01 引言 自2009年至今，人民币国际化经历10余年波浪式前行历程，进入稳慎扎实推进人民币国际化的新阶段。在此过程当中，即使在新冠疫情暴发、逆全球化思 潮涌动、金融系统脆弱性加剧等外部环境下，人民币国际化仍然保持逆势增长的发展态势。中国人民大学国际货币研究所发布的《人民币国际化报告 2024》显示，人民币国际化指数（RII）在2023年底达到6.32，全年的季度平均值为6.27，同比增长22.9%，继续保持长期向上趋势。党的二十大报告提 出，"有序推进人民币国际化"。2023年中央金融工作会议要求"稳慎扎实推进人民币国际化"，并强调金融强国应当基于强大的经济基础，具有领先世界的 经济实力、科技实力和综合国力，同时具备强大的货币等关键核心金融要素。党的二十届三中全会再次明确提出，"推动金融高水平开放，稳慎扎实推进 人民币国际化"。在新发展阶段，人民币国际化不仅是推动高水平开放的重要举措，更是坚定不移走中国特色金融发展之路、建设金融强国的必然要求。 长期以来，深入探究货币国际化的决定因素并据此推动人民币国际化始终是理论与实务界共同关注的话题。传统意义上，经济实力、国际经贸关系、金融 发展水平、货币币值稳定、资本 ...

Core Insights - The article discusses the transformative impact of digital currencies, particularly focusing on the complexities of central bank digital currencies (CBDCs) and stablecoins in the current financial landscape [2] - It emphasizes the philosophical reflections on the essence of money, financial order, and the trajectory of human civilization in the context of digital currency [2] Group 1: Technological Reassessment and Monetary Essence - The book highlights the decentralized nature of blockchain technology as a solution for currency issuance, presenting an ideal currency model that eliminates the need for trust in third-party institutions [4] - It critiques Bitcoin's volatility and its classification as a digital asset rather than a true "digital currency," pointing out its limitations within the traditional monetary framework [4] - The text reflects on the historical significance of this digital experiment, suggesting that it challenges existing monetary and financial systems [4] Group 2: Regulatory Dynamics and Institutional Reconstruction - The article notes the coexistence of "regulatory competition" and "regulatory arbitrage" in the global regulatory framework, with various countries adopting different strategies for digital currency regulation [7] - It discusses the unique "dual firewall" mechanism of China's digital yuan and the contrasting approaches taken by the EU and the US regarding stablecoin regulation [7] - The text suggests that regulatory technology (RegTech) is lagging behind technological innovation, creating new governance challenges [8] Group 3: Paradigm Revolution in Civilizational Evolution - The digitization of currency is reshaping the foundation of social contracts, with blockchain-based identity systems and token economies monetizing human activities [10] - The article raises concerns about the digital divide and the potential for new class divisions within the crypto space, questioning the implications for financial inclusion [10] - It explores the dual spiral characteristic of civilization evolution, where digital and physical worlds increasingly intertwine, particularly in the context of emerging technologies like quantum computing [11] Group 4: Dynamic Balance and Future Considerations - The book presents a vision of a future characterized by a dynamic balance between decentralized technology and centralized regulation, efficiency and risk prevention, and monetary sovereignty and global cooperation [12] - It emphasizes the need for an open mindset to navigate the uncertainties posed by technological advancements and regulatory frameworks [12] - The article concludes by reflecting on the historical evolution of money and the potential for digital currencies to disrupt traditional financial systems, urging a balanced approach to efficiency and fairness in the new monetary civilization [13]

Core Concept - Digital Renminbi (DCEP) is a significant innovation in China's currency digitization, issued by the People's Bank of China, and holds the same legal status and economic value as cash [1] Group 1: Characteristics and Technology - Digital Renminbi features "payment and settlement" capabilities, allowing direct value transfer between users without third-party payment institutions, enhancing payment efficiency and reducing transaction costs [3] - It employs advanced blockchain and encryption technologies, achieving a "controllable anonymity" design for small transactions while adhering to regulatory requirements for larger ones [4] - The system can process over 300,000 transactions per second, significantly outperforming Bitcoin and Ethereum networks [4] - Security is ensured through national encryption standards and hardware encryption modules, capable of withstanding various cyber threats, including quantum computing attacks [6] - It supports "dual offline payment" functionality, enabling transactions without network access, which is crucial during emergencies [6] Group 2: Applications and Social Impact - Digital Renminbi is being tested in multiple pilot cities across China, covering retail, public transport, and government services, with over 750 million transactions and a total transaction amount exceeding 830 billion yuan as of June 2023 [7] - It is expected to enhance monetary policy transmission efficiency, reducing time lags by approximately 30% and improving macroeconomic control precision [9] - The initiative aims to increase financial inclusion, potentially raising China's financial inclusion index by 15-20 percentage points [9] Group 3: Global Implications - The launch of Digital Renminbi marks a milestone in China's fintech development and offers valuable insights for the global Central Bank Digital Currency (CBDC) evolution [10] - As the pilot scope expands and application scenarios diversify, Digital Renminbi is reshaping China's payment ecosystem and contributing to the digital transformation of the global monetary system [10]