]利率的变动速度加快是由于电子货币在互联网上的快速流通导致的，使资产相对于负债可能发生背离，从而使发行者遭受损失的可能性增大，因此可能承担相当高的利率风险。

Interest rate risk is the risk of loss to e-money issuers and commercial banks as a result of uncertainty about changes in market interest rates.[7] Interest rate movements are faster because of the rapid flow of e-money over the Internet, which may result in a departure from the asset against the liability, thereby increasing the risk of loss to issuers and thus assuming a high interest rate risk.

针对利率风险，一方面，电子货币的发行机构应当设立一项利率准备金，这项准备金可以包括由于实际利率变动而引起的额外收益和损失，类似于银行的坏账准备，可以弥补发行者因利率变动而遭受的损失。另一方面，可以通过将电子货币等同的资金和负债进行匹配，以降低全部或部分资产所面临的利率风险。

In response to interest rate risks, on the one hand, the issuing agency of an electronic currency should establish an interest rate reserve, which could include additional gains and losses arising from changes in real interest rates, similar to bank bad debt preparation, to compensate for losses incurred by the issuer as a result of changes in interest rates. On the other hand, interest rate risks for all or part of assets could be reduced by matching funds and liabilities equivalent to electronic currencies.

3．防范电子货币的重要意义

3. The importance of protecting against electronic currency

迄今为止，电子货币的发展正处于起步阶段，还没有一种电子货币是普遍被人们所接受的，各个国家或领域对电子货币的监管制度也没有明确的法律法规，只依赖于原有的关于银行制度的规定。但电子货币发展的十分迅速，应用日益广泛，人们对电子货币的需求越来越大，由于金融监管水平的有限，因此，对电子货币风险的防范具有重大的意义。

So far, the development of e-money is at an early stage, and there is no single e-money that is generally accepted, and there is no clear regulatory regime for e-money in various countries or areas, relying only on pre-existing banking regulations. But e-money development has been rapid and has become increasingly widely applied, there is growing demand for e-money, and, given the limited level of financial regulation, protection against e-money risks is of great importance.

3.1 有利于确保商业银行资金安全

3.1 Contribution to ensuring the financial security of commercial banks

随着电子商务发展和网络银行的出现，以电子货币作为交易媒介的频率越来越快，因此，防范电子货币的风险，确保电子货币的安全已成为电子货币者发行机构和商业银行的主流。传统货币向电子货币的发展使得商业银行由传统的管理模式和经营方式向信息化、电子化转换。与此同时，更是出现了很多不法分子利用高技术犯罪，不必亲临作案现场，只需利用电子技术、网络入侵等途径达到犯罪目的。然而由于电子货币的匿名性、虚拟性，使得很多犯罪行为证据极少，很难追踪，因此，电子货币的发展势必会给商业银行带不可小觑的影响，如果忽视电子货币的风险及其防范措施，必然会给商业银行带来资金的损失。

With the emergence of e-commerce development and cyberbanks and the increasing frequency of using e-money as a medium for transactions, protection against the risk of e-money and ensuring its security have become the mainstream of e-money issuers and commercial banks. Developments in traditional currency towards e-money have led commercial banks to move from traditional modes of management and operation to information and electronicization.

3.2 有利于确保电子商务等经济活动的顺利进行

3.2 Contribution to ensuring the smooth functioning of economic activities such as e-commerce

电子商务是运用现代计算机信息技术和网络通信技术，依托开放式的国际互联网在各国或各个领域内进行商业交流、营销宣传、以及支付结算等经济交易的电子交易方式和相关服务活动。电子商务的发展本身就与电子货币息息相关，在电子商务环境下，只有保证了电子货币的安全性、保密性，才能在电子商务中得到广泛的应用。因此，加强电子货币的防范风险在电子商务中显得尤为重要，使得金融交易顺利进行。

Electronic commerce is the use of modern computer-based information and communication technologies (ICTs) and web-based technologies, relying on the open international Internet to conduct business exchanges, marketing campaigns, and electronic transactions, such as payment settlements, in various countries or areas, and related service activities. The development of electronic commerce itself is closely related to electronic currency, which can be widely used in electronic commerce only if its security and confidentiality are guaranteed.

3.3 有利于防范金融风险，保证社会稳定

3.3 Financial risk prevention and social stability

电子货币已经成为商业银行服务的重要组成部分，随着社会经济的快速发展，电子货币与人民群众的日常生活已经建立了十分密切的关系，如信用卡支付业务、淘宝币、QQ币、新出现的比特币等在人民生活中已经逐渐代替了传统货币。电子货币的应用减少了传统货币的流通，加速了资金周转与流动，提高了服务的质量与效率。由于电子货币的安全性与货币流通的安全性以及人民的日常生活机密相关，所以防范电子货币风险是势在必行的，这关系到金融界乃至整个国民经济的健康发展，有助于社会的稳定，保证人民群众的正常生活，维护公众对电子货币的信心。[7]

Electronic money has become an important component of commercial banking services, and with the rapid socio-economic development it has become very closely linked to the daily lives of the people, such as credit card payment operations, treasures, Queens, and new bitcoins have gradually replaced traditional currencies in the lives of the people. The use of electronic money has reduced the flow of traditional currencies, speeded up the flow of funds and improved the quality and efficiency of services. Since the security of electronic money is linked to the security of currency flows and the confidentiality of people’s daily lives, it is imperative to guard against electronic currency risks, which are linked to the healthy development of the financial community and the national economy as a whole, contributing to social stability, ensuring the normal life of the population and preserving public confidence in electronic money.[7]

4．结语

4. Concluding remarks

电子货币具有传统货币之外的优点，但由于其自身的特点以及发行主体的多样性，电子货币同时也存在一定的风险，另外由于电子货币正处于起步阶段，这就对现存的银行监管制度提出了巨大的挑战。国际上尚未有明确的法律法规，完善银行监管制度，目前我国正在探索中，建立一套完备的法律制度防范电子货币存在的风险。

E-money has advantages other than traditional currencies, but there are also risks associated with e-money because of its own characteristics and the diversity of issuers, as well as the fact that e-money is at an early stage, which poses an enormous challenge to the existing banking regulatory system. There are no clear laws and regulations in place at the international level to improve the banking system, and we are currently exploring an adequate legal regime to protect against the risks associated with e-money.

参考文献：

References:

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电子货币的风险研究篇4

关键词：虚拟货币；洗钱风险；监管

Keywords: virtual currency; money-laundering risk; regulation

中图分类号：F830.92 文献标识码：B 文章编号：1674-0017-2016（6）-0064-04

Central Chart Classification Number: F830.92 Bibliography ID Code: B Articles No: 1674-0017-2016(6)-0064-04

一、我国虚拟货币发展及监管现状

I. Status of the development and regulation of our virtual currency

虚拟货币是指在网络经济背景下，由非金融公司发行，以计算机技术和通信技术为手段，以数字化的形式存储在网络或有关电子设备中，并通过网络系统传输实现流通和支付功能的虚拟信用货币，这种新型货币是以数字为交易媒介职能的近似货币。正常情况下，虚拟货币没有实物形态，不由货币当局发行，使用范围有限，不能在现实生活中消费或兑换，只是现实货币在网络中的预存。

Virtual currency is a new type of virtual credit currency issued by non-financial companies in the context of the network economy, stored in a digitalized form in the network or related electronic equipment, and delivered through the network system to enable the flow and payment function, which is an approximation of the function of a digital transaction medium. Under normal circumstances, virtual currency has no physical form, is not issued by a monetary authority, is used in a limited way, cannot be consumed or converted in real life, but is pre-positioned in the network.

（一）我国虚拟货币发展现状。虚拟货币交易市场以及在交易市场内以比特币、莱特币等虚拟货币为短期目标的投资交易，是我国目前虚拟货币领域最前端产业，吸引了大量的参与者。以“比特币中国”为代表的我国虚拟货币交易平台，已经成为全球第一大比特币交易平台。与“比特币中国”类似的还有“火币网”、“796期货”等虚拟货币交易平台，除此以外，我国还有许多以经营“山寨币”为重心的交易平台，如“比特时代”、“比特儿”等，可支持“狗币”、“域名币”、“点点币”等几十种非主流虚拟货币交易服务。有资料显示，我国虚拟货币年交易量折合人民币为几十亿元，并以15%-20%的速度逐年递增，直接和间接促进了虚拟货币的增长和扩展，带动了软件开发和挖矿产业的发展。同时，该产业链还吸收了一批计算机技术和跨行业性人才的创业和就业，形成了一个全新的行业领域。

The virtual currency trading platform, represented by “bitcoin,” has become the world's first-largest bitcoin trading platform. Similar to the “bitcoin,” virtual currency trading platforms such as “tweets,” “796-phased goods,” apart from the short-term targeting of the virtual currency in the trading market, which is the country's leading industry, such as the Bitcoin era, “bitcoin,” “bitcoin,” and so forth, has attracted a large number of participants. In addition, the virtual currency trading platform, represented by “bitcoin,” has become the world's largest bitcoin trading platform.

（二）我国虚拟货币监管现状。2013年12月5日，中国人民银行联合工信部、银监会、证监会、保监会了《关于防范比特币风险的通知》（以下简称《通知》），明确了我国相关部门对待比特币的监管态度。一是明确了比特币不具有法偿性与强制性等货币属性，不是真正意义上的货币，从性质上将比特币定义为“一种特定的虚拟商品”，间接认可了虚拟货币存在的合法性；二是 明确规定金融机构和支付机构不得从事与比特币相关的金融活动，防止虚拟货币投机风险向金融体系传导；三是采取登记备案的管理模式，加强对比特币的互联网站的管理；四是根据属地监管原则，人民银行各分支机构将辖内依法设立并提供比特币登记、交易等服务的机构纳入反洗钱监管，防范比特币可能产生的洗钱风险；五是从宣传教育的角度，要求各部门、金融机构和支付机构对社会公众进行风险教育。

On 5 December 2013, the joint People's Bank of China Department of Trade and Finance, the Banking Supervisory Board, the Securities Supervisory Board and the Insurance Supervisory Board issued the Notice on Protection against Bitcoin Risk (hereinafter referred to as the Notice), which clarifies the regulatory approach of the relevant sectors in the country to Bitcoin. First, it is clear that Bitcoin has no legal and mandatory monetary attributes and is not a currency in the true sense that by its nature Bitcoin is defined as a “specific virtual commodity” and indirectly recognizes the legitimacy of the existence of virtual money; second, it is clearly stated that financial institutions and payment institutions are not allowed to engage in financial activities related to Bitcoin, preventing the risk of virtual currency speculation from passing on to the financial system; third, it is a model for the management of records and strengthening the management of Bitcoin's Internet stations; fourth, in accordance with the principle of territorial supervision, the branches of the People's Bank incorporate into anti-money-laundering control institutions legally established and providing services such as Bitcoin, preventing the risk of money laundering; fifth, from the perspective of education, the departments, financial institutions and payment agencies are required to educate the public at risk education.

虽然我国已将虚拟货币纳入反洗钱监管，但与FATF组织建议还存在差距：一是纳入反洗钱监管范围的虚拟货币品种单一。《通知》中将涉及比特币登记、交易服务的机构纳入反洗钱监管范围，对其他具有类似匿名性、跨境流通便利性等特征的虚拟货币产品和服务仅要求“密切关注动向及态势”，“研判洗钱风险”。二是《通知》中仅明确了支付机构的履职要求，对其他特定非金融机构未做规定。三是对虚拟货币洗钱风险评估不足。FATF《指引》多次提到国家和监管部门应当对虚拟货币支付产品和服务开展风险评估工作，识别、掌握并且准确评估虚拟货币可能存在的洗钱和恐怖融资风险。

Although our country has included virtual currency in its anti-money-laundering controls, there is still a gap with the FATF proposal: one is a single set of virtual currency varieties that are included in the anti-money-laundering regulatory framework. The Circular includes agencies involved in Bitcoin registration and transaction services in the anti-money-laundering regulatory framework. Other virtual currency products and services with similar features as anonymity, ease of cross-border circulation, etc., require only “a close look at trends and dynamics” and “exploration of the risk of money-laundering”. The second is that the Circular specifies only the functional requirements of payment agencies and makes no provision for other specific non-financial institutions.

二、虚拟货币所蕴含的洗钱风险

II. Money-laundering risks inherent in virtual currency

（一）虚拟交易中反洗钱监管出现立法空白。从目前我国对虚拟货币的监管现状来看，对虚拟货币反洗钱监管处于探索阶段，尚未针对此类机构制定一套合理、有效的风险评估标准。《反洗钱法》尚未将虚拟货币纳入反洗钱的监管范畴，也未对其交易平台的反洗钱职责做出具体规定。

(i) There is a legislative gap in the regulation of money-laundering in virtual transactions. In view of the current state of regulation of virtual money, the regulation of money-laundering in virtual currency is at an exploratory stage, and no reasonable and effective risk assessment criteria have been developed for such institutions. The Anti-Money-Laundering Act has not yet included virtual money in the scope of anti-money-laundering control, nor has it specified the anti-money-laundering responsibilities of its trading platform.

（二）虚拟货币交易中客户身份识别的要求难以落实。由于虚拟货币具有匿名、无国界、跨境等特性，导致用户的个人信息无法获知。虽然目前《通知》中要求虚拟交易平台应切实履行反洗钱义务，对用户身份进行识别，用户注册使用时应实名注册，登记姓名、身份证号码等信息。实名制的工作原理只是要求用户在注册账号时提供真实姓名和身份证号码，如果借用或盗用他人的身份资料也可以完成账号注册。因为现有的实名认证只能辨明身份证号的真伪，却无法辨别其是否是持证者本人，造成注册身份难以核实。

(ii) Customer identification requirements in virtual currency transactions are difficult to implement. The personal information of users is not accessible because of the anonymous, borderless, cross-border nature of virtual currency. While the current Circular requires virtual trading platforms to effectively fulfil their anti-money-laundering obligations, identify users, register users with their names, identity numbers, etc., when they are registered. The working principle of real names is simply to require users to provide real names and identification numbers at the time of registration, and to complete the registration if the identity information of others is borrowed or stolen.

（三）虚拟货币交易中可疑交易识别困难。目前《通知》中规定比特币交易平台对发现与比特币及其他虚拟商品相关的可疑交易应予以报告，但具体的报告标准、报告期限、报告方式等详细内容在《反洗钱法》中尚未明确规定，导致可疑交易报告义务形同虚设。另外虚拟货币不存在于某个中心，是分布式的，通过存在每个网络节点上的账单维持系统运转，没有中心服务器，没有物理实体，难以监控。其交易是依靠软件自动完成的，整个交易过程可以很轻易实现自动化，从而在短时间内完成大量复杂的资金流转，增加了调查的难度。

(iii) Difficulties in identifying suspicious transactions in virtual currency transactions. Currently, the Circular provides that the Bitcoin trading platform should report suspicious transactions detected in relation to Bitcoin and other virtual commodities, but details of specific reporting standards, reporting deadlines, reporting modalities etc. are not specified in the Anti-Money Laundering Act, leading to a lack of reporting obligations on suspicious transactions. In addition, the virtual currency does not exist in one centre, is distributed, operates in a system maintained through the existence of bills on each network node, does not have a central server, does not have physical entities, and is difficult to monitor.

三、参照FATF相关的监管建议

III. Reference to FATF-related regulatory recommendations

2015年6月，FATF组织了《虚拟货币风险为本方法指引》，下文简称《指引》），明确了在风险为本前提下，各国和地区应当结合FATF组织建议对虚拟货币实施反洗钱监管，防范或降低由虚拟货币支付产品和服务带来的洗钱和恐怖融资风险。

In June 2015, the FATF organized the Virtual Currency Risks as an Approach Guide, hereinafter referred to as the Guide, which makes it clear that in the context of risk, countries and regions should, in conjunction with FATF organizations, propose anti-money-laundering controls on virtual currency to prevent or reduce the risk of money-laundering and terrorist financing associated with the payment of products and services by virtual currency.

