私人数字货币与金融风险：关联、分类与监管

Core Insights - The article discusses the evolving relationship between private digital currencies and financial risks, emphasizing the need for regulatory frameworks to address these risks as the market grows and becomes more institutionalized [2][3]. Group 1: Development and Characteristics of Private Digital Currencies - Private digital currencies emerged as a combination of cryptography, distributed ledger technology, and network communication, leading to significant innovations in technology and applications [4]. - The market for private digital currencies has grown substantially, becoming a significant factor of instability in the international financial system [4]. - Major risk events in 2022, such as the collapse of the stablecoin USTC and the bankruptcy of FTX, highlighted vulnerabilities and regulatory gaps in the private digital currency sector [4][5]. Group 2: Financial Risks Associated with Private Digital Currencies - The article identifies three main categories of financial risks associated with private digital currencies: market volatility spillover risks, illegal activities by market participants, and risks from decentralized finance (DeFi) [13]. - The spillover effect of private digital currencies on traditional capital markets has been documented, with significant implications for financial system stability [14]. - Illegal activities, including price manipulation and fraud, have proliferated in the largely unregulated private digital currency market, leading to substantial financial losses for investors [18][19]. Group 3: Regulatory Challenges and Responses - There is a growing consensus among international organizations and scholars on the necessity of enhancing regulatory frameworks for private digital currencies to mitigate associated risks [29]. - Different countries have adopted varying regulatory approaches, with many developed nations integrating private digital currencies into existing regulatory frameworks, while developing countries often impose bans or restrictions [32]. - The effectiveness of regulatory measures has been observed, with studies indicating that regulatory news can significantly impact the volatility of private digital currencies [31].