央行范一飞:数字人民币不计付利息 央行不对兑换流通等服务收费_新浪财经_新浪网

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  范一飞:关于数字人民币M0定位的政策含义分析

  来源:中国金融新闻网 

  作者:范一飞 

  人民银行正在稳步推进数字人民币的研发试点工作。数字人民币是由人民银行发行的数字形式的法定货币。由指定运营机构参与运营并向公众兑换,以广义账户体系为基础,支持银行账户松耦合功能,与纸钞和硬币等价,具有价值特征和法偿性,支持可控匿名。我们认为,数字人民币主要定位于流通中现金(M0,下同),这一定位蕴含着丰富的理论内涵与政策选择。

  一、数字人民币的M0定位是货币性质和发展规律决定的

  法定货币形态的历史演进受技术和需求驱动,从实物形态逐步向数字形态过渡。价值尺度、价值贮藏、交换媒介是法定货币的基本职能,可计量、可确认、可转移是实现货币职能的重要因素。在各历史时期,生产力的发展催生新需求,而技术迭代推动货币从实物、金属、纸币等向电子和数字形态演变,以提高货币流通效率、改善消费者福利。

  货币是从人类社会发展早期的物物交换中衍生出来的,一些稀有珍贵且便于保存携带的物品如贝壳等成为一般等价物。随着冶炼等技术进步,开始出现铜、铁、金、银等金属货币。社会进入分工精细化、生产规模化阶段后,对货币需求量不断增加,金属货币因携带和分割不便,难以满足商品经济和生产发展需要,基于商业信用的纸质形态银行券随后出现。其后以国家信用为支撑、中央银行中心化发行的法定货币逐渐取代银行券,完成了金属货币到纸钞和硬币形态的法定货币演化。

  近年来,网络技术和移动支付快速发展,以商业银行存款货币为基础的支付工具逐步实现电子化和数字化。但商业银行存款货币无法替代法定货币发挥价值尺度或记账单位功能。为此,在货币形态演化过程中,民间发行的货币无论怎样活跃,都需要由国家(或地区)集中统一发行法定货币。历史上,在官定货币流通的同时,私铸货币和外来货币也不同程度地存在,民间货币发行和使用者自定钱币重量、成色标准,加大了社会交易成本。新中国成立后,国家通过向公众提供纸钞、硬币等方式发行了让公众信任的法定货币,有效降低了交易成本并促进了经济发展。近年来,比特币、全球性稳定币等加密资产试图发挥货币职能,又开始了新一轮私铸货币、外来货币与法定货币的博弈。因应这一形势,国家有必要利用新技术对M0进行数字化,为数字经济发展提供通用性的基础货币。

  M0数字化是货币发展规律和支付需求催化的供给侧结构性改革。随着信息技术发展,批发资金依托支付系统实现了电子化,支持M1和M2流通的银行间支付清算系统(如大小额支付系统和网上支付跨行清算系统等)、商业银行行内系统以及非银行支付机构等各类支付系统不断完善升级,较好地满足了经济发展需要。用数字人民币替代M1和M2,既无助于提高支付效率,也会造成现有系统和资源的巨大浪费。

  随着电子支付特别是移动支付的迅猛发展,较好地满足了经济发展需求,也培养了公众使用电子支付工具的习惯。但这种以商业银行存款货币为基础的电子支付工具,基于账户紧耦合模式,在应用场景覆盖面、普惠金融、支付效率、用户隐私保护和匿名支付等方面仍有较大提升空间。另一方面,现金使用率虽呈下降趋势,但绝对数量也会保持一定增长,说明在零售环节法定货币的数字化供给还没有跟上需求的变化。特别是在金融服务覆盖不足的地方,公众对现金的依赖度仍然很高,对获得和使用数字化的央行货币有现实需求和期待。此外,现金的管理成本较高,存在被用于洗钱等违法犯罪活动的风险。而且,在社会经济数字化程度不断提高和实物货币使用逐渐减少的背景下,商业银行存款货币能够等值兑换为央行货币是维持公众对商业银行存款货币信心的基础。加密资产等通过去中心化技术处理支付交易,会侵蚀国家货币主权,现钞数字化的压力其实越来越大。这一货币发展的历史趋势和需求,要求我们在“供给侧”做文章,需要利用新技术对M0进行数字化,对现有电子支付体系形成补充,既要保持M0的属性和特征,又基于价值属性衍生出不同于电子支付工具的新功能。作为国家信用的提供者,为保证货币金融体系稳定,央行理应响应零售环节需求,提供数字化现金供给。

