摘要
在中国实行国内大循环为主体、国内和国际双循环相互促进的新发展格局战略背景下,文章采用比较分析法等,研究了数字人民币与跨境稳定币协同监管创新。在数字人民币为内地法定货币、中国香港试点稳定币的差异化格局下,提出“央行总账本+稳定币TEE沙箱”技术架构,实现支付系统最终性与风险隔离。构建“主权信用锚(央行总账本)与市场稳定层(机构子账本)的双层架构”,采用零知识证明平衡监管与隐私;设计基于跨境数据主权分类的多因子动态准备金模型,动态调节准备金率。政策层面提出“制度—技术—市场”三维方案:立法建议分阶段修订《中华人民共和国中国人民银行法》,在国务院金融委框架下设立数字货币监管司;推动国际标准互认;开展粤港澳大湾区监管沙盒测试。基于粤港澳大湾区试点的监管创新方案,未来需通过联邦学习提升建模精度,解决De Fi协议嵌套风险传导问题。
In the context of China’s“dual circulation”development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement,this paper employs comparative analysis to explore regulatory innovation for the synergy between the Central Bank Digital Currencies(CBDC)and cross-border stablecoins.Against the backdrop of CBDC as legal tender of Chinese mainland and stablecoin pilots in Hong Kong of China,the paper proposes a technical architecture of“CBDC Ledger+Stablecoin TEE Sandbox”to achieve payment finality and risk isolation.A dual-layer framework combines sovereign credit anchoring(CBDC Ledger)with market stability layers(institutional sub-ledgers),utilizing zero-knowledge proofs to balance supervision and privacy.A multi-factor dynamic reserve model based on cross-border data sovereignty classification dynamically adjusts reserve ratios.Policy recommendations include a three-dimensional“institution-technology-market”approach:·revising the Law of the People’s Republic of China on the People’s Bank of China in phases and establishing a Digital Currency Supervision Department under the State Council’s Financial Committee;promoting international standard mutual recognition;and launching regulatory sandbox tests in the Guangdong-Hong Kong-Macao Greater Bay Area.Future work involves enhancing modeling precision via federated learning and addressing risk transmission in nested DeFi protocols.
作者
吴龙
陆岷峰
WU Long;LU Min-feng(Zuncai Gold Industry Research Institute,Nanjing 211200,China;Shanghai Institute of Science and Technology Finance,Shanghai University,Shanghai 200444,China)
出处
《青海师范大学学报(社会科学版)》
2025年第4期37-45,共9页
Journal of Qinghai Normal University(Social Sciences)
基金
上海市2025年度“高水平机构建设运行计划”软科学研究项目“上海加快构建‘科技—产业—金融’高水平循环生态研究”(25692102700)。
关键词
双循环
稳定币
数字人民币
监管沙盒
金融基础设施
dual circulation
stablecoin
CBDC
regulatory sandbox
financial infrastructure