（一）在国家和监管部门层面的应用。开展风险评估工作。反洗钱监管部门应当对虚拟货币支付产品和服务开展风险评估，识别、掌握并且准确评估虚拟货币在境内可能存在的洗钱和恐怖融资风险。在风险为本的前提下，合理有效分配反洗钱和反恐怖融资监管资源，针对虚拟货币存在的洗钱和恐怖融资风险，采取与其风险相当的监管措施，对高风险领域采取更为严格的监管措施。

(i) Application at the national and regulatory levels. Risk assessment exercises. Anti-money-laundering regulators should conduct a risk assessment of products and services for the payment of virtual currency, identifying, mastering and accurately assessing the possible risk of money-laundering and terrorist financing in the territory of the virtual currency. Subject to the risk, reasonable and effective allocation of anti-money-laundering and anti-terrorist financing regulatory resources, taking regulatory measures commensurate with the risk of money-laundering and terrorist financing in the virtual currency, and taking stricter regulatory measures in high-risk areas.

建立健全相关合作机制。各国可以建立相关合作协调机制，确保反洗钱政策制定部门、监管部门、监督部门、金融情报部门以及执法部门能够有效的分工合作，其他职能部门能够以此制定并执行有效的风险防范措施。

Establish sound mechanisms for cooperation. States may establish mechanisms for coordination of cooperation to ensure that anti-money-laundering policy-making, regulatory, supervisory, financial intelligence and law enforcement authorities work together effectively and that other functional units develop and implement effective risk prevention measures.

运用许可或登记注册手段。由于虚拟货币交易所通过互联网实现资金的数字化转移，不受领土区域的限制，而且接受虚拟货币服务的人也不一定真实存在。因此，各国应采取许可或登记注册的方式，确保义务主体在反洗钱和反恐怖融资监管要求下开展虚拟货币支付服务。

As virtual money exchanges digitize money transfers via the Internet, they are not restricted to territorial areas, nor are the recipients of virtual money services necessarily real. States should therefore take the form of licensing or registration to ensure that subjects of obligation carry out virtual money payment services under anti-money-laundering and anti-terrorist financing regulatory requirements.

对新产品、新业务实施风险评估。各国应当识别、评估各项新产品和新业务发展过程中可能存在的洗钱和恐怖融资风险隐患。同时，金融机构在推出新产品、新业务、使用或开发新技术之前，确保已被授权或者是在其权责范围内采取了相应的风险管控措施，降低新产品、新业务可能带来的洗钱风险。

Countries should identify and assess the potential risks of money-laundering and terrorist financing in the development of new products and operations. At the same time, financial institutions, before introducing new products, operations, use or development of new technologies, should ensure that appropriate risk controls are in place to reduce the risk of money-laundering associated with new products and operations.

建立国家关于电汇的要求。各国必须确保虚拟货币交易所在通过电汇的方式为客户转账时，必须附加电汇发起人和实际受益人的基本信息。各国可以设定跨国电汇金额的阀值，最高不得超过1000美元/欧元，同时，保证金融机构在对虚拟货币资金监测时，及时对缺少发起人、受益人基本信息的交易采取合理的处理措施。

Countries must ensure that virtual money exchanges, when transferring money to customers through wire transfers, attach basic information about the originator and the actual beneficiary of the wire transfer. Countries can set a threshold for cross-border wire transfers up to a maximum of US$ 1,000/euro, while ensuring that financial institutions take timely and reasonable measures to deal with transactions that lack basic information about the originator and beneficiary when monitoring virtual currency funds.

对虚拟货币实体机构实施监督和管理。各国应当对在虚拟货币和法定货币间充当接口功能的虚拟货币交易所给予充足的外部监督和管理。

Monitor and regulate virtual money entity institutions. Countries should provide adequate external oversight and management of virtual currency exchanges that function as interfaces between virtual and legal currencies.

实施有效合理的惩戒措施。各国应当针对FATF建议 所涉及的自然人和法人，在违反了反洗钱和反恐怖融资相关规定的前提下，给予其有效、适当和劝诫性的刑事、民事或行政处罚。但由于现阶段，虚拟货币支付产品和服务大多数是匿名交易，为执法追查虚拟货币非法所得带来很大难度。各国可以通过运用许可或登记注册、客户真实身份核查、交易记录的保存等手段，为实施有效合理的惩戒措施提供有效途径。

States should provide effective, appropriate and dissuasive criminal, civil, or administrative penalties for natural and legal persons involved in the FATF proposal, in violation of the relevant provisions on money-laundering and counter-terrorism financing. As at this stage, virtual currency payment products and services are mostly anonymous, making it difficult for law enforcement to trace illicit proceeds of virtual currency.

配合开展反洗钱国际合作。各国应当提供高效、有效的国际协作，帮助其他国家打击洗钱、恐怖融资以及其他上游犯罪活动，如提供司法互助、辅助身份识别、资金冻结、可疑人员追捕、没收可能以虚拟货币形式存在的赃款或作案工具。建立为虚拟货币洗钱及恐怖融资定罪的法律框架，确保国家间的司法互助得以实现。

States should provide efficient and effective international collaboration to assist other States in combating money-laundering, terrorist financing and other predicate criminal activities, such as mutual legal assistance, auxiliary identification, freezing of funds, pursuit of suspicious persons, confiscation of stolen funds or criminal instruments that may exist in virtual currency.

（二）在实体层面的应用。根据风险状况开展客户尽职调查工作。根据FATF组织2013年6月的《新型支付工具和服务指引》中介绍的最佳实践建议，反洗钱义务主体开展客户尽职调查手段包括：从第三方数据库或从其他信息源获取可靠的信息，证实客户之前提供身份信息的真实性，如身份号码，对客户的交易IP地址实施追踪，以及在保证数据获取方式符合国家隐私法规定的前提下，从互联网站搜索能够证实客户交易和客户活动相符的相关信息。

(ii) Application at the entity level. Client due diligence is performed on the basis of risk status. According to the best practice recommendations presented in the FATF's June 2013 Guidelines for New Payment Tools and Services, AML obligors conduct customer due diligence by obtaining reliable information from a third-party database or from other information sources to confirm the authenticity of previous identification information provided by the client, such as identification numbers, tracking the customer's transaction IP address, and searching from an Internet site for relevant information that can confirm the compatibility of client transactions with client activities, provided that the data is obtained in a manner consistent with national privacy laws.

遵守交易记录保存和可疑交易报告义务。依照FATF第20条建议，义务主体应当履行交易记录保存和可疑交易报告义务。金融机构和特定非金融机构应当维护交易记录，包括：识别交易主体的信息、公共密钥、地址或者涉及的账号、交易性质和日期和资金转移金额。虚拟货币支付服务机构应当对可疑交易活动实施监测，关注可疑交易活动可能涉及的犯罪类型。

Financial institutions and specific non-financial institutions should maintain records of transactions, including information identifying the subject of the transaction, public keys, addresses or accounts involved, the nature and date of the transaction and the amount of funds transferred.

对新产品、新业务实施风险评估。包括虚拟货币交易所在内的反洗钱义务主体应当识别、评估新产品、新业务以及新交割机制的发展和新产品、现有产品中新技术或研发中技术的应用可能带来的洗钱与恐怖融资风险。上述实体应根据评估结果，在新产品、开展新业务以及应用新技术前，采取适当措施管理和降低洗钱和恐怖融资风险

Risk assessment of new products, new operations. Subjects of anti-money-laundering obligations, including the virtual currency exchange, should identify, assess the risks of money-laundering and terrorist financing that may arise from the development of new products, new operations and delivery mechanisms, the application of new technologies in existing products or in research and development. The above entities should take appropriate measures to manage and reduce the risk of money-laundering and terrorist financing before new products, new operations and the application of new technologies.

四、我国加强虚拟货币反洗钱监管对策

IV. Strengthening our anti-money-laundering regulatory response to the virtual currency

（一）完善法律法规及配套反洗钱监管制度。加快虚拟货币的反洗钱立法，将以比特币为代表的虚拟货币支付纳入现有反洗钱、反恐怖主义融资等监管框架，制定相应的法律法规来规范虚拟货币市场。建议人总行出台我国的虚拟货币反洗钱监管标准，通过法律明确规定比特币交易平台要根据反洗钱工作要求履行客户身份识别、交易记录保存和可疑交易报告等义务，制定虚拟货币洗钱风险评估标准。根据风险评估的结果，对辖内开展虚拟货币支付服务业务的实体机构实施与其风险相对称的监管措施，确保隐形金融市场和有形金融市场的正常秩序。

(i) Improvement of laws and regulations and the accompanying anti-money-laundering regulatory regime. Expedited anti-money-laundering legislation will incorporate the virtual currency payments represented by Bitcoin into the existing regulatory framework for anti-money-laundering, counter-terrorism financing, and develop corresponding laws and regulations to regulate the virtual money market. It is recommended that the General Directorate should introduce our national standards for the regulation of money-laundering in virtual currency.

（二）强化准入管理，严格落实实名制和交易记录保存制度。一是以交易平台登记注册为重点，在设置准入门槛时全面考虑其必须履行的反洗钱义务。建议主管部门在交易平台准入阶段，根据机构的资本规模、经营状况、资信等级、内部制度、反洗钱领导小组、可疑交易的监控和报送等因素决定是否批准其经营虚拟货币业务。二是对申请购买、兑换、交易虚拟货币的客户身份信息、资信状况做必要的了解和审核，核实和记录其客户的身份。三是对网络服务器上发生的每一起超过一定金额的交易，交易平台都应当在一定时期内保存，保存对象包括交易时间、交易对象、交易金额等。四是推广和加强数字证书和电子签名。加强对用户的身份认证，提高网上交易的真实性，减少虚假交易。

(ii) Enhanced access management and strict enforcement of systems for the maintenance of real names and transaction records. First, focusing on the registration of trade platforms, the entry thresholds are set with a view to taking full account of the anti-money-laundering obligations that they are required to fulfil. It is recommended that the competent authorities, at the stage of access to the transaction platforms, decide whether to authorize the organization to operate a virtual currency operation, depending on the size of the institution, its business situation, its credit rating, its internal system, its anti-money-laundering leadership group, the monitoring and reporting of suspicious transactions, etc. Second, to make the necessary knowledge and review of the identity, the status of the customer requesting the purchase, exchange, the trading virtual currency, and to verify and record the identity of its client. Third, for every transaction occurring on a web server that exceeds a certain amount, the transaction platform should be kept for a certain period of time, including the time of the transaction, the subject of the transaction, the amount of the transaction, etc. Fourth, is to promote and enhance the authentication of users, improve the authenticity of online transactions and reduce the number of fraudulent transactions.

（三）建立协调顺畅的合作机制。一是建议监管部门积极开展风险研究，及时评估虚拟货币对我国金融体系安全现实与潜在影响，并根据需要采取必要监管措施。二是建立互相配合的工作机制。由于虚拟货币涉及的领域较广，需要各相关部委共同密切关注和研究，形成通力合作、协调沟通的工作机制。三是建议人民银行总行联合人民币互换的主要经济体，就以比特币为代表的跨国虚拟货币监测监管达成一致，为投资者提供健康发展环境。

(iii) Establishment of well-coordinated cooperation mechanisms. First, it is recommended that the regulatory authorities actively undertake risk studies to assess in a timely manner the real and potential impact of virtual currency on the security of our financial system and to take the necessary regulatory measures, as required. Second, that they establish working mechanisms for complementarity. Given the wide range of areas covered by virtual currency, there is a need for close attention and research by the relevant ministries to develop working mechanisms for joint cooperation and coordinated communication. Third, it is recommended that the main economies where the Central Bank of People's Banks shares the renminbi, agree on transnational virtual currency monitoring regulations, as represented by bitcoin, to provide investors with a healthy development environment.

（四）加大科技投入，落实可疑交易报告制度。一是明确限制虚拟货币的用途和使用方式，对安全度不高的交易应该采取限制网上交易金额和次数的方法，限制此类交易的网络资金转移数量。二是同步研发反洗钱业务监控系统和建立电子银行业务支付交易自动报告系统，对虚拟货币账户的流通速度、诚信水平等进行定期考核和评价。三是加大科技投入力度，通过跟踪网上活动留下的IP地址、聊天记录、服务器和域名租用信息等，对超过规定金额以上的交易，或者源头和去向出现异常情况的交易进行可疑交易报送。四是定期进行账单分析，结合交易发生的时间节点资金数量与流向进行分析，通过数据挖掘、数据碰撞、黑名单比对等方式进行比对分析，从而找到可疑交易线索。

(iv) Increased scientific and technical input for the implementation of suspicious transaction reporting systems. First, explicit restrictions on the use and usage of virtual currency should be introduced to limit the amount and frequency of online transactions with low security and limit the number of financial transfers to such transactions. Second, the simultaneous development of the anti-money-laundering monitoring system and the development of an automated electronic banking reporting system for payment transactions, which periodically evaluates and evaluates the speed of circulation, integrity, etc. of virtual currency accounts. Third, greater scientific and technological input should be made to identify suspicious transactions by tracking IP addresses, chat records, servers and rental of domain names left by online activities, or by reporting transactions above the prescribed amount or at source and to transactions with unusual circumstances. Fourth, regular bill analysis is carried out, taking into account the amount and flow of funds at time points where transactions take place, comparing them with data mining, data collisions, black lists, etc.

（五）开展反洗钱领域的跨国合作。虚拟货币交易及支付具有全球化的特征，其所可能导致的跨国洗钱、恐怖主义融资等问题也非单独一国可以解决，所以虚拟货币的监管不能完全孤立于我国境内，而是应与国外官方监管机构开展广泛的合作，吸收经济发达国家已取得的先进监管经验，并实现监管信息的共享、监管程序的衔接，从而更有效地达到监管目标。

(v) Transnational cooperation in the area of anti-money-laundering. Virtual currency transactions and payments have the characteristics of globalization, which may lead to problems such as transnational money-laundering, terrorist financing, etc., which cannot be solved by a single country, so that the regulation of virtual currency cannot be completely isolated from our national territory, but should be carried out in broad cooperation with official regulatory bodies abroad, drawing on the advanced regulatory experience acquired by economically developed countries and linking regulatory information-sharing and regulatory procedures in order to achieve more effective regulatory objectives.

参考文献

References

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[3]张远.加强我国网络虚拟货币监管的思考[J].西部金融，2010，（5）：38-39。

[3] Zhang Wan... Thinking about strengthening our network of virtual money regulation [J]. West Finance, 2010, (5): 38-39.

