1、 - 1 - 研究报告 （2017 年 第 9 期 总第 29 期） 清华大学国家金融研究院 2017年 10 月 17日 中国人民银行法定数字货币探索中国人民银行法定数字货币探索 鑫苑房地产金融科技研究中心 刘瑾 我国的法定数字货币是指由中国人民银行发行的法定加密数字货币，是规范数字货币市场、提升货币政策有效性、促进普惠金融发展的重要工具。随着电子货币的广泛使用和数字货币的兴起，一些国家央行开始探索法定数字货币的理论设计和实施方案，法定数字货币在全球范围内引发广泛关注。我国的法定数字货币研究项目启动于 2014 年，至今已取得丰硕成果。报告介绍了中国人民银行研究法定数字货币的背景和原因，并明

2、确了相关概念；给出了我国法定数字货币的特征、运行框架、核心技术及应用；重点分析了中国人民银行发行法定数字货币的优势、面临的挑战以及可能产生的影响。此外，报告还列举了一些国家或地区央行在法定数字货币方面的研究和成果。通过上述分析，报告认为我们还需继续检验区块链等技术在法定数字货币上的应用效果，但法定数字货币发行的总体趋势不可逆转，而且智能化将成为法定数字货币的发展方向。 - 2 - Research report 2017-10-11 edition TSINGHUA UNIVERSITY NATIONAL INSTITUTE OF FINANCIAL RESEARCH October 11th

3、, 2017 The Exploration of the Legal Digital Currency in China XIN Real Estate Fintech Research Center Liu Jin Abstract： Chinas legal digital currency refers to the legal encrypted digital currency issued by the Peoples Bank of China. It is an important tool to regulate the digital money market, impr

4、ove the effectiveness of monetary policies, and promote the development of inclusive finance. With the widespread use of electronic money and the rise of digital currency, some central banks have begun to explore the theoretical design and implementation of legal digital currency. However, legal dig

5、ital currency also has raised widespread concerns. Chinas legal digital currency research project started in 2014. This report introduces the background and motivations of the legal digital currency. I discuss in details the characteristics, operation framework, core technologies and application of

6、the legal digital currency, as well as the advantages and challenges. In addition, I include the research and achievements of other countries central banks efforts on the legal digital currency. For the future development of the legal digital currency, two tasks remain: testing block chain technolog