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金融稳定委员会(FSB)发布了G20关于全球稳定机制(GSC)的建议,建议到2022年年中制定新 ...

2020-10-15 13:39

 

昨日,金融稳定委员会(FSB)发布了G20关于全球稳定机制(GSC)的建议,建议到2022年年中制定新的全球监管标准。该报称,这些规定也适用于批发店。由14家全球银行和纳斯达克(Nasdaq)支持的机构支付系统Fnality,将于明年推出,具体取决于央行的行动。该公司的解决方案,原名公用事业结算币,旨在通过央行存款支持的代币,为银行间支付提供服务。摩根大通也有自己的JPM硬币,用来标记银行余额。


问题是,Fnality的解决方案或摩根大通(JPM)硬币是全球性的批发稳定机制,还是仅仅是支付系统,因此,未决的立法是否会造成拖延。或者在Fnality的情况下,它是否是一个合成的CBDC。


正如Fnality对账本洞察的回应所显示的那样,Fnality并没有将自己定位为一个稳定的机构:“我们的法律分析表明,我们是一个支付系统,我们与监管人员的对话表明,他们以同样的方式看待我们。尽管Fnality使用DLT,但我们并没有创建一种加密资产,比如稳定库,我们希望在现有规则下作为金融市场基础设施受到监管。”


金融稳定委员会的报告将稳定货币视为一种特定类别的加密资产,将其价值与主权货币等资产挂钩。这就引出了一个问题,什么是加密资产?FSB在去年的另一份报告中将其定义为:“一种主要依靠密码学、分布式账本或类似技术作为感知或内在价值一部分的私人资产。”这是一个宽泛的定义。在2019年12月的一份报告中,国际清算银行承认“目前对加密资产没有单一或普遍认可的定义。”


但真正的问题是,监管机构是否认为Fnality或摩根大通硬币是稳定因素?


让我们看看支付和市场基础设施委员会(CPMI),它是监管这两种解决方案的机构的标准组织。CPMI发布了一份关于加强跨境支付的报告。该公司概述了改善跨境支付的基本要素,其中包括全球稳定支付(global stablecoins),其中提到了三种解决方案:Facebook的Libra、JPM Coin和Fnality。


5月,欧洲中央银行(ECB)发布了关于全球稳定货币的报告。在脚注中提到了“系绳稳固”,它说“几乎完全局限于加密资产市场。”其他例子包括Fnality和JPM Coin。Facebook最近宣布,它将与一组跨国公司合作推出一家名为Libra的新店。”


结论是,欧洲央行将Fnality和JPM Coin视为稳定货币,似乎将加密资产与加密货币联系在一起。相比之下,FSB认为加密货币是加密资产的一个子集。

合成CBDC


除了稳定蛋白外,还有合成的cbdc (sCBDC)。这是中央银行持有代币的现金的地方。有一个强烈的争论,Fnality将是一个合成的CBDC。


在这种情况下,区块链公司R3在回应FSBs关于马厩蛋白的磋商时提出了马厩蛋白反驳。它写道,“我们不认为合成CBDC是GSC的一种形式。我们将把合成CBDC定义为商业银行发行的CBDC,它是经认可的向公众交付CBDC解决方案的一部分,得到了国内央行的正式协议,并受到此类协议的监管。”


欧洲议会的经济政策小组对此有一些想法:“sCBDC与其他形式的货币有两个基本区别。首先,这是私营企业(sCBDC的发行者)的责任,而不是中央银行的责任。其次,sCBDC有中央银行的储备作为后盾,因此不同于私人发行的数字货币,如电子货币、稳定货币或没有任何资产作为后盾的加密资产。”


下面的分类似乎将sCBDC与stabelcoins区分开来,但其他文本似乎将sCBDC视为一种获得许可的stablecoin。报告中写道:“此类稳定债券发行者和PSPs将在央行拥有账户。”

stablecoin合成CBDC


我们查看了令牌分类框架作为指导,但在本例中,它并不能提供帮助。


任何与法定货币挂钩的批发代币都可以以央行存款为基础,因为目前进入央行账户的是银行。所以这就引出了一个问题,如果不是Fnality,那么FSB在提到全球批发稳定蛋白时考虑的是哪种解决方案?也许是JPM硬币?

