海外之声 | G20激烈讨论“备受瞩目的”加密货币 中央银行小心提防，财政部门包容宽松（中英双语）

观点速递

本文作者是伦敦政治经济学院全球事务研究所客座研究员乌斯曼·曼登。原文摘自2018年3月23日的国际货币金融机构官方论坛评论（OMFIF Commentary），OMFIF是一家总部位于伦敦的全球金融智库。

作者指出在G20召开期间，中央银行和财政部门之间对于加密货币的理解产生了分歧，前者认为认为难以与私人部门讨论某种形式的货币共存问题，因为这有违它们一贯拥有的发行本国唯一法定货币的主权货币发行权，也有人警告，监管机构倾向根据以往经验判断形势，并采取过时措施化解危机，缺乏对未来危机的前瞻意识。

最后，作者总结道，加密货币已走过漫漫长路，不仅改变了人们对政府在货币生产中担任的角色的看法，还改变了对货币本身意义的看法。迄今为止，这仍是加密货币的最大贡献。

中文译文如下：

G20激烈讨论“备受瞩目的”加密货币

中央银行小心提防，财政部门包容宽松

乌斯曼·曼登

翻译：刘家志

审校：陆可凡

2018年3月23日

G20集团财长和央行行长会议在布宜诺斯艾利斯召开，会议结果对加密货币利好。会议前，人们曾担心会宣布加强监管，但G20委托金融稳定委员会进一步研究该议题并在7月份汇报结果。

数位参会代表评论说，加密货币是“热门话题”，但政府对它的理解“远远落后”。与会者的意见分为两派：一方认为应采取更严格的措施，而另一方认为应采取更温和的态度。意见分歧不在国与国之间，而在中央银行和财政部门之间，而后者持较温和的态度。

G20表示，加密货币正受到最高政治层面的重视。在应采取监管措施方面确实达成了一定共识，但也有意见认为不应扼杀货币创新。也有意见认为应注意将加密货币视作加密资产，以确保不会与法定货币混淆。

将加密货币视作加密资产，等同于表示官方货币不应受到来自私人部门的竞争。这将从根本上阻碍加密货币获得真正的货币地位。中央银行会认为难以与私人部门讨论某种形式的货币共存问题，因为这有违它们一贯拥有的发行本国唯一法定货币的主权货币发行权。尽管货币关系并非没有思考的余地，但数家中央银行似乎高度警惕其特权受到损害。

中央银行并不热衷引入数字货币。一位中央银行家表示，鉴于欧元区困难重重，对数字欧元“不予考虑”。有意见指出，引入数字货币的动机不应仅仅由发达经济体的考量所左右。一位新兴市场的中央银行家强调，他们希望在货币方面占据“尖端”地位，并热切希望充分利用相关技术。

G20会议公报称，加密资产缺乏主权货币的关键属性。某些情况下，加密资产可能会有财务稳定性问题。一名中央银行家反复强调，货币“是你需要信任的东西”。几位代表指出，因为加密货币的规模相对较小，不会有系统性风险。旨在打击资助恐怖主义和洗钱行为的金融行动特别工作组将审查加密货币的标准。消费者保护也是一大问题。

金融稳定委员会在3月13日致G20的一封信中警告称，如果行为、市场完整性和网络防卫方面没有实质性改进，加密货币的使用范围扩大和关联性提高，会通过信任效应产生金融稳定风险。有代表表示，加密货币及其应用应该与传统金融流程一样受到监管。

但也有人警告，监管机构倾向根据以往经验判断形势，并采取过时措施化解危机，缺乏对未来危机的前瞻意识。其他人重申，各国间不应出现“监管套利”，凸显国际合作在该问题的重要地位。

加密货币已走过漫漫长路，不仅改变了人们对政府在货币生产中担任的角色的看法，还改变了对货币本身意义的看法。迄今为止，这仍是加密货币的最大贡献。

乌斯曼·曼登，伦敦政治经济学院全球事务研究所客座研究员。

英文原文如下：

G20 debates 'hot' cryptocurrencies

Central banks defensive, finance ministries relaxed

OusmèneMandeng

Fri 23 Mar 2018

The G20 meeting of finance ministers and central bank governors in Buenos Aires was good for cryptocurrencies. There had been some concern beforehand that onerous regulation would be announced, but the G20 deferred to the Financial Stability Board to study the topic more and report back in July.

Several representatives commented that cryptocurrencies were a 'hot topic' and that governments were 'far behind' when it comes to understanding them. Participants were split between adopting more restrictive measures and a more benign attitude. Views were divided, not so much along country lines but between central banks and ministries of finance, with the latter being more relaxed.

The G20signalled that cryptocurrencies are being taken seriously at the highest political level. There was some agreement that regulatory measures are needed, but it was felt that monetary innovations should not be stifled unduly. Care was taken to label cryptocurrencies as crypto-assets to make sure there is no mix-up with fiat currencies.

The crypto-asset label is tantamount to the notion that official currencies should not be subject to competition from private actors. This represents a fundamental obstacle to treating cryptocurrencies as currencies. Central banks will find it difficult to engage with non-official entities to discuss some form of cohabitation. It would require reneging on their customary rights to issue sovereign currencies that are the sole legal tender in their countries. There is room for rethinking monetary relationships, but several central banks appeared highly defensive of their privileges.

The introduction of digital currencies by central banks did not feature prominently. One central banker indicated that, with the difficulties in the euro area, there are 'no plans' for a digital euro. It was pointed out that motivations for introducing digital currencies should not be guided only by considerations in advanced economies. A central banker from an emerging market stressed that they wanted to be 'cutting edge' on currency matters and were keen to exploit technological possibilities. 

The communiqué of the G20 meeting reads, 'Crypto-assets lack the key attributes of sovereign currencies. At some point they could have financial stability implications.' One central banker reiterated the notion that a currency 'is something you need to trust'. Several representatives indicated that cryptocurrencies do not represent systemic risks, owing to their relatively small size. The Financial Action Task Force, which works on combatting terrorist financing and money laundering, is to review standards for cryptocurrencies. Consumer protection was the other big concern. 

In a letter to the G20 on 13 March, the FSB had warned that 'wider use and greater interconnectedness could, if it occurred without material improvements in conduct, market integrity and cyber resilience, pose financial stability risks through confidence effects'. Other representatives said cryptocurrencies and related applications should have no regulatory advantages over conventional processes.

Yet there were also warnings that regulators have a tendency to fighting the 'last war' and put in place measures to solve the 'last crisis' instead of future ones. Others repeated that there should be no 'regulatory arbitrage' between countries, highlighting the importance of international co-operation on the issue.

Cryptocurrencies have come a long way and have already transformed thinking about the role of governments in the production of money and the meaning of money itself. To date, this remains the greatest contribution of cryptocurrencies.

Ousmène Jacques Mandeng is a Visiting Fellow in the Institute of Global Affairs at the London School of Economics and Political Science.

内容整理 叶祎然

图文编辑 叶祎然

审校  田雯

监制  商倩

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