[4]郑书雯.基于P2P网络Bitcoin虚拟货币的信用模型[J].信息安全和通讯保密，2012，（3）：72-75。

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电子货币的风险研究篇5

关键词：数字货币；支付结算

Keywords: digital currency; payment settlement

中图分类号：F830.31 文献标识码：B 文章编号：1674-0017-2016（11）-0058-04

Central Chart Classification Number: F 830.31 Bibliography ID Code: B Articles No: 1674-0017-2016 (11)-0058-04

一、数字货币的概念及现状

I. THE CONCEPT AND STATUS OF DIGITAL MONEY

（一）数字货币的概念

(i) The concept of digital currency

自2016年初中国人民银行数字货币研讨会召开以来，央行数字货币引起了国内学术界和有关业界的广泛关注。目前，数字货币并没有统一的学术定义。根据维基百科的网络定义来看，数字货币是依靠校验和密码技术来创建、发行和流通的电子货币。数字货币技术彻底摆脱了传统货币使用的技术，完全使用基于互联网的一系列技术手段，包括区块链技术、密码算法技术等，以确保数字货币在网络上可以畅通无阻地使用。这个定义显然更侧重于互联网技术上的定义，在法学上对数字货币进行界定还存在一些障碍。在法学定义中，货币是一种动产，由国家发行，货币单位依基准定值的一种普遍的交易手段，具有法定唯一性、国家信用性和高度流通性三大特点。央行调查统计司司长盛松成在2016年6月24日召开的首届大数据金融论坛上公开表示，从货币的本质看，在现代信用货币体系中，只有国家发行的数字货币才是真正的货币。同时，盛松成认为，与现有电子形式的本位币不同，未来的央行数字货币将可能是基于区块链技术、具有分散式账簿特点的本位币，并涉及包括移动支付、可信可控云计算、密码算法、安全芯片等在内的其他相关技术。此外，周小川也表示，中国数字货币的发行、流通和交易，应当遵循传统货币与数字货币一体化的思路，实施同样原则的管理。因此，本文讨论的数字货币是狭义的数字货币，特指由国家发行的数字化的货币形式。

Digital currency, according to Wikipedia’s web definition, is an electronic currency created, distributed and circulated by means of verification and password-based technology. Digital money technology is completely removed from traditional currency use, using a full range of Internet-based technical tools, including block-chain technology, cryptographic technology, etc., to ensure that digital money can be used unhinderedly on the Internet. This definition clearly focuses more on the technical definition of the Internet, and there are some obstacles in the legal definition of digital currency.

（二）数字货币的现状

(ii) Status of digital currencies

就目前来看，大多数数字货币的体量较小，现今的数字货币市场仍以Bitcoin为主，但Ethereum、Ripple、Litecoin、Ethereum Classic等也占据了一定的市场份额。尤其是被誉为Bitcoin 2.0的Ethereum，其作为新型数字货币，现已超越Ripple和Litecoin成为全球第二大数字货币。在众多的数字货币中，市值超过一亿美元的数字货币有四家，市值超过一千万美元的数字货币有24家。以市值排名前五的数字货币为例，截至2016年10月份相关数据如下：

At present, most of the digital currencies are smaller in size, and the digital currency market is still dominated by Bitcoin, but Etherum, Ripple, Litecoin, Etherum Classic, among others, also accounts for a certain share of the market. In particular, Etheeum, known as Bitcoin 2.0, is now the second largest digital currency in the world as a new digital currency. Four of the many digital currencies have a market value of more than $100 million, and 24 have a market value of more than $10 million.

由上述数据可知，Bitcoin始终是数字货币的主流，其交易数据等信息也相对容易获得，而其他体量较小的数字货币则很难获得相关交易数据。值得注意的是，Bitcoin仅在2016年10月16日单日的过去24小时交易量就已高达3789.78万美元。另外，根据coinbase的数据，2015年Bitcoin日均交易量高达20万笔，较2014年上涨了136%。可见，数字货币正在逐步替代纸币的支付功能。然而，考虑到数字货币作为新生事物仍存在很多不成熟之处，很可能会给我国的支付体系带来诸多不利影响，因此有必要在全面广泛推行数字货币之前对其与支付的关系进行梳理研究。

It is clear from the above data that Bitcoin has always been the mainstream of digital currencies, with information such as transactional data being relatively easy to obtain, while other smaller digital currencies have difficulty in obtaining transactional data. It is worth noting that Bitcoin’s transactions in the last 24 hours on 16 October 2016 alone have amounted to $37,897,000.

二、数字货币与支付的正向关系

II. The positive relationship between digital currency and payments

（一）数字货币可促成更为经济、高效的支付体系

(i) Digital currencies can lead to more economical and efficient payment systems

与传统纸币相比，发行数字货币能有效降低货币发行、流通成本，提高经济交易活动的便利性和透明度，同时数字货币也会改造传统的支付清算流程。数字货币运用区块链技术，进行自动化、智能化处理，实现实时验证和审批，将极大减少投入，提高工作效率；利用技术的公正性和不可篡改性，能大大减少人为操作的失误和事务处理的纠纷。其一，在发行环节，数字货币不需要支付实体货币发行所需要支付的成本；其二，在交易环节，数字货币完全使用电子方式记账，不需要建立和维护个人账户；其三，数字货币交易账簿唯一且不需要货币清算，减少了实体货币交易中的环节，从而降低了交易成本。

The issuance of digital currency can effectively reduce the cost of issuing, circulating, and improving the ease and transparency of economic transactions compared with traditional banknotes. Digital currency uses block-chain technology, automated, intelligent processing, real-time validation and approval, which greatly reduces input and improves efficiency; the use of technological fairness and inflexibility can significantly reduce human-induced failures and transactional disputes. First, in the distribution chain, digital currency does not have to pay for the costs of issuing the entity’s currency; second, in the transaction chain, digital currency is fully recorded electronically and does not require the establishment and maintenance of personal accounts; and third, the digital currency transaction log is the only one that does not require the liquidation of the currency, reducing the link in the entity’s currency transactions, thereby reducing transaction costs.

如果银行或其他实体同意使用一个不需要中央银行记录的公共账户，并允许每家银行持有一份分布式总账副本，国内和跨境转账汇款都通过区块链技术使用数字货币点对点进行，则结算可能不再需要中央银行经营的账户，一方面将减少央行的成本和维护费用，另一方也将改变监管形态。中央银行将由支付服务的直接提供者，转变为支付行为、支付安全的监管者、保障者，监管对象从有限的大型的分中心（商业银行）转向无数个体交易者，监管技术和手段的要求更高，维护金融安全的责任更加重大。也就是说，未来的央行数字货币可实现“点对点”支付结算，不需要借助第三方中心化机构，这将有助于我国建设全新的金融基础设施，进一步完善我国支付体系，提升支付结算效率。

If banks or other entities agree to use a public account that does not require central bank records and allow each bank to hold a copy of the distributed general account, and if domestic and cross-border transfers of remittances are carried out at points through block-chain technology using digital money points, the settlement of accounts operated by the central bank may no longer be needed, while the cost and maintenance costs of central banks will be reduced and the other will change the regulatory pattern. The central bank will be transformed from a direct provider of payment services into a regulator of payment behaviour, payment security, guarantors, regulators from a limited number of large sub-centres (commercial banks) to numerous individual traders, and regulatory techniques and instruments will be more demanding, with greater responsibility for financial security. That is to say, future central bank digital currencies will be able to make “point-to-point” payments, without the need to use third-party centralization institutions, which will help the country to build a completely new financial infrastructure, further improve our payment system and improve the efficiency of payment settlements.

（二）数字货币有利于支付活动的全球化

(ii) Digital currencies conducive to the globalization of payment activities

数字货币是在全球化超级数据库系统中产生、流通的，由分布在全球各地的各节点和参与者共同认证，不受国域、地域限制，具备天然的国际货币属性。随着跨境电子商赵谌球的发展，国与国之间大宗商品的支付，极有可能由主流的数字货币完成。众所周知，跨境电商面临的难题之一就是“跨境支付”问题，其涉及到外汇管制、跨境物流配送、出入境海关查验、网上交易的监管条件等。目前，跨境支付渠道都掌握在国外金融大鳄Visa、Master手中，中国银联虽然已经在海外开拓，但基于传统的金融协议跨境支付手续费高昂，同时由于国际间的汇款一般至少在3天之内，各种不可预测因素一直令外贸商家头痛不已。而数字货币则可利用P2P网络的跨国界性，实现转账的瞬间到达，而且费用低廉。数字货币可充当各国货币的媒介，其最终将起到“国际物联网、贸易间的结算、结汇”的作用。数字货币有利于制造全球化的快流通，并且流通领域愈大、范围愈广其适用价值愈高。在当前经济全球化背景下，全球贸易加速发展，交易的规模和频繁程度使得数字货币的应用具有较强的经济价值。

It is well known that one of the challenges faced by cross-border consumers is the problem of “cross-border payments” involving foreign exchange controls, cross-border logistics distribution, customs clearance of entry and exits, and regulatory conditions for online transactions. At present, cross-border payment channels are in the hands of foreign financial giants Visa, Master, while China’s silver union, which has developed overseas, is highly expensive to pay across borders on the basis of traditional financial agreements, and because international remittances generally remain unpredictable for at least three days.

（三）数字货币支付有利于降低监管成本

(iii) Digital currency payments contribute to lower regulatory costs

数字货币在技术上记录了货币整个生命周期的关键信息，其基于分布式记账，资金流向可追溯、交易信息可永久保留，每个交易行为的来龙去脉都得到清晰记载，监管人员可能无需到现场检查，在后台就能跟组监督资金的流向，提高反洗钱、反恐等监管工作的效率和精确度。也就是说，数字货币可以记录包括货币产生、支付原因、支付路径等交易信息，数据的完整和开放，解决了信息不对称的问题，可以帮助企业和机构从中找到具有价值的信息，在一定程度上提升社会交易的公平和效率，调节资源配置，节约社会资源。

Digital money technically records key information throughout the currency’s life cycle, based on distributed accounting, financial flows traceable, transactional information permanently maintained, the context of each transaction is clearly documented, and regulators may be able to monitor the flow of funds without having to go on-site, backstage, and improve the efficiency and accuracy of regulatory efforts such as anti-money-laundering and counter-terrorism. That is, digital money can be recorded, including information on transactions such as currency generation, the reasons for payment, payment routes, data integrity and openness, resolving information asymmetries that can help enterprises and institutions to find valuable information from it, to some extent improving the fairness and efficiency of social transactions, regulating resource allocation and saving social resources.

（四）数字货币支付有利于推动共享金融发展

(iv) Digital currency payments are conducive to shared financial development

无论是技术还是制度层面，数字货币都契合了共享金融的核心理念。首先，数字货币无需通过金融中介机构就能进行远程交易，还能和互联网、物联网等各类现代技术对接，配合日新月异的移动技术，显著提升金融服务的覆盖面和便利性。其次，基于数字货币的金融服务具有“海量交易笔数、小微单笔金额”的小额、便捷等特征，在便民服务领域具有突出的优势，填补了传统金融服务的空白，满足大众对业务融合、安全便捷、标准规范的高质量金融服务的要求。此外，数字货币还可有效解决互联网金融领域的信息不对等、暗箱交易和难于监管等问题，有助于互联网金融的发展，简化了数据处理的流程，更降低了保持数据一致性和交易可追溯性的成本，使得普通民众能够享受到金融发展带来的红利。

At both the technical and institutional levels, digital money fits the core concept of shared finance. First, digital money does not need to be traded remotely through financial intermediaries, it can also interface with modern technologies such as the Internet and the Internet, and the Internet, as well as Internet-based mobile technologies, and it significantly improves the coverage and accessibility of financial services. Second, digital-currency-based financial services have the characteristics of being small and easy to do with “big trades, small amounts of small amounts of small amounts” and have a strong advantage in the area of accessible services, filling the gaps in traditional financial services and meeting the demands of the general public for high-quality financial services that integrate, secure, and standardized.

（五）数字货币支付有利于创造新兴金融业态

(v) Digital currency payments are conducive to the creation of emerging financial regimes

数字货币的发行，可能会弱化银行的部分传统功能，将助力其开拓新业务领域。比如区块链技术的使用，使大量人力资源从琐碎的、操作性的工作中解放出来，从事智力密集、附加值高的工作。银行由资本运作的大中心，转变为服务导向型、产品特色型的新型金融机构。可以细分银行业务的各个传统领域，建立以客户体验为导向、以互联网低成本扩张为手段的业务模式，抓取被银行忽视或未能享受银行基础服务的客户群体。

The issuance of digital money may weaken some of the banking’s traditional functions and help it to open up new areas of business. For example, the use of block-chain technology frees up large numbers of human resources from petty, operational jobs and from intellectually intensive and value-added jobs.

三、数字货币与支付的反向关系

III. Reverse relationship between digital currency and payments

（一）数字货币可能会构成现金和银行存款的竞争压力

(i) Digital currencies may create competitive pressures on cash and bank deposits

如果允许个人和企业持有数字货币钱包，通过区块链技术进行点对点的实时交易，那么将大量压缩银行的支付业务生存空间和利润空间，并导致资金大幅流出银行系统。如果数字货币只是取代现金，没有利息，也不具备商业银行账户的任何功能，人们还是会把大部分钱存在商业银行。如果数字货币只是减少了对实物现金的需求，可能会令小额支付系统运行更高效；数字货币若仅局限于模仿现金的职能，它对纸钞需求量的影响可能要大于对商业银行存款的影响，其对宏观经济的影响就微乎其微了。但即便如此，现有银行存款仍会部分流失，数字货币与银行账户越相似，存款流失就越明显。这种存款流失呈逆周期变化，即市场融资承压时资金会流出银行，风险厌恶情绪低落时资金回流银行。存款从负债经营的商业银行移至中央银行会产生两个重要影响：一是存款会更安全；二是会削弱银行的信贷供给能力。当前，零售存款主要用于银行发放流动性贷款，而贷款无法在公开市场出售。如果此类账户大量同时关闭，银行将失去满足需求的流动性资金来源，从而更多依赖于资金批发市场，而危机时这一融资渠道被证明是相当不稳定的，其结果将是商业银行减少对实体经济的信贷供给。而央行的资产负债表上只有流动资产，现金不可能枯竭，因此不会遭遇挤提，这是问题的关键。

If individuals and businesses are allowed to hold digital money wallets and to conduct point-to-point transactions through block-to-point technology, the impact of digital money on bank deposits may be greater than the impact on bank deposits, and its impact on the macroeconomy. But even so, existing bank deposits will be partially lost, and the more similar they are to bank accounts, the more obvious they will be left in commercial banks.

（二）数字货币支付将衍生较大的支付风险

(ii) Greater risk of payment that will flow from digital currency payments

相对于现在的货币支付系统，数字货币系统有可能会面临更多的风险，特别是来自互联网的危险，例如黑客的入侵，数据混淆等。传统的货币系统是一个封闭系统，可通过一些安全手段隔离了外界威胁，然而数字货币系统有可能是一个开放系统，其将直接面对外部的安全威胁。通常情况下，数字货币会存储在具有保护数字现金安全功能的数字钱包中，而数字钱包则一般会利用加密工具来保护数字现金。但问题是，一旦密码被盗，数字货币就很可能会被盗走。再者，大多数的数字货币模仿现金交易，具有相对匿名性的特点，而且支付一旦确认其操作一般是不可撤销的，从而导致如若丢失则很难追回的窘境。而且，目前我国对数字货币交易各方当事人的权利义务并没有法律约束和明确规定，故而数字货币在欺诈、伪造、丢失或被盗的情况下，很可能无法清楚阐明责任问题。因此，在现有科技水平和机制下，相较纸币或以法币作为基准的电子货币，数字货币的支付风险会更大些。

As a rule, digital money is stored in digital wallets with the function of protecting digital cash security, while digital wallets typically use encryption tools to protect digital cash. But the problem is that, once passwords are stolen, digital money is likely to be stolen. And, again, most digital money mimics cash transactions with a relatively anonymous character, and payments, once they are confirmed that their operation is generally irrevocable, can lead to a dilemma that would be difficult to recover if lost.

