CBDC와 금융시스템에 관한 법적 연구- 화폐법과 중앙은행법상 쟁점을 중심으로
Legal Aspect of CBDC and Financial System - from the Perspective of the Monetary and Central Banking Law
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본고는 CBDC에 관한 논의를 첫째, 기술적 타당성의 확인, 둘째, 법제도설계의 기본원칙 확보, 셋째, 금융시스템에 대한 영향 분석, 넷째, 금융포용의 고려라는 4가지로 나눈 후 CBDC의 법적 성질과 금융시스템에 대한 영향분석에 기초하여 법제도설계의 기본원칙을 제시하는 것을 목적으로 한다. CBDC 도입은 입법사항으로서 정치적 고려도 필요하지만, 본고는 전통적인 화폐법과 중앙은행법상 쟁점을 중심으로 법률문제의 분석을 목적으로 한다. 화폐법상으로는 CBDC를 법화로 볼 것인지가 중요하다. 중앙은행법상 핵심과제는 중앙은행이 CBDC의 발행권을 가지는지와 중앙은행의 시장역할이다. 첫째, 관련논의의 범위와 관련하여 CBDC에 관하여는 화폐법과 중앙은행법의 논의에서 출발해야 하지만 그 구체적인 영향과 파급효과는 전통적인 화폐법과 중앙은행법의 범위를 넘어선다. 따라서 CBDC는 지급결제제도의 일부로서 전체 금융시스템의 관점에서 설계되고 운영되어야 한다고 본다. 둘째, 금융시스템에의 개입과 관련하여 CBDC 제도설계를 위해서는 화폐법상 익명성과 중립성, 기존 금융시스템에 대한 존중과 기능 보호, 금융소비자의 지급수단으로서의 현금선택권 보장 그리고 헌법상 시장경제질서와 민간분야의 창의의 존중을 기초로 한 보완성과 최소개입을 원칙으로 제시했다. 셋째, CBDC의 정보보호와 관련하여 화폐법상 현금의 익명성과 정보보호법상 필요최소성의 원칙이 준수되어야 한다. CBDC의 발행 및 유통구조에 참가하는 기관을 발행기관인 중앙은행, 중개기관인 참가기관, 개별보유자로 구분할 때 각 기관은 그 기능 수행에 필요한 최소한의 정보만 보유해야 한다.
Abstract
The purpose of this study is to present the basic principles of legal system design based on the analysis of the legal nature of CBDC and its impact on the financial system. Although the legal issues related to CBDC are broad, such as tax law, insolvency law, and private international law, this paper focuses on issues under traditional monetary law and central bank law. In terms of monetary law, it is important to see CBDCs as legal tender. A key issue under the central banking law is whether the central bank has the right to issue CBDCs and the central bank's role in financial market, in particular in payment market. In Korea, the main monetary and central banking act is the Bank of Korea Act. The conclusion of this paper can be summarized into the following three, focusing on the scope of related discussions, intervention in the financial system, and data protection of CBDC holders. Firstly, CBDCs should be analyzed from the viewpoint of the monetary and central banking law, but its specific impact goes beyond the scope of the traditional monetary and central banking law. Therefore, CBDCs, as part of a payment and settlement system, should be designed and operated from the perspective of the entire financial system. Secondly, for the design of the CBDC system, complementarity and minimal intervention were presented as a principle. CBDCs should not be aimed at deterring or crowding out non-cash payment instruments in the private sector or payment operations based on them. As a basic principle, CBDC should at least intervene within the scope to support the functioning of payment system and to promote innovation and competition in the payment field. Thirdly, in particular, when general purpose CBDCs are introduced, the problem of personal data protection is serious. In this regard, the principle of anonymity of cash under the monetary law and the minimum necessary rule under the data protection law must be observed.
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