西安交通大学学报（社会科学版）2026，Vol.46Issue(3)：44-55,12.DOI:10.15896/j.xjtuskxb.202603005
数字人民币创新发展的风险监管系统论纲
The Framework of Risk Regulatory System for Innovative Development of E-CNY
摘要
Abstract
With the iteration and upgrading of digital technologies represented by big data,blockchain,artificial intelligence,etc.,and their deep involvement in the currency and finance industry,various non-legal digital currencies and legal digital currencies have rapidly emerged.The former is mainly reflected in private digital currencies(such as Bitcoin)and institutional digital currencies(such as USDT),while the latter,as a digital legal currency determined by law,issued by monetary authorities,and maintained technological neutrality,has become a digital currency that various economies are striving to develop,mainly reflected in central bank digital currencies(CBDC).These innovative digital currencies have created fierce market competition and derived corresponding risks in the traditional currency market.Although the current academic community has conducted qualitative research on the innovative development and risk regulation of digital currencies,they generally have not adopted a combined quantitative and qualitative research methods,nor have they focused on the specific legal domain and localized regulatory situation in China,where non-legal tender digital currency transactions are prohibited but their property attributes are recognized,and only the issuance and circulation of legal tender digital currencies are allowed,aiming to safeguard national monetary sovereignty and monetary financial security. Compared with previous literature,this article has made relevant extensions in the following three aspects:firstly,this article focuses on the localization of e-CNY,which is a legal digital currency developed and promoted in China,and has a leading and representative role in the innovation and development of legal digital currencies worldwide.Therefore,in-depth research should be conducted;Secondly,by adopting a qualitative analysis method,this article approaches from a systems theory perspective and finds that the main driving forces behind the innovative development of e-CNY are legal,financial,and technological factors,which also give rise to legal,financial,and technological risk factors.It proposes a risk regulation logic for e-CNY,that is,to construct a risk regulation system for China's e-CNY from the perspectives of legal,financial,and technological regulation;Thirdly,based on qualitative analysis,this article uses econometric analysis to select the innovative development status of China's e-CNY as the dependent variable,and legal factors,financial factors,technological factors,and risk factors as explanatory variables.At the same time,control variables are added to construct an econometric model for the innovative development and risk regulation of e-CNY.It also confirms that the core elements of e-CNY innovative development and risk regulation lie in legal,financial,and technological factors,and it is necessary to construct a risk monitoring system for the innovative development of e-CNY. In the context of digital technology and economy,in order to achieve a dynamic balance between innovative development and risk prevention of e-CNY,and promote the high-quality development of e-CNY,it is necessary for China to combine the localization reality of e-CNY and international risk regulation experience,and comprehensively construct an e-CNY risk regulation system from the perspectives of legal regulation,financial regulation,and technical regulation.Firstly,optimizing the legal regulation rules,including determining the right to issue currency and unlimited legal compensation from the perspective of economic law,improving the effective requirements for the transfer of currency ownership through civil law,improving the criminal rule of law for e-CNY financial crimes,and preventing legal risks of e-CNY;Secondly,reconstructing the financial regulatory framework and model to prevent the financial risks of e-CNY,especially the risks of financial regulatory arbitrage and financial fragility;Thirdly,deepening the application of technological regulation and enhancing the level of technological risk prevention for e-CNY.关键词
数字人民币/金融创新/风险监管系统/法律风险/金融风险/技术风险/区块链/智能合约Key words
e-CNY/financial innovation/risk regulation system/legal risk/financial risk/technical risk/blockchain/smart contract分类
管理科学引用本文复制引用
程雪军..数字人民币创新发展的风险监管系统论纲[J].西安交通大学学报（社会科学版）,2026,46(3):44-55,12.基金项目
教育部人文社会科学研究项目(23YJC820005) （23YJC820005）
上海市哲学社会科学规划专项课题(2026VQH040). （2026VQH040）