（三）数字货币将产生一定程度的结算风险

(iii) A degree of settlement risk will arise in digital currencies

一方面，大多数数字货币支付机制表面上并不存在流动性或信用风险，但支付数字货币使用的第三方机构则需要管理数字货币和其他货币的流动性，这很可能将结算风险引入到支付系统中。也就是说，与数字货币相关的制度安排将带来一定程度的结算风险。另一方面，数字货币交易系统存在明显漏洞，易被不法分子利用。其一，数字货币资产无法与所有人建立强大的映射关系，钱包数据可被窃取或遗忘；其二，部分数字货币并非真正的开源，比如有的数字货币源代码掌握在数字货币运营商手中，这存在极大的道德风险，数字货币运营商有可能通过屏蔽部分 IP 地址的方式窃取投资者的数字货币。

On the one hand, most digital money payment mechanisms do not appear to have liquidity or credit risks, but third-party institutions that pay digital money need to manage the liquidity of digital and other currencies, which is likely to introduce the settlement risk into payment systems. That is, the institutional arrangements associated with digital money present a certain level of settlement risk. On the other hand, there are obvious loopholes in the digital currency trading system that can be easily exploited by outlaws. First, digital currency assets cannot establish a strong mapping relationship with everyone and wallet data can be stolen or forgotten; and, on the other hand, part of digital currency is not a real source, for example, the digital currency source code is in the hands of digital money operators, which poses a great moral risk, and there is the possibility that digital money operators can steal investors' digital currency by blocking the IP address.

（四）数字货币的稳定性直接影响其支付功能规模化的实现

(iv) The stability of digital currencies has a direct impact on the realization of the scalability of their payment functions

数字货币汇率不稳定、币值波动大，是数字货币支付功能规模化实现的最大障碍。币值的不稳定既会影响消费者持有数字货币的信心，也容易造成交易中的某方出现“隐性”损失，而这些都最终影响数字货币支付功能的实现及推广。

The volatility of the digital currency exchange rate and the volatility of the currency are the biggest obstacles to the realization of a digital currency payment function. Instability of the value of the currency can affect consumer confidence in holding the digital currency, as well as the risk of “hidden” losses on one side of the transaction, which ultimately affect the realization and diffusion of the digital currency payment function.

（五）数字货币将导致支付机制风险的转移

(v) Digital currency will lead to the transfer of risk from payment mechanisms

在传统的零售支付系统中，支付机制的风险通常是由金融机构承担的；而在数字货币机制下，支付机制的风险则由终端用户直接承担。值得一提的是，数字货币机制的操作风险程度绝大程度上取决于其机制的设计。

In traditional retail payment systems, the risk of payment mechanisms is usually borne by financial institutions; in the case of digital money mechanisms, the risk of payment mechanisms is borne directly by end-users. It is worth noting that the degree of risk associated with the operation of digital money mechanisms depends to a great extent on the design of their mechanisms.

（六）数字货币的成本优势较难延续

(vi) Cost advantages of digital currencies are more difficult to sustain

数字货币支付的突出优势之一在于支付成本较低，但伴随监管的强化、经营的推进以及外界的竞争，数字货币的成本优势能否延续值得关注。一是监管的强化会增加数字货币的经营成本，这部分成本将会被分摊到用户身上；二是数字货币与传统支付的成本累积过程与阶段不同，未来可能会面临网络管理成本和经营成本的增加，增长的成本也将会分摊到商家或者用户身上；三是传统支付面临竞争压力，也可能会降低收费或者吸收数字货币的技术，数字货币成本优势会被缩小。

One of the salient advantages of digital currency payments is that they are less costly to pay, but whether the digital currency’s cost advantage can be sustained with enhanced regulation, business progression, and outside competition is of concern. First, enhanced regulation will increase the cost of running the digital currency, which will be shared with users; second, unlike the cumulative cost processes and stages of the digital currency’s traditional payments, there may be an increase in network management costs and operating costs in the future, and the cost of the increase will be shared with businesses or users; and third, traditional payments will be subject to competitive pressures and may also reduce fees or absorb digital currency techniques, and digital currency cost advantages will be reduced.

全球经济带动了数字货币的形成和发展，而如何有效地促进数字货币的诞生以及更好的促使数字货币的长足发展将是今后研究的重点问题。作为支付系统与金融市场基础设施的监管者，以及支付系统研发和创新的催化剂，中央银行有责任提高支付系统的安全性和有效性。而央行推出并流通数字货币很可能会对线下传统支付清算和金融体系构成较大冲击。因此，数字货币的设计应立足经济、便民和安全原则，切实保证数字货币应用的低成本、广覆盖，实现数字货币与其他支付工具的无缝衔接，提升数字货币的适用性和生命力。

As regulators of payment systems and financial-market infrastructure, as well as catalysts for research and development and innovation in payment systems, central banks are responsible for improving the security and effectiveness of payment systems. The introduction and circulation of digital currencies by central banks is likely to have a greater impact on the down-line traditional payment clearing and financial systems.

参考文献

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The Research on the Relationship between Digital Currency and Payment

GUO Xiaomei

（Weinan Municipal Sub-branch PBC， Weinan Shannxi 714000）

Abstract：With the innovation of the information technology and the development of the sharing economy， that the digital currency has been derived and expanded has made the payment system， an important part of the financial infrastructure， undergo significant changes. In order to improve the security and efficiency of the payment system， the relationship between the digital currency and payment should be understood in advance. The study finds that there is a positive and reverse relationship between the digital currency and payment， that is to say， the development of the digital currency will bring new opportunities and challenges to the central bank’s payment system.

电子货币的风险研究篇6

关键词：电子货币法律性质发行监管风险防范

Keywords: regulatory risk protection in the legal nature of e-money issuance

随着电子商务的发展，作为电子商务支付手段之一的电子货币也得到广泛的应用。为了使电子货币在我国得到健全的发展，关于电子货币的若干法律问题，如对电子货币的法律性质的认定、如何确认电子货币发行主体、如何防范电子货币运行风险等问题都是我们亟需解决的问题。

As e-commerce develops, e-money is also widely used as a means of payment for e-commerce. In order for e-money to develop well in our country, a number of legal issues relating to e-money, such as the legal character of e-money, how to identify the issuer of e-money, and how to guard against the risk of its functioning, are issues that need to be addressed urgently.

电子货币的法律性质

Legal nature of electronic currency

电子货币目前没有一个统一的定义，一般是指以电子设备和各种交易卡为媒介，以计算机技术和通讯技术为手段，以电子数据形式存储，并通过计算机网络系统以电子信息传递形式实现流通和支付功能的非现金流通的货币。电子货币是以电子计算机技术为依托的一种新型的支付工具，具有支付适应性强、变通性好、交易成本低廉等优点。关于电子货币是否为货币的一种形态，在我国银行法中尚无明确规定。但根据电子商务在现实中的发展来看，我国实际上已经认可其作为货币的一种形态。电子货币与现有货币并不相斥，实际上电子货币是以现金、存款等货币的现有价值为前提，通过其发行者将其电子信息化之后制造出来的，从这个意义上讲，电子货币是以现有通货为基础的二次性货币。

There is currently no uniform definition of e-money, which generally refers to a non-cash currency in which electronic equipment and various trading cards are used as a medium, stored in the form of electronic data by means of computer technology and communication technology, and in which the circulation and payment functions are carried out through computer network systems in the form of electronic messages. E-money is a new type of payment instrument based on electronic computer technology, with the advantages of payment adaptability, adaptability, low transaction costs, etc. The form of e-money is not clearly defined in our banking law.

对电子货币发行主体的监管问题

Regulatory issues for the subject of electronic currency issuances

货币的稳定是一个国家金融秩序稳定的关键，各国对货币采取了严格的发行制度，大多由中央银行实施对货币的发行和监督管理。由于电子货币是货币的一种形态，所以金融监管部门也会加强对电子货币的监管。电子货币是以计算机为依托的无纸化交易，相对于传统货币而言，为中央银行实施金融监管带来更大的难度。针对电子货币的特点，笔者提出从以下方面实施对电子货币发行主体的监管。

Monetary stability is the key to the stability of a country’s financial order, with countries adopting strict monetary issuance systems, mostly regulated by central banks. Since e-money is a form of currency, financial regulators also strengthen the regulation of e-money.

对电子货币发行主体进行限定

Qualifying the subject of electronic currency issuance

目前，电子货币发行主体有银行、非银行金融机构和非金融机构。由于电子货币的发行相当于存款，一旦出现发行主体破产将直接损害用户的利益；同时，鉴于电子货币的高科技属性，如果过于限定电子货币的发行主体，则阻碍了民间对技术更新的积极性，会防碍电子货币的发展。基于不同的考虑，各国关于电子货币发行主体的规定各不相同。例如欧盟就对电子货币发行主体做出严格的限定，但是近几年来面对美国非金融机构在网络电子货币方面的竞争，欧盟也开始允许非金融机构可以作为电子货币的发行主体；美国基于本国的非银行机构能够得到比较有效的监管及在智能卡的发展方面远远落后于欧洲国家等原因，对电子货币发行主体采取一种较为宽松的规定，规定除银行外的其他民间机构也可以发行电子货币。在我国，虽然对于电子货币发行主体还没有明确的法律规定，但是在实践中中央银行、其他金融机构和非金融公司都拥有发行电子货币的权力。笔者认为，由于我国金融系统的监管能力较弱，为了确保发行者财务运作的健全和结算系统运行的安全可靠，防止侵害消费者利益的欺诈行为发生，以及防止恶性竞争和无秩序发行，应该明确规定，只有银行信用机构才能发行电子货币，而且关于电子货币的发行还应受有关国家货币政策的约束。只有在金融监管部门的批准与监督下银行之外的其他主体才能发行电子货币，并对其发行的电子货币进行更严格的监管。

At present, there are banks, non-bank financial institutions and non-financial institutions that issue electronic money. Since the issuance of electronic money is equivalent to deposits, the EU has in recent years begun to allow non-financial institutions to act as issuers of electronic money, to the direct detriment of users; and, given the relatively effective regulation of non-banking institutions in the United States and the fact that the development of smart cards lags far behind European countries, to adopt a more liberal regulation of electronic money-issuing entities, to prevent the issuance of electronic money by private institutions other than banks. In our country, while there is no clear legal provision for electronic money-issuing entities, in the face of competition between non-financial institutions and non-financial companies in the United States in the area of electronic money-issuing, the EU has also begun to allow non-financial institutions to act as issuers of electronic money.

要求电子货币发行主体缴存存款准备金

Reserve for deposit required to be paid by the main issuer of electronic currency

根据我国银行法相关的规定，商业银行等金融机构要将其吸收的存款总额中的相应比例，缴存中央银行。这笔上缴金额与存款总额之比，即为存款准备金率。但是我国目前没有相关的法律对电子货币发行主体缴存存款准备金的规定。由于实践中发行电子货币无需缴纳准备金，就对金融市场及电子货币用户产生以下的影响：

In accordance with the relevant provisions of our banking law, financial institutions such as commercial banks are required to deposit with the Central Bank a corresponding proportion of the total deposits they absorb. The ratio of such payments to the total deposits is the deposit reserve rate.

由于金融机构要缴纳准备金影响了其资本的扩张，为了避免这种不利的局面出现，必然会把发行大量电子货币作为其融资的手段，从而导致电子货币无限制的发行，引起通货膨胀和价格的波动。

In order to avoid the adverse situation in which financial institutions have to pay their reserves, which has an impact on the expansion of their capital, the issuance of large amounts of e-money is bound to be used as a means of financing, leading to unrestricted distribution of e-money and causing inflation and price fluctuations.

非银行金融机构及非金融机构本来相对于银行而言其信用及应付金融风险的能力较弱，如果对其没有准备金的规定，当出现风险时就可能出现支付不力的现象，从而造成金融市场混乱并给a电子货币用户利益带来损失。

Non-bank financial institutions and non-financial institutions would have had a weaker creditworthiness and ability to cope with financial risks vis-à-vis banks and, without provisions for them, might have suffered from poor payments in the event of risk, creating financial market disruptions and causing losses to the interests of a user of electronic currency.

笔者认为，根据电子货币的发行主体的风险系数及对其管理的难易程度，中央银行应制定不同的准备金比率。对金融机构发行的电子货币应与活期存款准备金相同或至少不应相差太多；而对于企业、大型超市等公司发行的电子货币，其信用及风险安全性不及金融机构，加之本身并不是金融机构，应制定较高的准备金比率，以限制信用的扩张。

I believe that central banks should set different reserve ratios based on the risk factors of the issuers of electronic currencies and the ease with which they can be managed. Electronic currencies issued to financial institutions should be the same as or at least not too different from those issued for demand deposits; and higher reserve ratios should be established to limit credit expansion in the case of electronic currencies issued by enterprises, large supermarkets, etc., whose credit and risk security are less favourable than that of financial institutions, and which are not themselves financial institutions.

对电子货币发行主体条件及投资限制的规定

Regulation of the main conditions for the issuance of electronic currencies and investment restrictions

电子货币发行主体的信用相对于传统货币的发行主体——中央银行而言要差的多，其存在的风险也必然要大的多。为了确保金融交易的安全、存款人的利益，中央银行要对货币发行主体进行严格审核。笔者认为，除了对准备金的要求不同以外，电子货币的发行主体都必须符合以下的要求：电子货币的发行人要有健全和适当的管理，有健全的财务；要接受中央银行的持续监管，及时向中央银行提供关于电子货币发行总量和其他跟货币政策有关的信息；对电子货币业务中涉及的所有风险进行持续有效的管理。

In order to ensure the security of financial transactions and the interests of depositors, central banks are subject to strict scrutiny of the issuers. In my view, the issuers of electronic currencies must meet the following requirements, apart from the different requirements for reserves: the issuers of electronic currencies must be sound and properly regulated and have sound finances; they must be subject to the continued supervision of the central bank by providing the central bank with timely information on the total volume of electronic currency issuance and other monetary policy-related issues; and all risks involved in electronic currency operations must be managed effectively and on a continuous basis.

电子货币的发行人是通过出售电子货币吸收资金进行投资，并在这两者之间获得利润和收益，这就涉及到把销售电子货币所得资金予以投资的问题。由于发行人从事电子货币业务承受较大的流动性风险，为了预防风险，确保发行人的稳健，保护支付系统的稳定和消费者的利益，笔者认为，应该对发行人投资活动予以严格的管制，发行人只能投资于高流动性和低风险的领域。

The issuer of e-money invests in, and earns profits and gains from, the sale of funds through the sale of e-money, which involves investing money from the sale of e-money. Since the issuer is exposed to greater liquidity risk, preventing risk, ensuring the safety of the issuer and protecting the stability of the payment system and the interests of consumers, I believe that the issuer’s investment activities should be strictly regulated and that the issuer can only invest in areas of high liquidity and low risk.

电子货币运行过程中的风险防范

Risk protection in the operation of electronic currency

由于电子货币是货币的一种形态，所以现阶段货币运行中货币的欺诈、洗钱等风险在电子货币运行过程中也会出现。由此，笔者提出防范电子货币欺诈、利用电子货币进行洗钱的设想，在此过程中还必须实现对电子货币使用者隐私权的法律保护。

Since e-money is a form of currency, the risks of currency fraud, money-laundering, etc. in currency operations at this stage also arise in the course of the operation of e-money. As a result, the idea of preventing e-money fraud and the use of e-money for money-laundering is advocated, and legal protection of the privacy of users of e-money must also be achieved.

关于电子货币欺诈的问题

Question of electronic currency fraud

欺诈的存在从根本上来说是由于货币本身所造成的，传统的支付工具如钞票、支票、信用卡、借记卡都存在着欺诈。基于维护支付系统的稳定及发行者在整个支付系统中的控制地位，往往由发行者承担欺诈的损失。

The existence of fraud is essentially due to the currency itself, and traditional payment instruments, such as banknotes, cheques, credit cards and debit cards, are subject to fraud. On the basis of maintaining the stability of the payment system and the issuer’s control over the payment system as a whole, it is often the issuer who bears the loss of fraud.

