加密货币，如何看待？

Core Viewpoint - Cryptocurrency, particularly stablecoins, is profoundly impacting and reshaping the global financial, trade, and economic systems, becoming a systemic variable that influences macroeconomics, international balance of payments, monetary policy, and financial stability [2] Group 1: Characteristics and Types of Cryptocurrency - Cryptocurrency is a digital asset based on blockchain technology, secured by cryptographic algorithms, and maintained by a decentralized network, enabling peer-to-peer value transfer without reliance on central banks [4] - Key characteristics include decentralization, cryptographic security, limited or algorithmic issuance, and transparency, with all transaction records available on the blockchain [4][5] - Major types of cryptocurrencies include public chain coins (e.g., Bitcoin, Ethereum), stablecoins (e.g., USDT, USDC), central bank digital currencies (CBDCs), exchange platform tokens, and privacy coins [5] Group 2: Impact on Global Economy - Cryptocurrency affects financial stability by exhibiting high volatility and correlation with traditional assets, potentially leading to systemic risks [8] - It transforms international trade by enabling low-cost, efficient cross-border transactions, significantly reducing fees and time compared to traditional banking [8][9] - Capital flow is influenced as cryptocurrencies allow rapid movement of funds across borders, potentially bypassing currency controls [9] - The emergence of a cashless economy is accelerated by cryptocurrencies and CBDCs, reshaping global energy and computing trade [9] Group 3: Regulatory and Governance Challenges - The global landscape is entering a "rules competition" era, with regulatory arbitrage becoming more pronounced as different regions adopt varying compliance standards [10] - Anti-money laundering pressures are increasing, necessitating the extension of regulations to stablecoins and decentralized finance (DeFi) [10] - The introduction of cryptocurrencies poses significant challenges to existing international economic governance, particularly in finance, trade, and capital flow [10] Group 4: Opportunities and Challenges for China - Opportunities for China include promoting the internationalization of the Renminbi, enhancing cross-border payment efficiency, and leveraging blockchain technology for digital currency development [12] - Challenges include risks to financial stability and monetary sovereignty, potential capital flow issues, and the need for a robust regulatory framework to address the evolving landscape of stablecoins [13]