從國際間之監理發展探索我國虛擬資產及央行數位貨幣之發展動向

Abstract

我國金管會將虛擬資產定位為「數位虛擬商品」，與國際間對虛擬資產有發布監理制度或明文規範相比，採取較嚴謹之監理態度。雖我國虛擬資產交易量占全球比重甚小，與實體經濟之連結度低，對整體支付系統、金融穩定及中央銀行貨幣政策尚無顯著影響，僅於防制洗錢及投資人保護等方面，規範可能衍生之風險，但仍應正本清源梳理虛擬資產，乃至穩定幣之發展趨勢及後續影響。若須兼顧金融科技創新應用及使用者保障，自應建立適性監理方式並形成規範，從而確立我國對虛擬資產之定位，對特定虛擬資產作為交換媒介之可行性評估後，再依整體環境提出相應之監理制度。 至於央行數位貨幣（Central Bank Digital Currency, CBDC），不論是採用中心化機制或分散式帳本技術，均應將消費者保護、確保投資人免受詐欺、誤導性陳述之影響等列為優先考量，並納入非法金融監理、國家安全之考量。整體而言，影響金融穩定之根源，未隨貨幣型態之演變而有明顯改變，雖使用實體貨幣、虛擬資產或 CBDC，於金融風險之傳遞速度上有所不同，但風險仍是圍繞於信任與資產價格。尤其不論虛擬資產或 CBDC 均為金融科技之一環，其對金融體系之衝擊程度，取決主管機關之監理態度，爰應持續對虛擬資產及 CBDC 設計縝密之監理制度，進而選擇適合我國金融體系之數位金融政策。

The Financial Supervisory Commission of Taiwan positions virtual assets as “digital virtual commodities” and employ cautious supervision attitude, but other countries have clearly formulated system of supervision and rules. Although, virtual asset trading volume accounts for a small proportion of the world of Taiwan, and its connection lower with the real economy, it has nonsignificant effect on the payment system, financial stability, and the monetary policy of central bank, it is only by formulating anti-money laundering and investor protection rules, it still should be sorted out the development trend and subsequent impact of various types of virtual assets and stablecoin. If it is necessary to consider financial technology innovation and user protection, appropriate supervision methods should be established and norms, and established to establish positioning of virtual assets of Taiwan. After evaluating the feasibility of specific virtual assets as medium of exchange, that supervision system should be proposed according to the financial environment. As for the CBDC, whether using centralized mechanism or distributed ledger technology, the priority should be given to consumer protection, ensuring investors are protected from fraudulent and misleading representations, and incorporating illicit financial supervision, national security considerations. Overall, the sources of financial stability have not changed significantly with the evolution of currency types. Although the use of material money, virtual assets or CBDC differs in the transmission speed of financial risks, the source of risks remains the same, it is around trust and asset prices. Especially, both virtual assets and CBDC are part of the development of financial technology, and their impact on the financial system depends on the supervisory attitude of the competent authority. Therefore, we should continue to design meticulous supervision system for virtual assets and CBDC, and then choose digital finance policy suitable for financial system of Taiwan.