笔者在前文已经分析了电子货币也存在欺诈和伪造的可能。如果电子货币出现了欺诈和伪造，笔者认为，因欺诈而产生的损失的承担者也应是电子货币的发行主体。具体理由如下：从维护电子货币支付系统的稳定性出发，应是发行主体承担欺诈的损失。如果由接受电子货币的商户或个人来承担欺诈的损失，当电子货币出现欺诈时，就会导致所有电子货币持有人抢着去回赎电子货币以避免自己承担损失，这就会导致整个电子货币支付系统的混乱及瘫痪；电子货币发行人能最有效防止欺诈。发行人要么是开发电子货币产品及安全设施的机构，要么是同开发电子货币产品的厂商有直接合同关系的人，对于电子货币的安全负有直接的责任。为了减少欺诈损失，发行人会在发行技术上进行改善和提高，比如，降低电子货币的面值、生产出能够检验储值卡真假的“验卡机”等。

I have already analysed the potential for fraud and counterfeiting of electronic money. If there is fraud and counterfeiting of electronic money, I believe that the bearer of the loss due to the fraud should also be the issuer of the electronic currency. For the following reasons, the issuer should bear the loss of fraud for the sake of maintaining the stability of the electronic currency payment system. If the loss is borne by the recipient of the electronic currency, or by an individual, the issuer will be directly responsible for the security of the electronic currency. In order to reduce the loss of the electronic currency, the issuer will improve and improve its distribution technology by, for example, reducing the face value of the electronic currency and producing a “card machine” that can test the authenticity of the memory card.

对于电子货币欺诈的防范，笔者认为要设置一个中央处理器和数据库，追踪和记录电子交易，卖方能够迅速获得买方的有关信息比如买方的帐户余额，尽量减少电子货币的匿名性。由此，可以较大程度的防止欺诈。

With regard to the prevention of e-money fraud, I believe that by creating a central processor and database to track and record electronic transactions, the seller can quickly obtain information about the buyer, such as the balance of the buyer's account, and minimize the anonymity of the e-money. As a result, fraud can be prevented to a greater extent.

防范利用电子货币进行洗钱活动

Prevention of the use of electronic currency for money-laundering

电子货币洗钱是指通过电子货币的形式进行洗钱的行为。由于电子货币的发展还处于初期，所以电子货币洗钱尚处在理论探讨的层面。相对于对传统洗钱方式的控制与防范，法律对利用电子货币进行洗钱的控制存在以下的不足：现行法律只要求银行等金融机构对交易予以记录，并没有涉及到非金融机构。从前文可知，电子货币的发行主体包括银行、非银行的金融机构及非金融机构（如通讯公司、软件公司和其他技术厂家），由此，要求非金融机构对交易予以记录的规定则是现行法律的真空地带；加密技术的运用使得执法机构无法调查和惩治电子货币洗钱。

Electronic money-laundering is an act of money-laundering in the form of electronic money. Since the development of electronic money is still at an early stage, electronic money-laundering is still at the theoretical level. The control and prevention of traditional forms of money-laundering are limited by law to the following: financial institutions, such as banks, are required by law to record transactions and are not involved with non-financial institutions. As previously known, the issuers of electronic money include banks, non-bank financial institutions and non-financial institutions (e.g., communication companies, software companies and other technology manufacturers), so that the requirement for non-financial institutions to record transactions is a vacuum in the law in force; the application of encryption technology makes it impossible for law enforcement agencies to investigate and punish money-laundering in electronic currency.

为了能更有效的防范电子货币洗钱，针对以上存在的不足，笔者认为应该从以下两个方面予以完善：第一，修改现行法律，要求所有的电子货币发行主体（包括非金融机构）都必须对有关国内和国际的电子货币的转移保持相关的交易记录；第二，政府建立一个独立的机构，对所有公众使用的密匙进行托管。政府管理部门应该在遵守一定的执法程序，持有有关的证明文件后从管理密匙的机构那里取得公众使用的私人密匙，从而实现执法机构电子货币洗钱的追踪和惩治。

In order to be more effective in preventing money-laundering in electronic currency, the following two aspects should be addressed: first, amending existing legislation to require that all issuers of electronic currency (including non-financial institutions) maintain records of transactions relating to the transfer of national and international electronic currency; and second, that the Government establish an independent body to hold the keys used by all the public. The executive branch of government should comply with certain enforcement procedures and obtain private secret keys used by the public from the agency that manages the keys after holding the relevant supporting documents, thus enabling law enforcement agencies to track and punish money-laundering in electronic currency.

对电子货币使用者隐私权的保护

Protection of the privacy of electronic currency users

为了电子货币交易市场的稳定，防范电子货币运行过程中的风险，笔者提出设置一个中央处理器和数据库，追踪和记录电子交易、建立一个独立的机构，对所有公众使用的密匙进行托管等设想，但是，如果不在法律上对这些做法予以约束，在某种程度上会侵犯用户的隐私权。用户的信任是电子货币机制生存的最重要的前提，如果用户在使用电子货币时隐私被不当披露，就会导致用户对使用电子货币产生信任危机，从而最终导致电子货币系统的波动。为了实现对电子货币使用者隐私权的保护，笔者提出以下的设想：

In order to stabilize the e-money exchange market and to guard against risks in the operation of e-money, the author proposes the creation of a central processor and database to track and record electronic transactions, the establishment of an independent body to host all keys used by the public, etc., but, if these practices are not legally regulated, to some extent infringes on the privacy of users. The confidence of users is the most important prerequisite for the survival of the e-money mechanism, and if users'privacy is improperly disclosed in the use of e-money, it leads to a crisis of confidence in the use of e-money, ultimately leading to fluctuations in the e-money system. In order to achieve the protection of the privacy of users of e-money, I propose the following:

首先，应该明确规定有权取得交易记录和私人密匙的机构。笔者认为并不是所有的机构都可以查看交易的记录及获得私人密匙，对这类机构应该严格限定在有关的政府部门及司法机关。

First, there should be a clear definition of the institutions that have the right to access records of transactions and private keys.

其次，明确界定取得交易记录和私人密匙的条件。为了避免上述机构随意取得交易记录和私人密匙，上述机构要实施以上的行为还必须符合相应的条件。

Second, the conditions for obtaining records of transactions and private keys are clearly defined. In order to avoid the free access of the above-mentioned institutions to records of transactions and private keys, the above-mentioned institutions must also comply with the conditions for carrying out the above-mentioned acts.

最后，电子货币使用者有请求救济的权利。用户可以在以下事由出现后获得救济：如果上述机构把取得的交易记录和私人密匙不当向外披露，或者上述机构采用非法的手段取得数据或信息，或者对交易予以记录的机构和掌管私人密匙的机构为谋取不当利益非法披露用户的数据及信息等，用户可以提讼要求停止侵害、赔偿损失等。

Finally, an electronic currency user has the right to seek relief. A user may seek relief if the above-mentioned institution improperly discloses the record of the transaction and the private key, or if the above-mentioned institution uses illegal means to obtain data or information, or if the agency recording the transaction and the agency in charge of the private key illegally discloses the data and information of the user for improper benefit, etc.

参考资料：

References:

1.朱伯玉，《关于电子货币的法律问题》，《法学杂志》，2002年第1期

Maggie, Legal Aspects of Electronic Currency, Journal of Jurisprudence, No. 1, 2002

2.王媛媛、刘红，《西方国家电子货币的监管及其对我国的启示》，《湖北社会科学》，2003年第8期

Wang Jing, Liu Hong, Regulation of the Electronic Currency of Western Countries and its Apocalypse to Our Country, Hubei Social Sciences, No. 8 of 2003

3.刘宝，《电子货币引发的若干法律问题初探》，《福建行政学院福建经济管理干部学院学报》，2003年增刊

3. Liu Po, “Preliminary exploration of selected legal issues arising from electronic currency”, Fujian School of Administration, Fujian School of Economic Management, Supplement, 2003

4.杨路明、陈鸿燕，《电子货币对中央银行货币改革的影响及对策》，《财经问题研究》，2002年第8期

4. Yang Luming, Chen Hung Yin, The Impact of Electronic Currency on Monetary Reforms in Central Bank and Policy Responses, Financial and Economic Studies, No. 8 of 2002

电子货币的风险研究篇7

关键词：虚拟货币；消费刺激效应；参考点；损失厌恶；现金偏好

Keywords: virtual currency; consumption stimulus effects; reference points; loss aversion; cash preferences

中图分类号：F8309文献标识码：A

Central Chart Classification Number: F8309 Document Identification Code: A

文章编号：1000176X（2015）11001107

Article number: 1000176X (2015) 11001107

一、引言

Introduction

随着互联网应用的深度发展与电子支付结算技术的成熟，虚拟货币越来越普及，在经济活动中扮演着越来越重要的角色。而目前对虚拟货币的研究多集中在概念的界定与辨析、对传统货币理论的影响、对真实货币体系的冲击、金融监管、税收征管和消费者采纳行为等方面，较少涉及虚拟货币消费行为研究。关于虚拟货币对消费的影响，主要有三种观点：一是电子化形式带来的好处，包括支付结算快，避免找零、遗失和假币等问题，增加了人们的使用意愿。二是认为商家可通过改善技术，采纳相关因素，提高虚拟货币的使用意愿，进而增加消费[1-2-3]。三是认为商家利用虚拟货币实施丰富灵活的营销策略，从而促进人们消费[4-5]。

Research on virtual currency now focuses mostly on conceptual definition and diagnosis, the impact on traditional monetary theory, the impact on real monetary systems, financial regulation, tax administration, and consumer adoption behaviour, to a lesser extent on virtual currency consumption behaviour. There are three main views on the impact of virtual currency on consumption: first, the benefits of electronicization, including rapid settlement of payments, avoidance of zero, loss, and counterfeit currency, increase people’s willingness to use it. Second, business interests can increase consumption by improving technology, adopting relevant factors, and increasing the willingness to use virtual currency, [1-2].

然而上述研究未涉及三个问题：首先，电子化的便利性并非虚拟货币特有的，以银行卡为代表的电子货币有相同的特点，虚拟货币对刺激消费的独特作用有待挖掘。其次，使用意愿的提升仅代表消费者的支付方式上的选择，并不意味会因此增加消费，虚拟货币对刺激消费的真实效果有待考察。最后，通过营销策略实现的消费增加归根结底是由于营销因素，而虚拟货币可能对营销效果有调节作用，也可能有直接促进消费作用，需进一步研究。为此，李琪和李佩[6]通过实验证明了虚拟货币在刺激消费上有独特作用，即消费溢出效应。本文在已有研究的基础上，进一步探讨这种刺激效应的影响因素及作用机理，并通过一系列的实验室实验验证理论结果，以期为后续的研究作铺垫。

However, the above-mentioned study does not address three issues: first, the ease of electronicization is not unique to virtual currencies, which have the same characteristics as electronic currencies represented by bank cards, and the unique role of virtual currencies in stimulating consumption remains to be explored. Second, the increased use of will represents only consumer choice in the way consumers pay, and does not imply an increase in consumption, and the real effects of virtual currencies in stimulating consumption are yet to be examined. Finally, the increase in consumption achieved through marketing strategies is ultimately due to marketing factors, and virtual currencies may be able to regulate marketing effects and may have a direct contribution to consumption, which requires further study. For this reason, Li Qi and Li Pei[6] have demonstrated by experimenting that virtual currencies have a unique role in stimulating consumption, that is, consumption spillover effects.

二、理论分析

II. Theoretical analysis

1虚拟货币与流动性折损

1 Virtual currency and liquidity depreciation

虚拟货币的界定在学术界还存在争议，外延也不够清晰[7]，因此，学者们多根据论述需要使用工作定义。本文采用欧洲中央银行给出的官方定义：一种不受（货币当局）管制的、通常被制造者发行与控制，并在特定虚拟社区中被接受与使用的数字货币。见欧洲中央银行于2012年10月的研究报告《Virtual Currency Schemes》。根据与真实货币的流通关系，虚拟货币可分为三类：一是不流通，如游戏中的道具类货币、论坛的积分等。二是单向流通，即只能用真实货币兑换虚拟货币，反之不可。大多数虚拟货币属于此类，如腾讯的Q币、商业预付卡等。三是双向流通，如比特币、林登币等。此分类实质上体现了虚拟货币流动性的差异（由低到高）。本文选取应用最广泛的第二类虚拟货币作为对象，如无特殊说明，以下所称“虚拟货币”皆指第二类虚拟货币。研究其对人们消费行为的影响。

The definition of a virtual currency is also controversial in the academic community, and the expansive extension is not sufficiently clear. For this reason, scholars rely more on the use of working definitions. The official definition given by the European Central Bank: a digital currency that is not regulated by (the monetary authority) and is usually issued and controlled by the manufacturer and accepted and used in a particular virtual community. See the study by the European Central Bank in October 2012.

由于虚拟货币不提供官方兑现方式，因此，虚拟货币的折现只能通过消费者之间自发的场外交易来实现，事实上，互联网上有很多关于虚拟货币的交易平台，如综合交易类的淘宝网、58同城、赶集网；专营虚拟货币交易的5173游戏交易平台。但会因虚拟货币的单向流动性而产生很大的交易成本。首先，是买卖双方的搜寻成本，双方不得不通过公开的信息平台供求信息，由此带来时间成本与不确定性。其次，由于没有官方提供的虚拟货币结算系统，或者虚拟货币平台中不提供转赠服务，买方经常需要向卖方提供敏感的账户信息来完成交易，带来一定风险成本。最后，由于买方可以通过官方渠道购买虚拟货币，因此，卖方通常需要以低于市场价格来售出虚拟货币。如果将虚拟货币视作一种资产，在转化为真实货币的过程中会发生价格折扣，称之为流动性折损，记为σ=ps/pb（ps为卖出价格或交易价格；pb为买入价格或发行价格）。事实上，三类虚拟货币都有不同程度的流动性削弱，因此，本文的结论可应用到其他两类虚拟货币的消费上。不同的是，第一类虚拟货币还要考虑声誉与文化因素带来的个人价值的差异，而第三类虚拟货币可看做第二类的特例即流动性折损接近0，导致消费行为变化不明显。

Because virtual currencies do not provide official means of delivery, virtual currency discounts can only be achieved through spontaneous off-site transactions between consumers. Indeed, there are many trading platforms on the Internet for virtual currency, such as a synthesizing network of transactions, 58 conglomerates, catch-up networks, and a 5173-game trading platform for exclusive virtual currency transactions. But the transaction costs are significant because of the one-way liquidity of virtual currency. First, it is the search costs of buyers and sellers, who are obliged to sell virtual currency through open information platforms, which generate time costs and uncertainty. Second, because virtual currency clearing systems are not officially available, or because no pass-through services are available in virtual money platforms, buyers are often required to provide sellers with sensitive account information to complete transactions, with certain risk costs. Finally, because buyers can purchase virtual currency through official channels, buyers are usually required to sell virtual currency at below market prices.

2参考点与交易效用

2 reference points and transaction utility

本文从行为经济学视角进行效用分析，使用参考点依赖的效用函数，并考虑交易效用。参考点是前景理论的重要概念，并且已被大量经验证据证实。在不涉及跨时期决策的情况下，参考点通常是当前的财产或福利水平[8]。当人们持有虚拟货币资产时，流动性折损已经变为沉没成本，当前的财产水平由于缺乏流动性而贬值，因此，人们的参考点是（1-σ）m的财富值。而交易效用与获得效用相对，获得效用是指人们从商品本身获得的价值，即标准经济学中消费者剩余的概念。是指人们对交易本身所感知的价值。在涉及参考点的情境中，它是指参考价格和支付价格间的差异，当实际支付小于参考点时获得正效用，而实际支付大于参考点时获得负效用[9]。人们使用虚拟货币消费时，不仅能从商品消费中获得效用，更重要的是，消费行为本身避免了将虚拟货币变现而导致的流动性折损的实现，规避了流动性折损所带来的损失，因此，会获得额外的交易效用。以（1-σ）m的财富值为参考点，这部分效用为u（σm）。

When people hold virtual monetary assets, the liquidity loss has become a cost of sinking, and the current level of property is devalued due to a lack of liquidity. The value of the transaction (1-consideration) m is the value of wealth. When people use virtual currency consumption, it is not only the value of the commodity itself, i.e. the concept of consumer surplus in standard economics. It is the value perceived by people for the transaction itself, which is the difference between the reference price and the payment price[8]. In situations involving the reference point, it is the difference between the reference price and the payment price, which is actually paid less than the reference point and actually paid more than the reference point, the value of the transaction [9].

