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Facebook的天称座Libra在2022年7月之前无法发行

2020-10-14 15:42

 

今天,金融稳定委员会(FSB)发表了两篇关于数字货币的论文,为G20会议做准备。第一篇关于全球稳定的文章列出了一长串当前和计划中的立法以及时间表。第二项重点关注跨境支付,为各国央行探索跨境央行数字货币(CBDC)提供了时间表。国际货币基金组织和世界银行将参与其中。


同时,据路透社报道,七国集团(G7)的一份声明草案称,在相关规定到位之前,全球稳定蛋白不能上市。G7声明的有趣之处在于,鉴于这些规定并不存在,它的法律执行力可能会有多大。它是在告诉政府在那之前不要发放许可证吗?


这一组合的净影响是,天秤座在2022年7月之前无法发行,但最早可能在2022年12月。前提是它有意愿在前进的道路上跨越堆积如山的法律障碍。


虽然stablecoin的报告列出了一长串非常现实的风险,但它并没有强调,货币主权面临的潜在挑战最大的威胁是央行自身。这是因为这个话题超出了我们的范围。但它承认,来自央行的反馈将这一点作为一个担忧。


跨境支付路线图包括五套旨在解决当前摩擦的行动。其中一套是新的支付基础设施,包括中央银行数字货币(CBDC)。上周,国际清算银行(BIS)创新中心(BISIH)发表了一篇关于CBDC的论文,此前该中心与几家央行就CBDC的探索进行了合作。从现在起,国际货币基金组织(IMF)和世界银行(World Bank)也将大力参与与跨境支付有关的事务。


跨货币CBDC支付试验的截止日期是2022年12月。

稳定蛋白-风险和建议


与此同时,《全球稳定蛋白报告》在六个月前的一份报告中提出了一套关于全球稳定蛋白的10条建议。此后,FSB进行了磋商。


这些建议是全球稳定蛋白:


是否应该全面监管

是否应该根据风险进行相应的监管

是否应通过管辖权协调进行国际监管,以防止监管漏洞

是否有全面和确定问责制的治理框架

对储备、运营弹性、网络安全、反洗钱/CFT进行有效的风险管理

是否有健壮的系统来保护、管理和存储数据

有恢复计划

提供有关功能的透明信息,包括任何稳定机制

在法律上明确赎回权的可执行性

在操作前要满足所有管辖区域的监管和监督要求


最大的挑战之一是稳定蛋白设计的多样性,本文试图将它们归类。严重的、或许不那么明显的风险与市场诚信和信心有关。


如果一家稳定企业达到规模,其储量的性质就变得重要起来。如果这些资产以美国国债的形式持有,那么如果央行需要突然出售相当一部分外汇储备,可能会影响到更广泛的市场。另一种情况是,资产以已知银行的存款形式持有。如果对一家稳定银行失去信心,储户可能会对这家银行支持提款的能力感到不安。


与此同时,一系列风险包括对金融稳定的挑战;保护消费者和投资者;资料私隐及保障;反洗钱(AML);(逃税;公平竞争与反垄断政策;市场的完整性;健全和有效的管治;网络安全等操作风险;支付系统的安全。

小酒馆——律师的童话


stablecoin报告的一个关键部分探讨了当前的金融标准制定者以及他们的标准可能适用的程度。许多人已经熟悉FATF及其在反洗钱要求方面的影响力。


另一个组织是巴塞尔银行监管委员会(BCBS),以其有关银行资本充足率的规定而闻名。它正在评估如何处理银行对加密资产的敞口,包括不同类型的加密资产,比如固定资产。因此,虽然美国审计署为银行持有稳定存款开了绿灯,但也存在风险,即BCBS可能会抑制银行持有存款的积极性。


支付和市场基础设施委员会(CPMI)表示,具有系统重要性的全球稳定机构必须遵守金融市场基础设施的原则,这是天秤座应该意识到的。

当地的证券监管机构,如美国证券交易委员会,都是IOSCO的成员。IOSCO表示,根据稳定机制的设计,它可能会接受针对货币市场基金、客户资产保护、交易所交易基金(etf)、加密资产、金融基准和大宗商品衍生品的其他建议。


本文建议,上述问题也应适用于批发企业。尽管联邦政府不喜欢被归为稳定党,但立法者们可能会将其视为稳定党。


在时间方面,四个标准机构将在2021年底之前对标准进行修订。到2022年7月,国家当局必须考虑这些标准对地方法规的影响。但它并没有说到那时他们必须实施。从理论上讲,根据七国集团的声明,在他们启动之前,全球稳定机制是不可能启动的。


仅仅遵守这些规则就足以让许多律师继续做生意了。但除此之外,还可能出现一些法律上的挑战。因为七国集团说,在我们颁布规定之前,你们不能行动。但是,如果这些法规不存在,如何才能合法运作呢?实际上,这将通过扣缴许可证来实现。天秤座可能会在法庭上挑战扣留执照。但这取决于它是否愿意站在监管机构的对立面。到目前为止,它一直都是顺从的,并表示它的目标就是这样。

 

Today the Financial Stability Board (FSB) published two papers related to digital currency in preparation for G20 meetings. The first on global stablecoins outlines a long list of current and planned legislation and a timetable. The second focused on cross-border payments and gave central banks a timetable to explore central bank digital currencies (CBDC) for cross-border purposes. The IMF and World Bank will be involved in this.

