本文是《DC/EP — — 人民币国际化的又一次尝试》系列的第二篇。数字货币技术使”无国界货币”成为可能 — — 一种全球自由流动、抗通胀贬值，高安全性的货币。
This paper argues that a borderless currency needs to meet five main elements (1) have some credibility and be used in all types of economic activities (2) be a more Low cost of circulation (3) high security (4) controlled inflation (5) easy transfer payments. This paper is also a rebuttal and criticism of the industry’s reference to the Libra and DC/EP as “currencies without borders” — the dependence on sovereign credit. There is an irreconcilable conflict between commodities and borderless currencies, in terms of their intrinsic properties and paths to realization.
本文认为无国界货币需要满足五大要素（1）具有一定的公信力并被应用于各类经济活动（2）较低的流通成本（3）安全性高（4）具有可控的通货膨胀率（5）便于转移支付。本文亦是对业内将Libra、DC/EP称为“无国界货币”的反驳与批评 — — 主权信用的依附品与无国界货币，在内在属性与实现路径上，存在着不可调和的矛盾冲突。
Digital currencies meet the five elements of a borderless currency
数字货币符合无国界货币的五大要素
Digital currencies are beginning to be used for various economic activities in some countries. Digital currencies such as Bitcoin have adopted a decentralized system to build their own credibility, and Bitcoin, Ethereum，other mainstream The value of digital currencies has been recognized by the public and has even been used for everyday payments in some countries.
数字货币在部分国家开始被用于各类经济活动。以比特币为代表的数字货币采用去中心化的体系构建了本身的公信力，目前比特币、以太坊等主流数字货币的价值已经得到了公众的认可，甚至在部分国家已经被用于日常的支付。
Digital currencies have a low cost of circulation. Digital currencies improve the cost of circulating sovereign currencies across borders. At 2:27 p.m. BST on October 31, 2019, 9,013.498 BTC (worth 83.5 percent) were sold, ($150,150) was transferred between two unknown wallets, a transfer of over $83 million at a cost of just 1.64 USD. This transfer cost is almost unimaginable in traditional finance.
数字货币具有较低的流通成本。数字货币改善主权货币跨国界流通成本的问题。在北京时间2019年10月31日下午2点27分，9,013.498枚BTC（价值83,150,150美元）在两个未知钱包之间发生转移，这笔超过8,300万美元的转账费用仅为1.64美元。这一转账成本在传统金融领域几乎无法想象。
Digital currencies are designed to be highly secure, with the security of the currency itself being the first consideration in the basic design. Digital security, non-replicability, and protection against attacks are the basic requirements for the design of the architecture of digital currency. Various types of digital currencies also have a number of defense mechanisms based on the characteristics of the currency itself to ensure its own security.
数字货币在基础设计上首先就考虑了货币自身安全性的问题，具有高安全性。基于数字安全、不可复制性以及防止攻击对于数字货币来说是架构设计上最基本的要求。各种类型的数字货币还基于货币本身的特性设计了诸多防御机制，确保货币自身的安全。
The inflation of digital currencies is controlled. Current mainstream digital currencies rely on strict mathematical algorithms for their issuance and use distributed governance mechanisms, which makes digital currencies The issuance of digital currencies cannot be hyperinflated at will, and for every new digital currency created, there must be a corresponding underlying investment or underlying asset. Thus, with the exception of centrally managed issuers of digital currencies, digital currencies are largely free of unregulated inflation in exchange for And in other words, inflation in digital currencies is generally manageable.
数字货币的通货膨胀是可控的。目前主流数字货币的发行都是依赖于严格的数学算法，且采用了分布式治理机制，这使得数字货币的发行无法随心所欲地进行超发，每新产生一个数字货币，必然存在对应的基础投资或基础资产。因此，除了中心化管理的数字货币发行方外，数字货币基本上不存在不符合规则的通货膨胀，换而言之即是数字货币的通货膨胀一般来说都是可控的。
Digital currencies are easier to transact. Digital currencies have good transactional performance, as long as the transaction is certified by a certain number of transactional authenticators to confirm that the transaction is complete. Due to the inherent anonymity, resistance to censorship, irreversibility, and programmability of digital currencies, they greatly simplify the transaction program, improving the overall speed of transactions as well as reliability. It can even be argued that digital currencies have somehow better transaction ease than traditional sovereign currencies.
数字货币更便于交易。数字货币具有良好的交易性能，只要交易获得了一定数量的交易认证者的认证，即可确认交易完成。由于数字货币本身存在的匿名性、抗审查性、不可逆、可编程等特性，在很大程度上简化了交易的程序，提升了整体的交易速度以及可靠性。甚至可以说，数字货币在某种程度上比传统主权货币拥有更好的交易便捷程度。
Not every digital currency can be borderless.
并非每一种数字货币都可成为无国界货币
Digital currencies can be issued on the basis of recognition of workload or on the basis of collateralization of a particular type of asset, with the issuer and the value of the asset being the same. The differentiation of anchors can in turn be divided into different types of digital currencies such as those based on centralized management systems as well as distributed management systems. Different methods of distribution result in digital currencies that can have different value attributes and even possess sovereign currency attributes.
数字货币的发行方式可以是基于对工作量的确认抑或基于某一类资产的抵押，同时发行方以及价值锚的差异化又可以将数字货币分为基于中心化管理体系以及分布式管理体系等不同类型。不同的发行方式，导致数字货币会具备不同的价值属性，甚至拥有主权货币属性。
Facebook’s Libra, for example, by issuing a basket of currencies as collateral assets, the natural value of this currency is has a more stable value. With the company actively catering to multi-jurisdictional regulation in the U.S. and EU, and the company being primarily in the U.S., Libra’s post-issuance There is a high likelihood that the value will be anchored in dollars and thus become a tool for exporting sovereign credit to the US abroad.
例如Facebook的Libra，通过将一揽子货币作为抵押资产发行，这一货币天然价值就具有较为稳定的价值。由于公司主动迎合美国、欧盟等多地的司法监管，且公司又主要处于美国，Libra发行后的价值有很大可能以美元为基础进行锚定价值，进而成为美国对外输出主权信用的工具。
Another example is the DC/EP, a central bank-issued digital currency issued by China’s central bank, which is essentially a digitized banknote. Although DC/EP can also be used for cross-border settlement, this does not change the essence of DC/EP as a sovereign fiat currency. The use of cross-border settlement has also become a way for China to export its sovereign credit to the outside world.
又如中国央行发行的DC/EP，作为一种央行发行的数字货币，本质上就是数字化的纸币。尽管DC/EP也可以用于跨境结算，但这一点改变不了DC/EP是一种主权法定货币的本质。而跨境结算的应用，也成为了中国对外进行主权信用输出的方式。
If a certain digital currency is reduced to a tool for exporting sovereign credit to foreign countries rather than a means of international trade settlement, then It can be argued that such currencies are unsuitable for serving as borderless currencies. There is an irreconcilable conflict between the dependence of sovereign credit and borderless currency in terms of its intrinsic properties and path to realization.
如果某一种数字货币沦为了一个国家对外进行主权信用输出的工具而非国际贸易结算手段，那么可以说这种货币是不适合用于充当无国界货币的。主权信用的依附品与无国界货币，在内在属性与实现路径上，存在着不可调和的矛盾冲突。