3损失厌恶与现金偏好

3 loss aversion and cash preferences

虚拟货币消费不仅能带来额外的交易效用，而且能减少消费的成本，主要体现在人们的两大心理规律：损失厌恶心理与现金偏好心理。损失厌恶是前景理论中的另一个重要概念，表示损失给人们造成的效用减少要高于相同收益带来的效用增加，其程度可用损失厌恶系数α=-u（-m）/u（m）来表示（u（-m）为损失带来的负效用，u（m）为相同收益带来的正效用，m是财富值）。同时，很多经验证据证明人们在衡量不同类型的财富时对现金更为敏感[10-11]，本文称之为现金偏好，现金偏好隐含了人们对流动性的偏好。而使用现金偏好这个术语是来源于发现这种偏好的经验研究大都以现金为参照系。表示对真实货币的重视程度超过了其他类型的货币及货币替代物。当人们面临收益时，持有真实货币的收益大于虚拟货币；面临损失时，持有真实货币的损失大于虚拟货币。现金偏好效应的大小可用现金偏好系数β来表示。面临收益时，β=v（m）/u（m）；面临损失时，β=v（-m）/u（-m）（v（m）、v（-m）是持有虚拟货币收益和损失的效用；u（m）、u（-m）是持有真实货币收益和损失的效用）。

Virtual currency consumption not only brings additional transactional benefits, but also reduces the cost of consumption, mainly through two major psychological patterns: loss aversion to psychology and cash preferences. Loss aversion is another important concept in outlook theory, indicating that the benefits of loss are reduced to a higher degree than the benefits of the same gains, and can be attributed to (u-m)/u-(m) as a negative effect of (u-m) on losses, u (m) as a positive benefit to the same income, m as wealth. At the same time, there is much empirical evidence that people are more sensitive to cash when measuring different types of wealth [10-11], which is termed cash preferences, which imply a preference for liquidity.

三、实验设计

Experimental design

本文的实验对象为60名广东五邑大学电子商务专业的本科生（男女生各占1/2）。实验采取2×2×2的因子设计，将是否虚拟货币、预算量与流动性折损水平作为主要的处理变量，由于实验对象的损失厌恶水平和现金偏好程度难以控制，因此，不作为处理变量，但需要对它们进行测量，以研究其对消费量的影响。随机划分组如表1所示。由于现金无流动性折损，实验共分为六组。分组方式为：按照其签到的顺序与性别分开，第i + 6j位签到的男（女）生在第i组（i=1， 2， …，6；j=0， 1， …，4）。所有实验过程在电脑上完成，并禁止交流。实验对象没有经过决策理论的培训。为避免需求效应，为迎合实验者需求而做出对方所期待的选择，此处指有意区别两种情形下的消费量，如夸大虚拟货币的消费量，或减少现金消费量，从而隐藏了真实意愿。采用组间设计，让每个实验对象只体验一种消费情形。

The subject of the experiment is 60 undergraduates (1/2 male and female) in e-commerce at the University of Guangdong. The experiment uses a 2x2x2 factor design, using whether the virtual currency, budget volume and liquidity loss levels are treated as the main processing variable, not as a processing variable because the loss aversion level and cash preferences of the subjects are difficult to control, but they need to be measured in order to study their impact on consumption. The random grouping is shown in table 1. The experiment is divided into six groups, because there is no liquidity loss in cash. The grouping is: separation from gender in the order in which it is signed, the male (i + 6j) who are born in group I (i = 1, 2, 6 ; j = 0, 4, all of which are done on computers and are prohibited from communicating. The test group is not trained in decision-making theory.

实验过程分两阶段进行：

The experiment was conducted in two phases:

第一阶段是对实验对象的风险态度、损失厌恶水平与现金偏好程度进行测量。其中，风险态度的测度沿用李琪和李佩[6]文中的实验机制，对损失厌恶程度与现金偏好程度的测度也采用类似机制，但场景设计有所区别。由于篇幅所限，过程略去。

The first stage is to measure the risk attitude, loss aversion level, and cash preferences of the subject. In this case, the risk attitude measures follow the experimental mechanisms in Li Qi and Li Pei[6], and similar mechanisms are used for the measurement of loss aversion to cash preferences, but the design of the scene differs. The process is omitted due to space constraints.

第二阶段是持币消费。选择Q币代表虚拟货币，奖票作为消费标的物。具体过程如下：

The second stage is the holding of the currency. The Q dollar is chosen as the virtual currency, and the ticket is the object of the consumption. The process is as follows:

（1）赋予每个实验对象一定的初始资产（如表1所示）。

(1) A certain initial asset is given to each subject (as shown in table 1).

（2）实验对象被要求参加一个抽奖游戏。规则为：用所持有的实验分配的资产购买奖票，并在购买的奖票上标记自己的实验号码，同时所花费的现金或Q币都进入奖池。每张奖票价格为1元（Q币）。购买完成后实验者将从所有奖票中随机抽取一个作为中奖者，得到的奖励是奖池中所有资产的两倍。

(2) The subject is required to participate in a draw game. The rules are: to purchase a ticket with the assets allocated to it and to mark his or her test number on the ticket for purchase, and to enter the pool with the cash or Q-dollars spent. The price of each ticket is one dollar (Q-dollar).

（3）消费结束后实验对象可以保留最终持有的剩余资产，其中现金组（1―2组）的实验对象可以直接带走现金，而Q币组（3―6组）则可以选择将持有的Q币充值到QQ账户，或者以规定的兑换比率将Q币兑换为现金带走。

(3) After the end of consumption, the subject may retain the remaining assets ultimately held, in which the cash group (groups 1 - 2) may take the cash directly, while the Q currency group (groups 3 - 6) may choose to charge the Q currency held to the QQQ account or to exchange it for cash at the established rate of exchange.

四、结果分析

IV. Analysis of results

1描述性统计与随机化效果检验

1. Descriptive statistics and random effects testing

根据实验数据计算出实验对象的风险偏好、损失厌恶与现金偏好系数。平均来看，实验对象体现出近似风险中性（0970）、明显的损失厌恶（1980）与现金偏好（4140）。离散度上，实验对象之间的风险态度差异不大（0190），说明将奖票作为消费标的物可以一定程度上规避个人偏好差异的影响；损失厌恶（0600）与现金偏好系数（2060）的离散度相对较大。消费数量上，第5、6组比前4组有明显差异。

The calculation of risk preferences, loss aversion and cash preference factors on the basis of experimental data. On average, the subject of the experiment shows a near-risk neutrality (0970), a clear loss aversion (1980), and a cash preference (4140). At the degree of dispersion, the risk attitude between the subject of the experiment (0190) does not differ significantly, suggesting that the use of a prize ticket as a consumer target may circumvent the effects of a personal preference differential to some extent; the dissociation between loss aversion (0600) and a cash preference factor (2060) is relatively large. In terms of consumption, groups 5 and 6 differ significantly from the first four.

为了检验随机化的分组效果，比较各组之间的风险偏好系数、损失厌恶系数和现金偏好系数的差异。Kruskal Wallis检验结果如表2所示。由表2可知，三个系数均无明显差异（p值显著高于0050），说明实验对象对奖票消费量的组间差异只与选择的处理变量有关。

In order to test random grouping effects, compare the differences in risk preferences, loss aversion and cash preferences between groups. The Kruskal Wallis test results are shown in table 2. It is clear from table 2 that there are no significant differences in either of the three factors (p values are significantly higher than 0050), indicating that the group differences among the subjects of the experiment in the consumption of the prize tickets relate only to the processing variables selected.

2消费溢出检验

2 Consumption overflow test

通过比较相同预算下的消费结果来衡量消费溢出。本实验中，可选取第1组与第5组的比较、或第2组与第6组的比较。①对两个独立小样本选择Mann-Whitney U进行差异性检验，结果如表3所示。由表3可知，无论在10元还是50元预算下，都有显著差异，结果均支持H1。

Consumption spillovers are measured by comparing consumption results under the same budget. For the purposes of this experiment, groups 1 and 5, or groups 2 and 6, can be selected.1 Two small stand-alone samples, Mann-Whitney U, are tested for variation, as shown in table 3. Table 3 shows that there are significant differences, both under the $10 and $50 budgets, and the results support H1.

3流动性折损对消费溢出的影响

3 Impact of liquidity swings on consumption spillovers

在相同预算下，比较vm，σ=0-cash与vm，σ=05-cash，即比较vm，σ=0与vm，σ=05（为平均消费量）的差异可以检验流动性折损对消费溢出的影响。本实验中，选取第3组与第5组、第4组与第6组进行比较。检验结果如表4所示。由表4可知，无论在10元还是50元预算下，组间消费均有显著差异，结果均支持H2。

In the same budget, a comparison of vm, = 0-cash and vm, =05-cash, i.e., a comparison of vm, = 0 and vm, = 05 (average consumption) can test the impact of a liquidity loss on an overflow of consumption. In this experiment, group 3 is selected for comparison with groups 5, 4 and 6. The test results are shown in table 4. It is clear from table 4 that there are significant differences in consumption between groups, whether under a budget of $10 or $50, and the results support H2.

4预算对消费溢出的影响

4 Impact of the budget on consumption spillovers

检验预算对消费溢出的影响，需比较5-1与6-2（i表示第i组消费均值）的差异。而消费溢出的测量是通过两个独立样本而非配对样本获得，因此，在求差之前先将这4组样本数据变为有序数据（本文采用降序排列），通过虚拟货币高（低）消费与现金高（低）消费相减来衡量消费溢出，从而实现一定程度的匹配。这种排序方法并不改变消费溢出均值，但能更好地反映每个样本点的消费溢出值，从而使秩和检验更有意义。检验结果如表5所示。由表5可知，预算对消费溢出影响有显著差异，支持H3。

The impact of the testing budget on consumption spillovers needs to be compared between 5-1 and 6-2 (i mean average consumption for group I). The measurement of the consumption spill is obtained through two stand-alone samples rather than pairing samples, so that the four sample data are translated into ordered data (in descending order) prior to the deviation (in this paper), measuring the consumption spill by measuring the effect of high (low) consumption in virtual currencies and high (low) cash (low) consumption, thereby achieving a degree of matching. This sorting does not change the consumption overflow average, but better reflects the consumption overflow value of each sample point, thus making the test more meaningful. The results are shown in table 5.

5现金偏好对消费溢出的影响

5 Impact of cash preferences on consumption spillovers

通过第3―6组实验结果来检验现金偏好对Q币消费的影响。由于现金偏好未被设计为处理变量，将各组的现金偏好系数以中位数为界转为二分变量，代表低、高现金偏好。检验结果如表6所示。表6显示各实验组内低、高现金偏好者之间的风险偏好与损失厌恶系数无显著差异，而消费量均显示出明显的差异，说明现金偏好显著影响了Q币消费量。

The impact of cash preferences on Q-currency consumption is tested through the results of group 3-6 experiments. As cash preferences have not been designed as treatment variables, the conversion of groups of cash preferences from a median to a binary variant represents low and high cash preferences. The results of the tests are shown in table 6. Table 6 shows that there are no significant differences between the risk preferences and the loss aversion factors of low and high cash preferences within the groups, while consumption shows clear differences, suggesting that cash preferences significantly affect Q-dollar consumption.

第3、4组低现金偏好者显示出更高的Q币消费倾向，是因为实验将这两组的流动性折损率设置为0。由于实验对象可以无成本地将Q币兑换为等值现金，使得高现金偏好者会放弃消费而选择将更多的Q币兑换为现金，即现金偏好程度越高，放弃持有Q币数量就越高，与H4并不冲突。而在存在流动性折损的第5、6组实验中，高现金偏好者显示出更多的Q币消费，支持H4。

Groups 3 and 4 with low cash preferences show a higher trend of Q-currency consumption because the experiment sets the liquidity discount rate at 0 for both groups. Because the subject can convert Q-dollars into equivalent cash at no cost, high-cash preferences will abandon consumption and choose to convert more Q-dollars into cash, i.e. the higher the cash preference, the higher the number of Q-dollars will be, and there will be no conflict with H-4. In Groups 5 and 6 with liquidity losses, high-cash preferences show more Q-dollar consumption in support of H4.

①由于现实中虚拟货币存在流动性折损，选择第5、6组的结果作为虚拟货币的消费情况。第4、5组是为了验证流动性折损的影响大小而设计。

1 The results of groups 5 and 6 were selected as the consumption of the virtual currency, owing to the fact that there was a liquidity loss in the virtual currency. Groups 4 and 5 were designed to verify the impact of the liquidity loss.

6损失厌恶对消费溢出的影响

6 Impact of loss aversion on consumption spillovers

在检验损失厌恶对消费溢出的影响时，采取同现金偏好相同的处理方式。结果如表7所示。表7显示仅第4组发现显著关系，且不能完全排除现金偏好的影响（现金偏好的差异接近显著），不支持H5。结果偏离假设的原因可能有：

In testing the impact of loss aversion on consumption spillovers, the same treatment as the cash preference is applied. The results are shown in table 7. Table 7 shows that only cluster 4 has a significant relationship and does not fully exclude the effect of cash preferences (the differences in cash preferences are close to significant) and does not support H5. The reasons for the deviation may be:

（1）实验样本量偏小，结果存在偶然性。

(1) The sample size of the experiment was small and the results were accidental.

（2）实验对象显示出系统损失厌恶倾向，但由于未对损失厌恶进行控制，厌恶程度差异不大，并不能区分实验对象对消费成本重视程度。

(2) The object of the experiment shows a distaste of the system, but the lack of control over the loss does not make it possible to distinguish between the subject's importance to the cost of consumption.

（3）实验环境较复杂。由于实验中存在现金与Q币之间的兑换，以及涉及概率与博弈的复杂选择，可能使实验对象的注意力集中在对流动性折损、期望收益与成本的计算等“理性”思考上，忽视了真实消费过程中体现出来的对成本的厌恶。

(3) The experimental environment is more complex. The fact that there is a cash-to-Q-currency exchange in the experiment, and the complex choices involving probability and play, may focus the attention of the subject on “reasonable” thinking about the loss of liquidity, the calculation of expected returns and costs, ignoring the aversion to costs that emerges from real consumption.

7稳健性讨论

7 Secretic discussion

（1）实验样本数量的影响。由于受实验资金与可招募实验对象的限制，本实验招募了60名本科生参加实验。分组后每组样本量为10个，虽然满足进行非参数检验的条件，但显然更多的样本数量有助于更清晰地显示出变量间的真实关系，尤其是在对不显著的损失厌恶与消费溢出的关系检验上。反过来讲，对于实验结果的显著部分，小样本所能显示出来的关系也有较强的说服力。

(1) The number of experimental samples is influenced by the fact that 60 undergraduates have been recruited to the experiment because of the limitations on the funding of the experiment and the availability of subjects for recruitment. The number of samples per grouping is 10, and while the conditions for non-parametric testing are met, it is clear that more samples will help to show more clearly the true relationship between the variables, especially in the case of the relationship between the aversion to insignificant losses and the overflow of consumption.

