| 摘要: |
| 国际稳定币的勃兴使虚拟货币合法性问题重回我国监管视野。稳定币与央行数字货币、比特币、货币市场基金、“支付宝”等有明显差异，是挂钩法定货币或特定资产能确保可兑换性的加密数字支付债权通证，不能沦为投资或投机的资产增值工具。既不宜夸大其在支付结算体系中的替代功能，也不可忽视其跨越货币法、银行法、证券法等多个法律领域的交叉影响。在现行禁止式监管基调下，稳定币的本土发展面临上位法缺失、监管规则与技术演进脱节、司法裁判尺度不一及公序良俗条款滥用等问题。加之与数字人民币、第三方支付的协同关系尚未厘清，进一步加剧了监管介入的复杂性。破解之道需从储备资产保障、发行主体治理及运行机制规范三方面入手；监管架构当依托中央金融委员会办公室与央行的双层协调机制，明确系统重要性机构的识别标准；在制度优化方面，应由全面禁止转向审慎管制，优先制定综合性的稳定币监督管理规章，适时推动《支付结算办法》升级为法律，构建适应数字金融发展的“大支付”制度框架。 |
| 关键词: 稳定币 虚拟货币 数字货币 加密资产 代币化 |
| DOI： |
| 分类号: |
| 基金项目:国家社会科学基金后期资助项目“金融市场基础设施的风险规制研究”（项目批准号： 24FFXB046） |
|
| The Normative Logic of the Development of Stablecoins in China |
|
Zhang Yang
|
|
|
| Abstract: |
| The rise of international stablecoins has brought the issue of the legitimacy of virtual currencies back into China's regulatory view. Stablecoins， which are significantly different from central bank digital currencies， Bitcoin， money market funds， etc.， are encrypted digital payment claim tokens pegged to fiat currencies or specific assets to ensure convertibility， and must not be reduced to tools for asset appreciation through investment or speculation. It is neither advisable to overstate their alternative function in the payment and settlement system， nor to ignore their cross-cutting impact across multiple legal fields such as currency law， banking law， and securities law. Under the current regulatory tone of prohibition， the domestic development of stablecoins confronts problems such as lack of superior laws， disconnection between regulatory rules and technological evolution， inconsistent judicial standards， and abuse of public order and good customs clauses. In addition， the synergistic relationship with e-CNY and third-party payment has not yet been clarified， which further exacerbates regulatory complexity. The solution is proposed from three aspects： reserve guarantee， governance of issuing entities， and standardization of operating mechanisms. The regulatory framework should rely on the two-tier coordination mechanism between the office of Central Financial Commission and the Central Bank in order to clarify the identification of systemically important institutions. Stablecoin regulation should be shifted from a strict ban to prudent regulation， giving priority to formulating comprehensive rules， and promoting the upgrading of the Measures for Payment and Settlement to a law in due course， so as to build an institutional framework adaptive to the development of digital finance. |
| Key words: Stablecoin, Virtual Currency, Digital Currency, Crypto-asset, Tokenization |
