作　者：张焞
关键词：资本流出；加密资产；数字人民币；金融监管；金融稳定；比特币
摘　要：

随着金融科技的方兴未艾，加密资产因其隐秘性成为资本外流的媒介。虽然总体上加密资产之体量还不足以产生系统性影响，但依照其增长趋势，仍然具有颠覆未来的可能性。加密资产的自身特性导致了其存在的市场需求，驱动要素明显。为充分实现加密资产的正向价值，应当优化中国资本流出应对政策，实现从管制到管理，疏堵结合。故建议完善法律规制、增强机构监管、完善科技监管、推动数字人民币发行。

 

Research on China’s Capital Outflow Response Way From The Perspective of Crypto-assets

Zhang Chun (Renmin University of China)

 

Abstract Crypto-assets are just unfolding in the world. Because of its characteristic of concealment, crypto-assets provide flow paths to become an intermediary for modern capital outflow. Although the overall volume of crypto-assets is not enough to create a systemic impact, according to the rapid expansion form the beginning, it still has the potential to be disruptive in the future. The unique characteristics of crypto-assets have led to market demand, and the driving factors are obvious. In order to fully implement the positive value of crypto-assets, China’s capital outflow response policy should be optimized, trying the path from regulation to management, combining orientation and control. It is recommended to improve legal regulations, strengthen institutional supervision, improve technology supervision, and promote the issuance of RMB’s DC/EP.

Key words         capital outflow; crypto-assets; digital RMB; financial supervision; financial stability; bitcoin

 

■作者简介 张 焞，中国人民大学财政金融学院博士研究生；北京 100872。

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