（2）关于真实的货币激励。由于资金条件限制，在实验阶段并未采用真实的货币激励，而是让实验对象在假定的情形中进行消费选择，便产生实验对象是否表达了真实意愿的问题。Tversky和Kahneman[8]认为不存在问题，他们在测度风险态度和损失厌恶等因素时也未采用真实激励；Camerer[13]曾用数百个样本考察了激励的作用，发现实际参与博弈的实验对象与未实际参与（类似本实验的情况）的实验对象的反应基本相同。事实上，在面对面的可监督的真实实验环境中，实验对象敷衍做答的可能性被大大降低；而事先给予的实验报酬与无关对错的实验问题则更增加了结果的可信度。

(2) With regard to real monetary incentives. Due to financial constraints, real monetary incentives were not used during the experimental phase, but rather to allow the subject to make a consumption choice in a hypothetical situation, raising the question of whether the subject had expressed a genuine will. Tversky and Kahneman[8] considered that there were no problems and that they had not used real incentives to measure risk attitudes and loss aversions; Camererer [13] had examined the role of incentives in hundreds of samples and found that the subjects actually involved in the experiment were largely the same as those who had not actually participated in the experiment (as in the case of this experiment).

（3）实验的外部效度问题。用Q币进行的实验能否代表所有虚拟货币？ 本文理论模型的关键前提是虚拟货币的流动性折损，而实验也并未给Q币施加特殊限制，因此，只要满足流动性折损的特征，如发行方的较高信用、可购买的商品数量较多等，会造成其流动性较高，进而导致较少消费溢出，但并不影响本文的基本结论。

The key premise of the theoretical model is that the liquidity of the virtual currency is impaired, and the experiment does not impose any special restrictions on the Q currency, so that meeting the characteristics of the liquidity loss, such as the higher creditworthiness of the issuer and the larger number of goods that can be purchased, can lead to higher liquidity, which in turn leads to less consumption overflows, without prejudice to the basic conclusion of this paper.

五、结论与建议

V. CONCLUSIONS AND RECOMMENDATIONS

本文基于前景理论与心理核算理论分析了虚拟货币对消费的刺激作用，得出：不同于其他电子货币或促销策略作用，虚拟货币本身能带来独特的消费溢出效应，主要来自两个方面：其一，由于规避了流动性折损所带来的交易效用的提升。其二，由于现金偏好导致的对成本敏感度的降低。消费溢出的大小主要由流动性折损、人们的损失厌恶程度、人们的现金偏好程度与预算财富决定，且当流动性折损越高，损失厌恶程度越低，现金偏好程度越高，预算财富越大时，消费溢出效应会越明显。

This paper analyses the stimulating effects of virtual currencies on consumption based on the theory of outlook and psychological accounting. Unlike other e-money or promotional strategies, virtual currencies themselves can produce unique consumer spillover effects, mainly from two sources: first, the increased efficiency of transactions caused by the avoidance of liquidity losses. Second, the lower cost sensitivity resulting from cash preferences. The larger the consumption spill is mainly the result of a loss of liquidity, a loss of people's aversion to their cash preferences and budget wealth, and the lower the loss of liquidity, the higher the preference for cash, and the greater the budget wealth.

研究结论表明，发行虚拟货币不仅能为商家获得套现收益与可能的沉淀资金，更关键的是能带来更多的消费，这意味着商家不必靠高成本的折扣发行与促销活动也能刺激消费。具体来说：首先，削减虚拟货币流动性能增加消费。商家可以通过提高虚转实交易的门槛如不可逆向兑换真实货币、不提供虚拟货币赠送的功能等来降低流动性。然而，削减流动性会降低人们选择持有虚拟货币的意愿和持有量，对此可开发只面向虚拟货币的专属产品，也可将虚拟货币作为礼品卡售给其他公司作为员工福利发放或售给需要人情消费的个人。其次，商家在发行虚拟货币或利用虚拟货币促销时应更多地选择有较高的损失厌恶倾向与较强的现金偏好的群体。损失厌恶通常伴随着风险规避，典型人群是低收入和无稳定收入的群体如学生和退休老人；有较强现金偏好的典型人群通常是新技术接受度低的群体如中老年人。最后，持有较高的虚拟货币资产能带来更高的消费溢出，意味着发行大面额的虚拟货币比小面额货币更有利于增加销售。

The study concluded that issuing a virtual currency would not only generate liquidity gains and potentially deposited funds, but also, more importantly, would generate more consumption, which would mean that businesses would not have to sell them at high cost discounts and promote activities. In the first place, cutting virtual currency liquidity would increase consumption. Businessers could reduce liquidity by raising the threshold for making a false transaction, such as non-reversible exchange of real money and non-provision of virtual money gifts. However, reducing liquidity would reduce the willingness to choose to hold a virtual currency and its holding, which would lead to the development of exclusive products for virtual money only, or to selling it as a gift card to other companies for employee welfare or to individuals in need of personal consumption.

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电子货币的风险研究篇8

(1．辽宁大学，沈阳110136；2．东北财经大学，大连116025)

(1. Liaoning University, Shenyang 110136; 2. Northeast Finance University, Dalian 116025)

内容提要：伴随着互联网的飞速发展，网络虚拟货币逐渐兴起并逐渐进入现实流通领域，虚拟货币的便利迅捷、几乎没有成本等特性给传统货币带来了冲击，从而引起了人们的广泛关注。与此同时，虚拟货币对传统支付体系和政府货币政策有效性的冲击使得各国对虚拟货币的态度变得审慎起来，虚拟货币的发展有了很大的不确定性。本文以比特币的发展为例，着重阐述了虚拟货币的背景、特点和目前环境下其可能存在的风险，并有针对性地提出了虚拟货币的监管建议。

At the same time, the impact of virtual currency on traditional payment systems and the effectiveness of government monetary policy has led to countries’ cautious attitude toward virtual currency, with considerable uncertainty about its development. Using the development of bitcoin as an example, this paper highlights the background, characteristics, and potential risks in the current environment, and provides targeted regulatory recommendations for virtual currency.

关键词 ：虚拟货币 去中心化投机泡沫比特币

Keyword: Virtual currency to centralize speculative bubble bitcoin

中图分类号：F831

Central Chart Classification Number: F831

文献标识码：A文章编号：1672-9544( 2015 )08-0092-05

Documentation code: Article No. A: 1672-9544(2015)08-0092-05

[收稿日期]2015-02-07

[Date received] 2015-02-07

[作者简介]罗海滨，公共基础学院讲师，经济学硕士，研究方向为金融学；陈明，国际商学院2012级会计专业，研究方向为财务与会计。

[Introduction by author] Lawside, Lecturer, Institute of Public Fundamentals, Master of Economics, directed towards finance; Chen Ming, 2012 Level Accounting, International Business School, directed towards finance and accounting.

一、引言

Introduction

伴随着互联网的飞速发展，虚拟货币逐渐兴起并逐渐进入现实流通领域，它是以互联网为依托，以电子信息的方式实现贮藏、流通和支付功能的虚拟信用货币。虚拟货币的便利迅捷、几乎没有成本等特性给传统货币带来了冲击，然而它脱离了银行实体甚至国家金融部门的监控，存在着如私下黑市交易导致的欺诈行为、无法保障用户财富安全等等问题，而本文将以比特币为例对虚拟货币进行经济分析。事实上虚拟货币之所以在短短的几年内发展态势如此迅猛，其主要原因是互联网交易的兴起和虚拟货币的便捷，加之德、美等国对诸如比特币等虚拟货币的宽容态度，提高了人们对虚拟货币的预期增值。虚拟货币最近几年受到热捧说明了传统流通货币走向创新，逐步转向互联网时代更有开放性、安全性强、成本低廉的支付方式手段，而且社会需要稳定的货币金融体系。同时，虚拟货币也存在诸多争议，例如其法律定位的缺失，交易平台存在风险，容易引起以洗钱为主的金融犯罪等等。而虚拟货币的影响逐渐增大也促使监管部门和学界对于其发展趋势和可能的潜在风险开始进行关注和研究。

In fact, the virtual currency has developed so rapidly in just a few years, largely because of the emergence of Internet transactions and the ease with which virtual money is available, the tolerance of countries such as Germany and the United States towards virtual currencies, such as Bitcoins, has increased the expected value added of virtual money. In recent years, the virtual currency has been highly appreciated as a source of innovation in traditional currency flows, a gradual shift to more open, secure, low-cost means of payment in the Internet era, and the need for stable monetary systems.

目前，人们对虚拟货币有着支持和反对两种不同的争议。支持虚拟货币的观点，如孟鑫(2014)认为虚拟货币是货币市场的一项重大变革，它不仅促进了国际货币信用体系的发展和完善，也扩展了现实金融体系的投融资渠道并保证了民众自己的资产价值性；王暕(2013)认为虚拟货币适应了互联网的发展，遵循着科学的数字化运算机制，它的去中心化特点和稳定的总量发行速度，减少了交易成本和避免了政府的操纵和恶性通货膨胀的风险性而有利于经济的稳定发展。但反对虚拟货币的观点，如盛松成(2014)认为虚拟货币不具备作为货币的价值基础，且具有诸多明显缺陷，无法取代传统货币。陈道富(2014)认为虚拟货币的法律定位尚未明确，且在交易过程中存在诸多风险，并容易触及法律底线；叶檀(2013)表示，虚拟货币是一种金融衍生品而不是一种货币，因此它的风险非常大且不可控。那么虚拟货币未来的前景如何？是否会颠覆传统的货币制度？本文将以比特币为例着重阐述虚拟货币的产生背景、特点和可能存在的风险，并提出对于虚拟货币的监管建议。

In support of virtual currency, such as Monjian (2014), which considers virtual currency to be a major change in the currency market, it not only contributes to the development and improvement of the international monetary credit system, but also expands access to financing for the real financial system and guarantees the value of the people’s own assets; in the view of Wang Xinjian (2013), virtual currency is adapted to the development of the Internet, following the science’s digitalization mechanism, and its decentralized and stable volume distribution, which reduces transaction costs and avoids the risk of government manipulation and hyperinflation in favour of stable economic development.

二、虚拟货币的特点

II. Features of virtual currency

随着虚拟货币被越来越多的人发现和认可，使其初步具备了货币的部分特征，包括价值尺度、流通手段、支付手段等职能。从目前来看，虚拟货币存在一些共性优点：如获取途径便捷，快速安全；同时虚拟货币使资源配置得到充分优化，例如在互联网中，以虚拟产品和服务为主要类型的丰富资源可以满足大众不同的需求。而传统货币的支付方式程序复杂且成本较高；而选用银行卡支付，会造成客户信息外漏，从而产生信息安全问题。因此，像腾讯等网络公司发行的Q币等虚拟货币可以在方便的同时实现了高安全性。虚拟货币也由于使用灵活、便捷安全，而受到当代社会人们的青睐，进而其应用范围越来越广，已经在虚拟交易中充当了一般等价物，成为了虚拟财富与现实财富之间的桥梁。以比特币为例，其特点表现为：

As virtual currencies are increasingly discovered and accepted, they have some initial features of the currency, including value scales, means of circulation, means of payment, etc. From now on, virtual currencies have a number of common advantages: easy access, rapid security, and full optimization of resource allocation, for example, on the Internet, where virtual products and services are the main types of rich resources that can meet the diverse needs of the public.

（一）去中心化

(i) Decentralization

比特币基于互联网，依据一个加密算法通过计算机的复杂运算程序产生，因此没有专门的中央发行机构，同时任何人都可以开发比特币，各国央行都无法控制比特币的发行量和发行时间。另外，比特币的支付没有中央控制中心，其转账支付由网络节点集中管理，所有交易记录细节都是公开广播的，因而比特币支付体系是网络中的所有节点都承担了监管职责，通过它的分散性来去除第三方力量的操纵，达到了去中心化的效果，从而避免了政府央行可能的不良操控及干预所造成的对货币金融体系造成的冲击，并可以通过自身的自动调节机制来适应金融市场的变化发展。

Bitcoin is based on the Internet, generated by a sophisticated computer algorithm based on an encryption algorithm, so there is no specialized central issuer, and anyone can develop bitcoin, and central banks are unable to control the distribution and timing of bitcoin. Moreover, Bitcoin’s payments have no central control centre, transfers are managed centrally by network nodes, all transaction details are broadcast publicly, so the Bitcoin payment system assumes regulatory responsibility for all nodes in the network, removing third-party manipulation through its fragmentation, achieving a decentralized effect that avoids the impact on the monetary financial system of possible adverse manipulation and intervention by government central banks, and can adapt to changes in financial markets through its own self-regulatory mechanisms.

（二）极低的交易成本

(ii) Extremely low transaction costs

传统的银行体系所产生的“第三方中介机制”使买卖双方在达成交易的同时需要支付一定的费用，而以比特币为例的虚拟货币在交易时依托互联网平台，不仅没有额度与手续的限制，而且不用通过任何中间机构，实现从真正意义上的点对点去除第三方的交易，另外，比特币可以在全球自由流通和支付，参与者可以实现比特币与现实货币的自由兑换，从而实现快捷高效的支付，这种通过互联网在世界范围内自由流通的方式，提高了交易信息的流通速度，使得交易更加方便快捷．并减少了各个环节的机会成本，提高了整个金融市场的运行效率。

The “third-party intermediary mechanism” created by the traditional banking system makes it possible for buyers and sellers to enter into transactions at a certain cost, while the virtual currency, e.g. Bitcoin, relies on Internet platforms for transactions, not only without limits on amount and formalities, but also without any intermediary, to remove third-party transactions from the point-to-point point-to-point in the true sense, in addition to the fact that Bitcoin is free to circulate and pay globally, and that participants are free to exchange bitcoins with real currencies, thereby achieving quick and efficient payments, which, through free worldwide Internet traffic, improves the speed of the flow of information, makes transactions easier and faster... and reduces the opportunity costs of the various links and improves the efficiency of financial markets as a whole.

（三）防伪性和安全性

(iii) Counterfeitness and security

由于进行每项交易和新区块验证的工作量证明机制需要较长的时间和复杂的运算，除非篡改者拥有超越其它所有网络节点之和的超强大计算能力，否则他会被比特币的安全计算系统排出在外，另外，每进行一次交易，就多记录一次流通信息并在点对点网络上进行广播，使得所有节点都保存有全部货币的全部流通信息，这样在交易之前就可以很容易发现伪造的货币，从而保证了比特币的安全性，避免了“伪币”的产生，并且比特币基本上杜绝了非法篡改历史交易记录的可能性，从而保障了比特币用户交易的安全性和网络的正常运营，减少了技术风险，对金融体系秩序的稳定起到了一定的保障作用。

As the workload proof mechanism for each transaction and new block will take longer and more complex operations, unless the tamperer has super-powerful computing capabilities that go beyond the sum of all other network nodes, he will be excluded from a secure Bitcoin computing system, and, in addition, every transaction, the recording and broadcasting of an additional flow of information on a point-to-point network will allow all nodes to maintain full circulation of all currency, thus making it easier to detect counterfeit currency before the transaction, thereby ensuring the security of Bitcoin, avoiding the creation of “false currency” and largely eliminating the possibility of illegal manipulation of historical transaction records, thereby safeguarding the safety of Bitcoins and the normal operation of the network, reducing technological risks and providing some safeguard for the stability of the financial system order.

