準화폐적 스테이블코인과 민간의 화폐발행
Quasi-Money Stablecoins and Private Money Issuance
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초록
본고에서는 準화폐적 스테이블코인이 실생활에서 미래의 화폐로 기능할 가능성을 조망하고, 지급결제, 금융안정, 국경간 거래 및 통화정책 등에 미치는 다양한 영향을 살펴보았다. 아울러 주요국의 과거 민간화폐 발행 사례와 현재 진행 중인 準화폐적 스테이블코인 실험 등을 소개하고, 현재가시화되고 있는 글로벌 규제추세를 고려하여 準화폐적 스테이블코인에 대한 바람직한 규제 방향을 도출하였다. 금융 전반에 미치는 영향력을 감안할 때 準화폐적 스테이블코인은 은행 등과 같은예금보험 부보 예금취급 금융기관을 중심으로 발행을 허용하고, 準화폐적 스테이블코인만을 발행하고자 하는 비은행 민간업자에 대해서는 디지털화폐 전문 내로우뱅크의 형태로 발행을 허용하되예금보험 가입을 의무화하는 방안이 바람직해 보인다.
Abstract
This study evaluates whether fiat-based stablecoins would obtain a quasi-money status in the coming days of new digital era. It also measures the possible impacts of quasi-money stablecoins on payment systems, financial stability, cross-border transactions, monetary policies, etc. The paper starts out by introducing exemplary cases of private currency issuance in addition to the currently ongoing experiment of stablecoins as near money. It then suggests policy guidelines for quasi-money stablecoins considering the global trend of regulatory framework for stablecoins and cryptocurrencies. Taking into account that cash equivalent stablecoins will have quite a significant effect across the entire financial system, it seems reasonable that the issuance should mainly be allowed to financial institutions with authorized banking license. Non-bank depository financial institutions protected by deposit insurance may also be eligible for quasi-money stablecoin issuance. For non-bank private institutions who intend to only issue money equivalent stablecoins, the cash instrument per se should be limited to the form of digital currency counterpart of narrow banking, and the entities should be made obligatory of deposit insurance
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