  二、从M0的管理模式看,货币发行是中央银行的基础职责,数字人民币应坚持央行中心化管理

  货币发行是中央银行的天然职责,也是履职基础。现代中央银行制度下,中央银行是国家的银行、发行的银行、银行的银行。货币发行是中央银行的基础功能,是维护国家货币主权的根基,为商品流通、交换提供支付手段,并调节基础货币和货币供给。随着我国社会主义市场经济体制的建设及完善,人民银行从1984年起回归中央银行职能。从央行包打天下的一元银行体制过渡到“中央银行—商业银行”的二元模式,既保证了央行的货币发行权,又能够充分发挥商业银行的资源优势以及市场在资源配置中的决定性作用,进而构建了央行货币和商业银行存款货币和谐共存的货币流通体系。数字人民币沿袭现有的货币发行体系,中央银行在数字人民币体系中居于中心地位,负责向指定商业银行批发数字人民币并进行全生命周期管理,商业银行等机构负责面向社会公众提供数字人民币兑换流通服务。

  坚持数字人民币发行的中心化管理具有重要意义。一是维护法定货币地位和货币发行权。数字人民币中心化管理有利于抵御加密资产和全球性稳定币侵蚀,防止数字经济时代的货币发行权旁落,确保货币发行始终服务于国家发展改革大局,保证数字人民币的币值稳定和安全性、法偿性等特征。二是提高支付体系效率,改善货币政策传导。数字人民币中心化管理能实现支付即结算,可以提高商户资金周转效率,有助于解决中小企业流动性问题,提升货币流通速度和货币政策执行效率。同时,有利于打破零售支付壁垒和市场分割,避免市场扭曲,保护金融消费者权益,促进普惠金融。三是维护金融稳定。数字人民币采取可控匿名机制,人民银行掌握全量信息,可以利用大数据、人工智能等技术分析交易数据和资金流向,防范打击洗钱、恐怖融资和逃税等违法犯罪行为,有效维护金融稳定。

  对M0发行流通实行中心化管理是全球央行通行做法。为了保证对货币发行和货币政策的调控能力,全球各主要经济体的央行和货币当局对现钞发行流通都实行了中心化管理。比如,美、欧和我国央行均采用了中心化的现金管理模式,承担现钞印制、调拨、仓储、投放、回笼、清分和销毁等职能。在英国,尽管英格兰银行将英镑的印制、清分和仓储等职能交给了商业机构,但通过经营、财务、公司治理、风控等规定和定期审计也体现了中心化管理原则。我国虽然近年来开始探索将部分清分等职能转给社会主体,但印制、投放和回笼等关键职能仍由央行承担。

  要维持央行在数字人民币发行中的中心化管理地位,必须做到以下几点:一是统筹管理数字人民币额度,制定统一的业务标准、技术规范、安全标准和应用标准。二是统筹管理数字人民币信息,通过掌握全量交易信息,对数字人民币的兑换、流通进行记录和监测分析,完善数字时代的中央银行发行制度。三是统筹管理数字人民币钱包,在坚持数字人民币统一认知体系和防伪功能的前提下,本着双层运营的原则,采用共建、共享的方式由央行和指定运营机构共同开发钱包生态平台,同时实现各自的视觉识别和特色功能。四是统筹建设数字人民币发行基础设施,实现跨运营机构互联互通,确保数字人民币流通稳定有序。

  三、从M0的管理规则来看,数字人民币的发行和流通要按照现金进行规范管理

  数字人民币的研发发行基本符合我国法律框架。《中国人民银行法》已授权人民银行发行人民币、管理人民币流通,人民银行有权发行人民币且是唯一发行方。同时,数字人民币具有数字化特征,并不完全适用实物现金流通监管规则,需拟定专门针对数字人民币的监管要求,做好数字人民币流通环境建设,同时随着数字人民币发行流通体系逐步成熟,及时完善相应法律法规。

  数字人民币具有法偿性。数字人民币主要定位于 M0 ,需遵守《中国人民银行法》、《人民币管理条例》等与现钞管理相关的法律法规。按照人民币的法偿性规定,以数字人民币支付我国境内一切公共和私人债务,任何单位和个人在具备接收条件的情况下不得拒收。

  数字人民币也要遵守大额现金管理及反洗钱、反恐融资等法律法规。比如,按照人民银行《关于开展大额现金管理试点的通知》,为配合反洗钱相关工作,试点地区的数字人民币也要进行大额存取现登记,相关机构应就数字人民币的大额及可疑交易向央行报告。