Simultaneously, a draft G7 statement says no global stablecoins can launch until the regulations are in place, according to
Reuters. The interesting point about the G7 statement is how legally enforceable it might be, given those regulations don’t exist. Is it telling governments not to grant licenses until then?

The combination’s net effect is that Libra cannot launch before July 2022 but more likely December 2022 at the earliest. And that’s if it has the appetite for the mountain of legal hurdles in its path.

While the stablecoin report outlines a laundry list of very real risks, it doesn’t emphasize that it is the central banks themselves that are most threatened by the potential challenge to monetary sovereignty. That’s because the topic was out of scope. But it acknowledged that feedback from central banks raised this point as a concern.

The roadmap for cross border payments includes five sets of actions aiming to address current frictions. One of those sets is new payment infrastructures, including central bank digital currencies (CBDC). Last week, the Bank for International Settlements (BIS) Innovation Hub (BISIH) published a paper on CBDC after working with several central banks on their CBDC explorations. From now on, the IMF and World Bank will also be heavily involved where it relates to cross border payments.

The deadline for experimenting with cross currency CBDC payments is December 2022.

Stablecoins – risks and recommendations

Meanwhile, the global stablecoin report outlined a set of ten recommendations for global stablecoins previously published in a report six months ago. Since then, the FSB has conducted consultations.

Those recommendations are global stablecoins:

  • should be comprehensively regulated and supervised
  • should be regulated in proportion to the risks
  • should be regulated internationally through jurisdiction coordination to prevent gaps in oversight
  • have governance frameworks which are comprehensive and identify accountability
  • have effective risk management for reserves, operational resiliency, cybersecurity, AML/CFT
  • have robust systems for safeguarding, managing, storing data
  • have recovery plans
  • provide transparent information about functions including any stabilization mechanism
  • provide legal clarity on the enforceability of redemption rights
  • meet all regulatory, supervisory and oversight requirements of any jurisdiction before operating

One of the biggest challenges is the variety of stablecoin designs, and the paper attempts to group them. The serious and perhaps less obvious risks relate to market integrity and confidence.

If a stablecoin achieves scale, the nature of its reserves becomes important. Where the assets are held in treasuries, if the stablecoin needed to suddenly sell a significant proportion of the reserves, it could impact the broader market. Another scenario is where assets are held in bank deposits with known banks. If there is a loss of confidence in a stablecoin, deposit holders might get nervous about the bank’s ability to support withdrawals.

Meanwhile, the laundry list of risks includes challenges for financial stability; consumer and investor protection; data privacy and protection; anti-money laundering (AML); (tax evasion; fair competition and anti- trust policy; market integrity; sound and efficient governance; cyber security and other operational risks; safety of payment systems.

Stablecoins – a lawyer’s fairytale

A key part of the stablecoin report explores current financial standards setters and to what extent their standards might apply. Many will already be familiar with FATF and its reach in terms of anti-money laundering requirements.

Another group is the Basel Committee on Banking Supervision (BCBS), best known for its rules around bank capital adequacy. It’s doing an assessment on how to treat bank exposure to crypto-assets, including different types such as stablecoins. So while the U.S. Comptroller gave banks the green light to hold stablecoin deposits, there’s a risk that the BCBS could disincentivize banks to hold deposits.

The Committee on Payments and Market Infrastructures (CPMI) says that a systemically important global stablecoin would have to comply with the Principles of Financial Market Infrastructures, something that Libra would be aware of.

Local securities regulators such as the U.S. SEC are members of IOSCO. Depending on the stablecoin design, IOSCO says it might be subject to other recommendations for money market funds, client asset protection, exchange traded funds, crypto-assets, financial benchmarks and commodity derivatives.

The paper suggests the issues outlined should also apply to wholesale stablecoins. While Fnality dislikes being classed as a stablecoin, the legislators may consider it as one.

In terms of timing, the four standards bodies will make revisions to standards by the end of 2021. By July 2022, national authorities have to consider the impact of those standards on local regulations. But it doesn’t say they have to implement by then. And in theory, based on the G7 statement, a global stablecoin won’t be able to launch until they have.

Just complying with this list of regulations is enough to keep many lawyers in business. But on top of that, there could be some legal challenges on the horizon. Because the G7 is saying you can’t get going until we’ve issued regulations. But how does that work legally if those regulations don’t exist? Practically it will be through the withholding of licenses. Libra might be able to challenge withholding licenses in court. But it depends on whether it’s willing to get on the wrong side of regulators. So far, it’s been compliant and stated it aims to be so.

 

来自: Ledger Insights