（四）完全匿名

(iv) Complete anonymity

比特币在交易过程中可以完全不透露交易者的身份，其主要原因是比特币的私钥技术保证了只有用户本人可以获取个人交易信息，在交易信息中的细节未经用户许可不得泄露，所以很难被他人查到，外界只能看到交易产生的一串随机的数字，无法辨别个人信息。比特币匿名的属性，吸引了很多追求保护个人隐私的客户，因此达到了保护个人的隐私的效果，避免了传统银行可能泄露客户信息的风险性，从而提高了金融体系运行的安全。

Bitcoin can not disclose the identity of the dealer at all in the course of the transaction, mainly because the private key technology of Bitcoin guarantees that only the user has access to personal transaction information, that details in the transaction cannot be disclosed without the user’s permission, and that it is difficult to be found, and that the outside world can only see a random array of figures generated by the transaction, which makes it impossible to identify personal information. The anonymous nature of Bitcoin, which attracts many customers who seek to protect personal privacy, has the effect of protecting personal privacy, avoiding the risk that traditional banks may leak customer information, thereby increasing the safety of the financial system’s operations.

三、虚拟货币的风险考量

Risk considerations in virtual currency

虚拟货币在目前的环境中事实上存在着各种风险，比如较为容易地进行洗钱、赌博等违法犯罪活动。同时，由于具有很强的匿名性，从而使得虚拟货币的网络交易很难监管取证和处罚。另外，虚拟货币可能引发市场混乱，破坏货币流通秩序，利用虚拟货币购买现实的产品和服务，间接增加了现实世界的货币流通总量，可能导致央行对虚拟货币总量无法控制，从而妨碍央行货币政策的实施，甚至可能导致通货膨胀。在实际操作中，可能还会由于目前对虚拟货币法律管理缺位和网络技术的不完善可能使得消费者的合法权益和虚拟财产难以得到有效保障。以比特币为例，其具体的风险表现为：

In addition, virtual currency can cause market disruption, disrupt the order of currency circulation, purchase real goods and services, and indirectly increase the total volume of currency in the real world, which may result in central banks having no control over the total amount of virtual currency, thus hampering the implementation of central bank monetary policy and even causing inflation. In practice, it may also make it difficult to effectively safeguard consumers’ legitimate rights and interests and virtual property, for example, by using virtual currency as an example:

（一）市场风险

(i) Market risk

从比特币的交易特点来说，比特币的价格变化受相关事件如遭到黑客攻击、政策等多方面的因素影响，使得比特币的价格暴涨暴跌，从而强化了比特币的投机色彩。在2013年4月比特币价格出现大幅上涨，期间最高曾触及266美元。而在2011年6月，Mt.Gox比特币交易中心的安全漏洞导致1比特币价格一度从15美元跌至1美分。比特币的价格很不稳定，因此买人比特币也不再是看好比特币功能和前景，更多的是在短期内以更高的价格转手给下家从而获利。由于比特币刚兴起不久，使得投机者完全是基于短期之内获得暴利的投机心理，来买入无实际价值且潜在风险巨大的比特币。就目前来看，比特币的投机属性远大于货币属性，近几年比特币价格成百倍的上涨，造成了投机者希望较低价买人再高价转手，而购买者愿意接受高价比特币而转手给下家，从而循环往复不断推高比特币价格，直到最终人们会理性回归而没人愿意接受极高价格的比特币，使得交易迅速中断，而比特币本身无法作为实体经济的载体，从而产生泡沫破裂，会对投机者造成巨大损失。因此，如果人们继续非理性的预期和盲目的投机，比特币终将会成为一个投机泡沫。

In June 2011, the security gap at the Mt.Gox bitcoin trading centre led to a fall in the price of one bitcoin from $15 to $1 cent. The price of bitcoin was so volatile that the price of bitcoin was no longer perceived as a bitcoin function and outlook, and the price of bitcoin was more than a higher price in the short term, thereby increasing its profit for the next household. Because of the short-term rise in bitcoin, the purchasers were prepared to accept the price of the price of the price simply on the basis of the profits of the short-term and the potential risks of the bitcoin trading centre, the price of the bitcoin fell from $15 to $1 cent.

（二）信用风险

(ii) Credit risk

由于比特币是利用复杂算法产生的完全虚拟的代码，因此它没有价值也无法充当一般等价物。相比之下，纸币有三点优势，一是纸币作为一国法定货币，可以正常流通，二是纸币本身没有价值，但由于有国家信用作担保，从而体现了纸币的价值，三是对于大众普遍接受性来讲，纸币被大众认同，而比特币由于缺少信用担保的支撑不易被大众接受。因此比特币的价值完全取决于人们信任度和预期。参与比特币系统人越多，和实体经济结合越紧密，比特币的价值的认可度就越大。在最初，一些实体商家开始接受比特币支付，然而随着比特币不稳定的价格可能使商家不愿意接受比特币了。可见，由于没有国家强制力的信用，比特币的流通范围是有限的也是不稳定的，难以真正发挥流通支付手段的作用，会给卖家带来一定风险。同时，由于它没有国家信用强有力的发行垄断，缺少排他性，因此发展过程中可能会产生其他的替代品，如莱特币，相对于比特币，挖矿更简单，交易时间更短。因此性能更好的替代品会对比特币的使用造成冲击，可能会改变人们的支付意愿，降低了对比特币的信任程度，使比特币的生存面临危险。

In contrast, there are three advantages to banknotes: the more people participate in the bitcoin system and the closer the real economy, the greater the recognition of the value of the bitcoins. At the same time, some entities begin to accept the bitcoins as collateral, thereby reflecting the value of the notes, but as the price of the bitcoins is unstable, the latter may be less likely to accept the bitcoins. Thus, in the absence of a country’s mandatory credit, the value of the bitcoins cannot be easily accepted by the general public. The value of the bitcoins depends entirely on trust and expectations. The greater the number of people involved in the bitcoin system and the closer the entity’s economy together, the greater the recognition of the value of the bitcoins is.

（三）技术和安全性风险

(iii) Technical and safety risks

由于比特币的买卖通过平台进行，一旦平台受到黑客攻击将会给交易双方造成巨大损失，甚至给比特币本身带来危机。有一些交易平台设置存在漏洞，安全防范低、抗风险能力差，容易出现比特币被盗的情况。在2014年2月25日，总部设在日本东京、全球最大比特币平台MT.GOX，因为网站安全漏洞，关闭了自己的网站并停止了交易。同时，比特币作为电子货币，是以文件的形式储存在电脑中，因此完全依赖于计算机的正常运转，个人设备损坏或文件的丢失可能导致失去比特币造成财产损失并且得不到任何补偿。另外，比特币网上交易平台的安全性有时也得不到保证，现实中也发生过交易平台负责人携款潜逃的案例。香港的比特币交易平台GBL在用户尚未将资金转入个人账时卷款跑路，卷走约2000万港元资金，致使500多人受损。但目前由于没有相关法律法规，即使投资者利益受损，也很难通过相关途径来挽回损失，因此比特币技术及安全性一旦出现隐患，可能会使比特币用户面临巨大的风险。

On February 25, 2014, MT.GOX, the largest global Bitcoin platform, based in Tokyo, Japan, closed its own website and stopped trading because of a web-based security gap. At the same time, Bitcoin, as an electronic currency stored on a computer in the form of a document, was completely dependent on the normal functioning of a computer, and damage to personal equipment or loss of documents could result in loss of bitcoin and loss of any compensation.

（四）道德风险

(iv) Ethical hazard

比特币交易的匿名性、无中心监控系统、资料没有记录，可能会被用来进行非法交易，沦为犯罪工具如洗钱和毒品交易。比特币在交易时存在隐匿性，交易双方通过转换IP地址便可以隐藏身份且其个人账户可以即时注册注销，同时在个人信息验证方面，比特币采用公私密钥技术，很难被追踪到终端用户。这种匿名的特征为犯罪分子提供了隐蔽的交易通道，同时比特币可以在全球主要交易平台间自由流动和兑现，其支付几乎不受限制，这也为洗钱和转移非法资产提供了便利性。在2013年，美国联邦调查局强制关闭在线黑市“丝路”，并查扣大量比特币。由于比特币的匿名性，一旦犯罪分子利用比特币进行违法交易如毒品武器等，会对经济社会造成不利影响，因此道德产生的风险不容忽视。

The anonymity of Bitcoin transactions, the lack of a central surveillance system, and the lack of documentation may be used to carry out illegal transactions, such as money-laundering and drug-related transactions. Bitcoin is hidden at the time of the transaction, both parties can hide their identities by converting IP addresses and their personal accounts can be immediately registered for write-off, while, in the context of personal information verification, it is difficult to trace to end-users the use of public-private key technology. This anonymous feature provides criminals with hidden trade routes, while Bitcoin can move freely and deliver across major global trading platforms, with little restrictions on its payments, which also facilitates money-laundering and the transfer of illicit assets.

四、虚拟货币的监管建议

IV. Regulatory recommendations for virtual currency

目前世界范围内各国对虚拟货币的态度各不相同，有少部分国家甚至已明文禁止诸如比特币等虚拟货币的使用：比如泰国明确宣布比特币为非法货币，全面封杀比特币流通交易。然而在大多数国家，虚拟货币作为一种虚拟商品进行交易是被允许存在且合法的，在2013年，比特币被德国财政部认定为“记账单位”，可以用来交税和从事贸易活动；美联储主席伯南克表示，比特币不是非法货币；挪威将会把比特币交易所得纳入监管范围，并将对通过比特币交易获得的利润征收所得税。但与此同时，各国政府也在制定相关政策来监管虚拟货币可能对经济社会造成的不利影响，比如英国正在规划建立政府监管的比特币交易所，要求用户提供身份证明来锁定犯罪行为；法国比特币中央交易所在欧盟的法律框架内运行；在2013年，美国冻结全球最大的比特币交易所Mt.Gox拥有的两个银行账户。我国中央银行联合五部委于2013年12月发布《关于防范比特币风险的通知》对比特币性质的界定并要求提供比特币交易等服务的互联网站应备案，并切实履行反洗钱义务。2014年2月正式约谈10余家第三方支付公司相关负责人，明确要求在其支付与清算业务中禁止出现比特币交易。

In most countries, however, virtual currency transactions as a virtual commodity are permitted and legal, and in 2013 Bitcoin was identified by the German Treasury as a “recording unit” that could be used to pay taxes and engage in trade activities; Federal Reserve President Bernanke stated that Bitcoin was not an illegal currency; Norway would include the proceeds of Bitcoin transactions in regulatory terms and would impose an income tax on profits earned through Bitcoin. At the same time, governments had developed policies to regulate the adverse effects that virtual money could have on the economy, such as the United Kingdom’s planned establishment of a government-supervised Bitcoin exchange, which in 2013 required users to provide proof of identity to identify criminal acts; the French Central Exchange of Bitcoin operated within the legal framework of the European Union; and the United States would freeze two bank accounts in 2013 owned by the world’s largest Bitcoin Exchange, Met.

目前相关国家对比特币的态度主要也是出于其对于支付体系和金融监管的考量以及对可能的金融风险的预防。也是基于此点考虑，本文对于虚拟货币的监管提出如下建议：

The current attitude of the country in question is mainly based on its consideration of payment systems and financial regulation, as well as on its prevention of possible financial risks. Also based on this consideration, the following recommendations are made for the regulation of virtual currencies:

（一）明确虚拟货币法律地位并建立相关法规

(i) Clarifying the legal status of virtual currency and establishing relevant legislation

当前，互联网虚拟货币法律定位尚不明确，在其合法性与规范性方面缺少金融监管。所以国家应尽快制定相应法律，明确监管主体，对虚拟货币的发行与流通进行相应规范。在虚拟货币的金额与用途方面，监管部门要严格把控，审慎监管，提高其安全性，建立有效的金融风险控制体系，制定相应的安全防范措施。

At present, the legal status of virtual money on the Internet is unclear, and there is a lack of financial regulation in terms of its legitimacy and regulation. Therefore, the state should enact legislation as soon as possible, identifying the subjects to be regulated and regulating the distribution and circulation of virtual money.

（二）建立虚拟货币风险预警机制

(ii) Establishment of a virtual currency risk early warning mechanism

在虚拟货币交易市场中引入管理、监督和惩罚机制，建立对虚拟货币的危机处理和市场退出机制，维护市场的秩序。监管机构观察交易平台中的交易信息总量，监管机构对于交易的异动情况进行监控，及时观察到虚拟货币交易量的异常变化，防止在虚拟货币体系崩溃后造成的不良影响。

Introduction of regulatory, supervisory and punitive mechanisms in the virtual currency exchange market, setting up crisis management and market exit mechanisms for virtual currency, and maintaining order in the market. Regulators observe the total volume of transaction information in the trading platform, regulators monitor the movements of transactions, observe unusual changes in the volume of virtual currency transactions in a timely manner, and prevent adverse effects in the wake of the collapse of the virtual monetary system.

（三）建立管理监督及惩罚机制

(iii) Management oversight and punishment mechanisms established

技术部门与立法机构应当加强对虚拟货币的特性研究与立法监管，着力解决当前存在的匿名性问题与技术安全问题，针对虚拟货币交易可能存在的问题进行监管。要建立互联网追踪跟进系统，做到记录详尽，方便监督管理部门查找，从而避免网络虚拟财产遭受损失，采用适度的原则，建立专门用于虚拟货币交易的平台，对虚拟货币的信息披露进行规范；既不至于扼杀必要的金融创新，又能对虚拟货币自身的风险进行监控防范。

Technical departments and legislative bodies should strengthen their research and legislative regulation of the characteristics of virtual currency, focusing on current issues of anonymity and technical security, and on possible problems with virtual currency transactions. An Internet tracking system should be established, with detailed records and easy access to oversight authorities, in order to avoid the loss of virtual assets on the Internet, with a modest principle, and a platform dedicated to virtual currency transactions should be established to regulate the disclosure of information on virtual currency; it should neither stifle the necessary financial innovations nor allow for the monitoring of the risks posed by virtual money itself.

（四）严格控制虚拟货币的发行、使用范围和兑换

(iv) Strict control over the issuance, use and conversion of virtual currencies

虚拟货币的发行将在国家相关部门的监督下进行，以防止其通货膨胀。同时，为防范虚拟货币被不法贩子利用甚至对实体货币造成影响，应对其使用范围进行控制，从而控制金融犯罪的发生，

The distribution of virtual currency will be monitored by the relevant state departments to prevent inflation. At the same time, in order to prevent the use of virtual currency by illegal traffickers and even by influencing the real currency, the scope of its use should be controlled in order to control the occurrence of financial crime.

（五）构建应用于虚拟货币的新型交易平台

(v) Construction of a new trading platform for virtual currency

新型交易平台行使对虚拟货币的认证和监管两大功能，通过公布交易实时报告，使信用好的虚拟货币成为强货币，信用差的虚拟货币被淘汰，同时交易平台可以让消费者的了解的信息更加透明，从而保障了消费者的合法权益。

The new trading platform, which performs two main functions of authentication and regulation of virtual currencies, guarantees the legitimate rights and interests of consumers by publishing real-time transaction reports, making a credit-worthy virtual currency strong and a credit-deficit virtual currency obsolete, while a trading platform can make information known to consumers more transparent.

正如我们所看到的，虚拟货币在改变人们对货币的既有观念的同时也对传统金融体系产生巨大影响，并可能为以后货币制度的发展与创新提供新的思路与想法。比如比特币不仅有作为货币的支付和流通职能，而且拥有了现实货币所不具备的优点，其自由化、去中心化的设计理念有可能代表着未来主流货币发展的方向之一。由于虚拟电子货币具有的各种优势，一种可靠、成熟、稳定的虚拟货币支付手段将推动未来经济与社会的进步。

As we can see, virtual currencies, while changing established perceptions of currencies, have a huge impact on traditional financial systems, and may provide new ideas and ideas for the development and innovation of monetary systems in the future. Bitcoins, for example, have not only payment and circulation functions as currencies, but also advantages that do not exist in real currencies, and their liberalization, decentralization, and design concepts may represent one of the directions of future mainstream monetary development.

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