 

Yesterday the Financial Stability Board (FSB) published its G20 recommendations on global stablecoins (GSC), which suggested new standards for global regulations be set by mid-2022. The paper says those regulations could also apply to wholesale stablecoins. Fnality, the institutional payment system backed by 14 global banks and Nasdaq, is due to launch next year, subject to central bank go ahead. The company’s solution, formerly called the Utility Settlement Coin, aims to provide bank to bank payments using tokens backed by central bank deposits. And JP Morgan also has its JPM Coin, which tokenizes bank balances.

The question is whether Fnality’s solution or the JPM Coin are wholesale global stablecoins or just payment systems and hence whether pending legislation might cause delays. Or in the case of Fnality, whether it’s a synthetic CBDC.

Fnality doesn’t position itself as a stablecoin as demonstrated by Fnality’s response to Ledger Insights: “Our legal analysis indicates that we are a payments system and our conversations with the overseers point in the direction that they view us in the same way. Although Fnality uses DLT we are not creating a crypto-asset, such as a stablecoin, and we expect to be regulated as a Financial Market Infrastructure under existing rules.”

The FSB’s report considers stablecoins as a specific category of crypto-assets that tie value to assets such as sovereign currencies. So that begs the question, what is a crypto-asset? The FSB defined it in another report last year as: “a type of private asset that depends primarily on cryptography and distributed ledger or similar technology as part of their perceived or inherent value.” That’s a broad definition. In a December 2019 report, the BIS acknowledged that “there is no single or generally-recognised definition of crypto-assets at present.”

But the real question is, whether regulators think Fnality or JPM Coin are stablecoins?

Let’s look at the Committee on Payments and Market Infrastructures (CPMI), the standards organization for the bodies that will regulate both solutions. The CPMI published a report on enhancing cross-border payments. It outlined building blocks to improve cross-border payments, including global stablecoins, where it referenced three solutions: Facebook’s Libra, JPM Coin and Fnality.

In May, the European Central Bank (ECB) published its report on global stablecoins. The footnotes talk about the Tether stablecoin, which it says “is almost entirely limited to the crypto-asset market. Other examples include Fnality and JPM Coin. Facebook recently announced that it was launching a new stablecoin named Libra in cooperation with a group of multinational corporations.” 

The takeaway is the ECB considers Fnality and JPM Coin as stablecoins and seems to associate crypto-assets with cryptocurrencies. In contrast, the FSB considers cryptocurrencies as a subset of crypto-assets.

Synthetic CBDC

Apart from stablecoins, there are also synthetic CBDCs (sCBDC). That’s where the cash backing the token is held at a central bank. There’s a strong argument that Fnality will be a synthetic CBDC.

In this case, a stablecoin rebuttal is proposed by blockchain firm R3 when it responded to the FSBs consultations on stablecoins. It wrote, “we do not view synthetic CBDC as a form of GSC. We would characterise synthetic CBDC as CBDC that is issued by commercial banks as part of a recognised delivery of a CBDC solution to the public that has the official agreement of the domestic central bank and is regulated as such.” 

The European parliament’s ECON policy unit had some thoughts on the topic: “sCBDC differs from other forms of money in two basic ways. First, it is a liability of private firms—the sCBDC issuers—rather than of the central bank. Second, sCBDC is backed with central bank reserves, and thus differs from privately issued digital currencies such as e-money, stablecoins, or crypto-assets that are not backed by any asset.”

Its taxonomy below seems to differentiate sCBDC from stabelcoins, but other text appears to treat an sCBDC as a type of licensed stablecoin. “Such stablecoin issuers and PSPs would have accounts at the central bank,” it writes.

stablecoin synthetic CBDC

We looked at the Token Taxonomy Framework for guidance, but in this case it wasn’t a help.

Any wholesale token linked to fiat currency could be based on central bank deposits, given it is banks that currently have access to central bank accounts. So that begs the question, if not Fnality, what sort of solution was the FSB considering when it referred to wholesale global stablecoins? Perhaps the JPM Coin?

 

来自: Ledger Insights