关于数字货币是什么？以及相关研究理论有哪些？

关于数字货币是什么？以及相关研究理论有哪些？本文将阐述个人观点。

What is the digital currency and what are the theories of the relevant research? The personal point of view is set out in this paper.

（1）数字货币的概念

(1) The concept of digital currency

数字货币的定义尚未有统一定论，目前多认为，电子货币是借助互联网这一方式，进行支付的一种支付方式。巴塞尔委员认为电子货币是一种借助各类销售终端和设备进行支付转账的手段。本文研究的是央行数字货币，英文缩写为CBDC，它是基于密码学和点对点技术的一种加密法定数字货币，其运行环境是区块链和分布式记账，是由我国中央银行研究并发行的，与纸币一样属于货币层次中的M0。

The Basel Committee considers e-money to be a means of making payments by means of Internet-based payments. This paper looks at the central bank’s digital currency, the acronym CBDC, which is an encrypted legal digital currency based on cryptology and point-to-point technology, operating in a block chain and distributed bookkeeping environment, which is studied and issued by our Central Bank and which, like paper currency, is in the currency category of M0.

（2）数字货币的分类

(2) Classification of digital currencies

大部分学者虽然进行了广泛的研究，但对数字货币并未进行分类，各国货币发行机构对于数字货币也没有明确的进行归类。本文根据数字货币的属性，从主权从属进行分类。根据主权从属将数字货币划分为两类，一类是央行数字货币，其由国家政府信用支撑，是一国法定数字货币的电子形式，具备强大的功能。另一类是私人数字货币，主要是由一些企业研究发行，有时一些私人机构也会进行研发，风险较大，有时甚至存在无任何支撑发行的情况。这种数字货币信用风险较高，不具备法定数字货币属性，仅在一定范围内流通，其中比较典型的是比特币。

Most scholars, despite extensive research, do not classify digital currencies, and national money-issuing agencies do not clearly classify them. This paper categorizes digital currencies according to the attributes of digital currencies, from sovereign subordination.

（3）我国央行数字货币的特点

(3) Characteristics of our central bank's digital currency

这是一种由中央银行研究计划发行的法定数字货币，英文简称DCBC，下文中一些地方会用简称来表示央行数字货币。其主要特征为：可以充当一般等价物，具备无限法偿性；发行央行数字货币可以更好的对货币流动性进行监控；匿名性使用央行数字货币交易安全性高，使用后不会给平台留下交易数据；央行掌握其发行数量，并可以实施货币政策调控，发行权在央行；采用双层运行模式，商业银行向中央银行上缴准备金，央行收到准备金后对商业银行发放央行数字货币，个人和企业再向商业银行兑换央行数字货币。

This is a statutory digital currency to be issued by the Central Bank’s research programme, known as DCBC, whose acronyms are used in some of the following locations. Its main features are: it can serve as a general equivalent with unlimited legal compensation; it can be better monitored for currency liquidity by issuing a central bank’s digital currency; it is safe to use anonymously the central bank’s digital currency transactions without leaving transaction data for the platform; the central bank has control over the volume of its issuance and can enforce monetary policy regulation and issue power in the central bank; and it uses a two-tier operating model whereby commercial banks pay up their reserves to the central bank, the central bank issues the central bank’s digital currency when the central bank receives the reserve, and individuals and enterprises convert the central bank’s digital currency to the commercial bank.

（1）货币需求理论

(1) currency demand theory

从流通和交易的角度来说，货币需求是经济发展中，商品流通在一定时间和空间内，发生的对货币的客观需求。20世纪古典经济学家对货币需求进行了分析，主要有两个理论，有从需求动机出发的凯恩斯货币需求理论，还有费雪需求理论。费雪需求理论的精髓是费雪方程式MV=PT，这个公式又称为交易方程式，货币供应量与货币流通速度的乘积，与商品价格和经济产出的乘积相等。该式由耶鲁教授费雪提出而命名，该公式表示了最初主要是讨论货币供应量与物价的关系。

From the point of view of circulation and trade, currency demand is the objective demand for money that occurs in the context of economic development, in which the flow of goods takes place over time and space. In the twentieth century, classical economists analysed the demand for money, mainly two theories, the Keynesian currency demand theory, based on demand motivations, and the Fisher demand theory.

通过反推可以从这以公式得到货币需求量，即M=PT/V，费雪是现金交易说的代表，这是一个非常经典的货币需求理论，也为本文接下来讨论央行数字货币对货币政策有效性提供了理论依据。凯恩斯是现金余额说的代表人物，对传统经济学进行了许多思考和评价，还提出了许多质疑，从资产选择的角度，凯恩斯认为货币需求主要由三个持有动机决定。

By contrast, currency demand can be obtained by formula, i.e. M=PT/V, which is represented by cash transactions, which is a very classic theory of monetary demand, and which provides a theoretical basis for the next discussion of the effectiveness of central banks’ digital currencies in monetary policy. Cairns, a representative of the cash balance, has given much thought and assessment to traditional economics, and has raised many questions. In terms of asset selection, Keynes believes that monetary demand is largely determined by three motivations.

其中收入水平决定了交易需求动机和预防需求动机，对于这两个需求，主要根据收入决定，包括个人的和企业的，是收入的增函数。利率水平决定了投机需求动机。为了预防意外持有货币是合理的，这是基于未来不确定风险的考虑，现实中人们也有为了心理安全感的需要持有货币，这也是一种预防动机。其中投机需求凯恩斯进行了着重分析，他认为对投机性货币需求，主要取决于对利率水平的考虑，假设人们只能通过两种方式持有财富，一种是货币，另一种是投资有价债券，利率低则债券价格高，出于投机心理，人们会倾向于持有货币，反之亦然。现行利率对投机需求是反向作用。这为接本文讨论央行数字货币对利率的影响提供了理论参考。

Income levels determine the motivation of demand for transactions and the incentive to prevent demand. For these two needs, income decisions, including individuals and businesses, are income multipliers. Interest rate levels determine the motivation for speculative demand.