  四、从M0的费用体系看,数字人民币是央行向公众提供的公共产品,不计付利息,央行也不对兑换流通等服务收费

  数字人民币主要定位于M0,是法定货币的数字化形态。根据萨缪尔森在《公共支出的纯理论》中对公共产品的定义,法定货币属于公共产品。因此,各央行不会对现金交易收取手续费,相关设计、生产、调运、仓储、回笼和销毁成本均由政府负担。数字人民币也属于纯公共产品。首先,数字人民币的发行与流通服务是向全社会提供的,具有共同受益与消费特点,其效用为全社会成员共同享有,具有不可分割性;其次,数字人民币系统建成运行后,消费者的增加不会线性提升发行流通成本,也不会影响对他人的服务质量,边际成本低,具有非竞争性;第三,任何人都不会排除他人消费数字人民币服务,具有非排他性。而且,数字人民币不计付利息,具有非盈利性,追求的是社会效益和社会福利最大化。因此,人民银行对数字人民币执行与现金一致的免费策略。央行建立免费的数字人民币价值转移体系和金融基础设施,不向发行层收取兑换流通服务费用,商业银行也不向个人客户收取数字人民币的兑出、兑回服务费。这可以节约人民币生产流通成本,有助于贯彻落实党中央、国务院减税降费的决策部署,减轻实体经济负担,优化营商环境,进一步激发市场活力。同时,为充分调动各参与方积极性,实现可持续运营,应参考现行纸钞发行相关安排,划拨发行费用,并建立合理有效的激励机制。

  五、从M0的发行模式看,应由商业银行承担向公众兑换数字人民币的职能

  由商业银行提供数字人民币的兑换服务是法律法规的要求。《人民币管理条例》赋予“办理人民币存取款业务的金融机构”配合人民银行管理人民币流通的权利,人民币现钞发行主要通过银行的现金收付业务实现。因此,商业银行具有为数字人民币提供兑换、流通服务的法律基础。同时,《非银行支付机构网络支付业务管理办法》第九条规定,非银行支付机构不得经营或者变相经营货币兑换、现金存取等业务,不具备为M0定位的数字人民币提供兑换服务的制度基础。因此,按照现行法律法规要求,只能由商业银行向公众提供数字人民币的兑换服务。

  由商业银行提供M0兑换服务是全球最佳实践。各国现金发行普遍采用“中央银行-商业银行”的二元模式,中央银行是基础货币的供应者和货币流通的调节者,商业银行进行货币投放、流通和回笼,为公众提供现金存取服务。美、英、德和我国等主要央行均是将现钞调运至商业银行,由其向公众兑换。这样既不易引发“金融脱媒”,也不对现有金融体系和实体经济运行产生大的冲击。

  为确保数字人民币系统的安全性和稳定性,要审慎选择在资本和技术等方面实力较为雄厚的商业银行作为指定运营机构,牵头提供数字人民币兑换服务。一是充分利用现有资源和技术储备。作为指定运营机构的商业银行应具有成熟的基础设施、完善的服务体系和充足的人才储备,由其提供兑换服务可充分调动市场力量,实现优胜劣汰。二是降低风险隐患。作为指定运营机构的商业银行在零售业务治理体系、风控措施等方面经验丰富,能有效防范操作风险,增强公众持有、使用数字人民币的信心。三是避免金融脱媒。数字人民币沿用了二元模式下货币发行体系,且不计付利息,避免与商业银行存款货币形成竞争。四是有利于货币政策传导。商业银行提供数字人民币兑换,可加速资金回流商业银行的速度和效率,促进其发挥金融中介作用,为货币政策传导提供更直接、高效的渠道。

  在央行中心化管理的前提下,兼顾稳定和创新,探索指定运营机构与其他商业银行及机构的合作模式,共同提供数字人民币的流通服务。为确保数字人民币广泛可得,且不对现有金融市场带来大的冲击,需充分发挥其他商业银行及非银行支付机构在数字人民币体系中的积极作用。在实物现金流通过程中,所有商业银行皆可面向公众提供人民币服务。在数字人民币流通过程中,考虑到技术基础和系统管理要求较高,可由作为指定运营机构的商业银行与其他商业银行及相关机构进行合作,在厘清责权利关系的基础上,共同向公众提供数字人民币流通服务。具体来说,作为指定运营机构的商业银行负责在人民银行的额度管理下,根据客户信息识别强度为其开立不同类别的数字人民币钱包,进行数字人民币兑出兑回服务。同时,作为指定运营机构的商业银行与其他商业银行及相关机构一起,在人民银行监管下承担数字人民币的流通服务并负责零售环节管理,实现数字人民币安全高效运行,包括支付产品设计创新、场景拓展、市场推广、系统开发、业务处理和运维等服务。在此过程中,要保持公平的竞争环境,确保由市场发挥资源配置的决定性作用,以充分调动市场各方的积极性和创造性,保持金融体系稳定。

  (作者系中国人民银行党委委员、副行长)

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