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天秤币会胎死腹中吗?

发自芝加哥—随着如PayPal,Visa,Mastercard,Stripe,eBay和Mercado Pago等潜在赞助商纷纷退出,由脸书公司(Facebook)提议设立的,名为天秤币(Libra)的“稳定币”计划似乎正在瓦解。鉴于人们正日益意识到天秤币所潜藏的不良后果,出现这种状况也就不足为奇了。如果天秤币能保证用户的匿名性,那么它将沦为一个逃税,洗钱和恐怖融资平台;但如果其隐私保护不严格,天秤币将使Facebook有能力获取用户那些最隐秘的财务详细信息。

此外还有天秤币对经济和金融稳定所构成的风险。尽管脸书的稳定币将有一系列“低波动性资产”做后盾,但所有经历过2008年全球金融危机的人都知道与其说低波动性是资产的内在属性,倒不如说是一种心态。例如,如果储备组合中的债券价格因利率意外上升而下跌,那么这些债券可能不足以赎回流通中的所有天秤币。此时这些储备金将遭遇相当于银行挤兑的冲击。而且由于天秤币本身就像一个货币发行机构那样运作,因此不会存在什么最后贷款人。

同时天秤币也可能削弱货币和监管政策的稳定能力。如果一个国家的居民放弃使用本国货币,那么中央银行的利率设定政策也就形同废纸。要了解其后果,只要浏览一下阿根廷长期以来不甚愉悦的金融美元化历史就行了。

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