（2）货币创造理论

(2) Theory of Currency Creation

货币创造又称为货币扩张，是通过央行、商业银行等机构和公众通过信贷行为，促进货币的供应量扩大的一种方式。货币创造可以用一个公式来表达，即货币供应量=基础货币×货币乘数。由表达式可以看出，货币创造主要由两个变量影响，接下来对这两个变量分别进行分析。其中基础货币是一种负债，主要是中央银行对居民和商业银行的负债，主要由三部分组成，又称为高能货币，具体表达式为，基础货币=现金通货+金融机构库存现金+存款准备。

Monetary creation, also known as monetary expansion, is one way to promote the expansion of the supply of money through credit practices by institutions such as central banks, commercial banks, and the general public. Monetary creation can be expressed in a formula, namely, money supply = base currency – currency multipliers.

虽然货币创造是一个复杂的行为，受到多种因素的影响，但是其中最重要的是，基础货币由我国央行提供，货币发行机构可以通过货币政策工具，从而影响存款货币派生行为。而货币的派生主要依赖商业银行，二者一起组成货币创造的主体。我国依据流动性将货币层次划分为三个：M0表示流通中的现金，M1=M0+银行活期存款，M2=M1+银行定期存款+储蓄+其他。

While monetary creation is a complex act, influenced by a variety of factors, the most important of these is that the base currency is provided by our central bank, and that monetary issuers can influence the derivative behaviour of deposit money through monetary policy instruments. Monetary derivatives rely mainly on commercial banks, which together make up the bulk of monetary creation.

充分理解我国得货币层次内容，在分析央行数字货币对货币供给体系的作用时至关重要，央行数字货币发行以后，首先会直接对货币供应量的影响，本文运用货币创造的相关理论对其进行分析。对于基础货币，从现金通货和法定存款准备金两个角度进行探讨。

Fully aware of the monetary dimension of our country, it is essential to analyse the role of central banks’ digital currencies in the monetary supply system. When issued, central banks’ digital currencies will first have a direct impact on the supply of money, which is analysed here using the relevant theory of monetary creation.

货币是一般等价物，在经济往来中是重要的中介，我国是最早使用货币的国家，最开始使用的是实物货币，如贝壳等多用于物物交换，随着商品经济的发展，后期出现了金属货币、纸币等多种形态的货币，纸币又分为代用货币和近代以来的信用货币。我国的货币形态主要有实物货币如贝壳，金属货币如白银，以及现在用的纸币，近年来出现的电子货币，还有新的货币形态央行法定数字货币这几种形式。由于金属货币和实物货币历史悠久，已经长时间不使用，在这里我们主要讨论近代以来我国出现的信用货币和电子货币、央行数字货币这三种形态。

Currency is a general equivalent and is an important intermediary in economic transactions. We were the first countries to use it. The first to use it was in kind, such as shells, which were used for the exchange of goods. With the growth of the commodity economy, various forms of currency, such as metal currency, paper currency, have emerged at a later stage.

信用货币是一国强制发行流通的，是一国的法定货币，可以独立执行货币职能。目前由一国以国家的信用做依托，发行的货币都属于信用货币。信用货币以银行为中介渠道，银行会提供信用流通工具，其本身价值十分低，但货币价值很高，这种货币与任何金属都无关，是在金本位制崩溃的背景下应运而生的。我国的信用货币主要为人民币现钞，是由人民银行印制并发行的。

Credit currencies are compulsory for circulation in a country, which is the legal currency of a country and can perform monetary functions independently. They are currently based on the credit of a country, and the currency issued is a credit currency.

电子货币是一种以电子化方式支付的货币，主要包括银行卡和数字现金，电子货币的运行，主要是用户将现金或存款从发行处兑换成等额的数据，或者通过第三方支付工具使用，通过微信支付宝二维码，以电子形式进行交易的货币。这只是一种观念化的货币，由于其依托互联网技术，因此也被称为互联网下的数字货币。

E-money is a currency paid electronically, consisting mainly of bank cards and digital cash, and the operation of e-money, mainly data that users convert cash or deposits from the issuing office into equivalent amounts, or, by means of third-party payment instruments, the payment of two-dimensional codes of treasures through micro-mail. It is merely a conceptual currency, which, because of its reliance on Internet technology, is also referred to as digital currency under the Internet.

央行数字货币是一种以国家信用为基础的数字货币，我国从2014年进行央行数字货币的研究，目前已经开始试点推行，央行数字货币是一种法定数字货币，打破了时空限制，是互联网下法定货币的重大进步。货币形态随着商品经济不断演变，形式越来越多样化，但是无论如何多样，国家就永远是法定货币的发行者，只要现代经济社会组织不发生实质性改变，法定货币就必须以国家信用为支撑。央行数字货币作为一种法定数字货币，也是以国家信用为基础的，分析我国主要的货币形态，可以更好的探究CBDC对货币政策有效性的影响。

The central bank digital currency is a digital currency based on the country’s credit, which we have been conducting since 2014 on a pilot basis. The central bank digital currency is a statutory digital currency that breaks time and space limits and represents a major advance in the legal currency under the Internet.