央行數位貨幣發行之法制與監理

Laws and Supervisions of Central Bank Digital Currency

儘管現在疫情趨緩，正式邁入後疫情時代，但過去為因應、防止新冠疫情之擴散，已使民眾的消費習慣逐漸數位化，實體現金使用之頻率與意願大幅降低，改變整個世界的經濟運作。此外，隨著科學之進步、金融科技之發展，數位轉型成為不可逆之國際趨勢，各式私人數位貨幣、民間電子支付業者的快速崛起，不僅改變現行支付生態，更是對各國央行獨占之鑄幣權提出挑戰。則為維護貨幣主權、金融穩定，並提供人民一個可信任、低風險之數位支付工具，以建立安全、有效率之支付系統，各國開始著手評估央行數位貨幣發行之必要性，部分國家如巴哈馬、東加勒比貨幣聯盟甚至已經發行。
然而，有鑑於各國金融環境與國情不同，故本文擬先針對央行數位貨幣之優缺點、貨幣類型與發行架構進行利弊權衡，並藉由參考我國央行目前所作之試驗以及國際組織、中國、歐盟的發展現況，分析我國是否有發行之必要性，以及若決定發行，應採行何種發行架構與貨幣類型。經過探討與研究後，本文以為，我國應有以雙層架構發行通用型央行數位貨幣之必要性，惟央行數位貨幣不單只是貨幣的數位化，而是實體現金與準備金以外，另一種形式之中央銀行貨幣，對於我國整個金融體系將產生深遠且廣泛的影響，故不應操之過急，除了應在軟硬體設備持續精進外，相關法律配套與監管制度亦有於發行前完善之必要。
而面對央行數位貨幣之發行可能潛藏的法律風險，如發行之法源與法償性、中介機構之選任、反洗錢反資恐之落實、個人資料與隱私保障、可程式化特性之運用與監管等挑戰，本文將參考國內外學者之文獻資料，以及國際組織、中國、歐盟之研究報告提出相應之配套與解方，以期完善我國央行數位貨幣之法律規範與監理制度。

Although the pandemic is now easing and we are officially entering the postpandemic era, efforts to mitigate and prevent the spread of COVID-19 in the past have gradually led to the digitization of the consumption habits. The frequency and willingness of people to use physical cash have greatly decreased, changing the economic operation of the entire world.
Furthermore, with the advancement of science and the development of financial technology, digital transformation has become an irreversible international trend. The rapid rise of various private digital currencies and private electronic payment institution has not only changed the existing payment ecosystem, but also challenged the exclusive coinage right of central banks in various countries.
In order to maintain monetary sovereignty and financial stability, and to provide people with a trustworthy and low-risk digital payment tool to establish a safe and efficient payment system, countries have begun to evaluate the necessity of Central Bank Digital Currencies (CBDC). Some countries, such as the Bahamas and the Eastern Caribbean Currency Union have even already issued CBDC.
However, considering the different financial environments and national conditions of different countries, this thesis firstly focuses on the advantages and disadvantages of CBDC, the type and the issuance structure of CBDC. This thesis then analyzes whether there is a necessity to issue CBDC in Taiwan, and if so, what issuance structure and type of currency should be adopted. After exploring and studying the issue, this thesis concludes that there should be a necessity to issue a general purpose CBDC with a twotiered structure in Taiwan.
Nevertheless, CBDC is not only the digitization of currency, but also another form of central bank currency in addition to physical cash and reserves, which will have a farreaching and wide-ranging impact on the entire financial system. Therefore, we should not be too hasty. In addition to continuous improvement in software and hardware equipment, it is also necessary to improve the relevant legal support and regulatory system before the issuance.
In view of potential legal risks of the issuance of CBDC, such as the source of law and legal tender of issuance, the selection of intermediaries, the implementation of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), the protection of personal information and privacy, and the application and supervision of programmability, this thesis will make reference to the literature of domestic and foreign scholars, as well as the research reports of international organizations, China, and the European Union, and put forward corresponding supportive solutions in order to improve the legal regulation and supervisory system of CBDC in Taiwan.