Core Viewpoint - The evolution of currency forms is driven by technological advancements and economic development, with a historical competition between official and private currencies. The issuance of central bank digital currency (CBDC) is seen as a necessary upgrade to maintain currency stability and financial system security in the context of digital economy growth [3][4][6]. Group 1: Historical Context and Evolution of Currency - Historical changes in currency forms have transitioned from barter to shells, metal currency, and the world's first paper currency, the Jiaozi, during the Northern Song Dynasty. This was followed by banknotes based on commercial bank credit, eventually replaced by central bank-issued legal tender [4]. - The competition between official and private currencies has always existed, with the absence of central bank currency issuance increasing the fragility of the financial system. Multiple currency issuers can lead to differences in asset quality and currency value, raising transaction costs and reducing stability [4][6]. Group 2: Role of Central Banks - Central banks act as the lender of last resort, providing liquidity to banks in need and ensuring the safety of collateral assets through strict regulation and deposit insurance mechanisms. This supports a stable and secure monetary environment [5]. - The establishment of a legal currency system is a natural selection due to the superiority of national credit over private credit, ensuring currency stability, liquidity, and a fair, secure, efficient, and inclusive payment system [6]. Group 3: Digital Currency Development - The blurring lines between commercial bank currency and central bank currency necessitate the issuance of legal digital currency, or digital renminbi, to ensure the single currency nature of the RMB and maintain financial and monetary system security [6][7]. - The digital renminbi has undergone three phases: theoretical research, closed pilot testing, and open pilot testing, and is being gradually applied in various sectors such as retail, dining, education, and public services [7]. Group 4: Macro and Micro Considerations - On a macro level, the digital renminbi is directly liabilities of the central bank, requiring consideration of enhancing its currency derivation capacity as the economy develops. On a micro level, commercial banks are responsible for wallet management and payment services, necessitating alignment of responsibilities and rights [8]. - Upgrading the measurement framework of the digital renminbi is essential to ensure that the currency supply aligns with economic growth and price expectations, while also enhancing the engagement of commercial banks and users [8].
穆长春:数字人民币有必要在理论和实践上进行改革升级|金融与科技
清华金融评论·2025-09-18 09:13