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題名 數位貨幣之研究
The Study of Digital Currency作者 夏靖詠
Hsia, Ching-Yung貢獻者 黃仁德
Hwang, Jen-Te
夏靖詠
Hsia, Ching-Yung關鍵詞 數位貨幣
加密貨幣
穩定幣
政府幣
區塊鏈
Digital currency
Cryptocurrency
Stablecoin
CBDC
Blockchain日期 2022 上傳時間 2-Sep-2022 15:26:47 (UTC+8) 摘要 數位貨幣是一種新興的金融商品，其發展受到社會大眾愈來愈多的關注，對金融市場與經濟的影響也日益增加。有鑒於此，本文乃對數位貨幣進行廣泛且深入的研究，全文探討包括貨幣的演變、數位貨幣的發行、加密貨幣的交易與價值、非同質化代幣、數位貨幣對金融市場與經濟的影響、及數位貨幣的風險與監管等議題。本文的研究得到以下結論: 數位貨幣將是未來金融市場的發展趨勢，數位貨幣的發行與交易技術仍存在安全疑慮，加密貨幣交易平台蓬勃發展，加密貨幣的價格受許多因素影響、波動劇烈，非同質化代幣的價值備受爭議，非同質化代幣的價格波動受名人與加密貨幣市場影響，穩定幣可以成為金融市場上新興的避險工具，加密貨幣將影響銀行的運作，政府幣存在侵犯個人隱私的疑慮，各國對加密貨幣的監管政策著重於反洗錢與打擊資恐，及各國傾向將加密貨幣與穩定幣納入所得稅與營業稅的計算。根據研究結果，本文對於加密貨幣未來的發展有以下的建議: 數位貨幣的監管政策應著重於資訊揭露、消費者保護、及技術問題，加密貨幣與穩定幣不適合作為交易的支付工具，及政府幣的發行需顧及民眾的交易隱私。
Digital currency is a kind of emerging financial instrument, which has received attention by the society, and its impact on financial market and economy is increasing. Therefore, it is worthwhile for us to study digital currency. The contents of this paper include the evolution of money, the issuing technology for digital currency, transaction and value of cryptocurrency, NFT, the impact on financial market and economy of digital currency, and risk and regulation of digital currency.The conclusions of our research are as follows: Digital currency will play an important role in the financial market; there are some security concerns for the issuance and trading technology of digital currency; cryptocurrency exchanges are booming; price of cryptocurrency is affected by many factors and volatile; value of NFT is controversial; price of NFT is driven by celebrities and cryptocurrency market; stablecoin could be a hedging instrument in financial market; development of cryptocurrency will affect banking operation; there are some privacy concerns for the issuance of CBDC; regulations of cryptocurrency in many countries focus on anti-money laundering and countering the financing of terrorism; and the transactions of cryptocurrency and stablecoin are required to pay income tax and business tax in most countries.Based on conclusions, we have the following policy suggestions: First, information disclosure, consumer protection, and technological security should be considered for the regulation policy of digital currency. Second, cryptocurrency and stablecoin should not be used as payment instruments. Third, government should protect consumer privacy while issuing CBDC.參考文獻 1. 陳以禮、李芳齡譯（2016），《區塊鏈革命：比特幣技術如何影響貨幣、商業和世界運作》。臺北：天下文化。2. 彭信威（2015），《中國貨幣史》，2版。上海：上海人民出版社。3. 黃莞婷、李于珊、宋佩芬、顏崇安譯（2022），《NFT大未來：理解非同質化貨幣的第一本書！概念、應用、交易與製作的全方位指南》。臺北：高寶。4. 楊月蓀譯（1998），《金錢簡史：揭開人性與慾望交纏的神話》。臺北：商周。5. 魯特（2018），《比特幣精粹》。臺中：白象文化。6. 羅鈺珊（2017），〈分散式帳本與區塊鏈的應用現況與挑戰〉，《經濟前瞻》，173，頁79–84。7. 龔鳴（2017），《寫給未來社會的新帳本──區塊鏈》。臺北：大寫。8. Agur, I., A. Ari, and G. Dell`Ariccia (2019), “Designing Central Bank Digital Currencies,” working paper, International Monetary Fund, https://www.imf.org/en/Publications/WP/Issues/2019/11/18/Designing-Central-Bank-Digital-Currencies-48739.9. Antonopoulos, A. M. (2017), Mastering Bitcoin: Programming the Open Blockchain, 2nd edition. Sebastopol: O’Reilly Media.10. Ayllon, T. and N. Azrin (1968), The Token Economy: A Motivational System for Therapy and Rehabilitation. New York: Appleton-Century-Crofts.11. Barrdear, J. and M. Kumhof (2016), “The Macroeconomics of Central Bank Issued Digital Currencies,” working paper, Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2016/the-macroeconomics-of-central-bank-issued-digital-currencies.pdf?la=en&hash=341B602838707E5D6FC26884588C912A721B1DC1.12. Böhme, R., N. Christin, B. Edelman, and T. Moore (2015), “Bitcoin: Economics, Technology, and Governance,” Journal of Economic Perspectives, 29:2, pp. 213-238.13. Chiu, J., M. Davoodalhosseini, J. Jiang, and Y. Zhu (2022), “Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment,” working paper, Bank of Canada, https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-20.pdf.14. Chohan, U. W. (2021), “Non-Fungible Tokens: Blockchains, Scarcity, and Value,” Critical Blockchain Research Initiative Working Papers, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3822743.15. Coinbase (2021), “Digital Asset Policy Proposal,” https://assets.ctfassets.net/c5bd0wqjc7v0/7FhSemtQvq4P4yS7sJCKMj/a98939d651d7ee24a56a897e2d37ef30/coinbase-digital-asset-policy-proposal.pdf.16. Corbet, S., A. Meegan, C. Larkin, B. Lucey, and L. Yarovaya (2018), “Exploring the Dynamic Relationships between Cryptocurrencies and Other Financial Assets,” Economics Letters, 165, pp. 28–34.17. Cuervo, C., A. Morozova, and N. Sugimoto (2019), Regulation of Crypto Assets. Washington, D. C.: International Monetary Fund.18. Drożdż, S., L. Minati, P. Oświȩcimka, M. Stanuszek, and M. Wątorek (2019), “Signatures of the Crypto-Currency Market Decoupling from the Forex,” Future Internet, 11:7, pp. 135–152.19. Dyson, B. and G. Hodgson (2016), “Why Central Banks Should Start Issuing Electronic Money,” Positive Money Report, https://positivemoney.org/wp-content/uploads/2016/01/Digital_Cash_WebPrintReady_20160113.pdf.20. Edwards, F. R. (1988), “Does Futures Trading Increase Stock Market Volatility?”Financial Analysts Journal, 44:1, pp. 63–69.21. FATF (2020), “FATF Report to the G20 Finance Ministers and Central Bank Governors on So-called Stablecoins,” https://www.fatf-gafi.org/media/fatf/documents/recommendations /Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf.22. Gerlach, J. C., G. Demos, and D. Sornette (2019), “Dissection of Bitcoin’s Multiscale Bubble History from January 2012 to February 2018,” Royal Society Open Science, 6:7, pp. 985–1012.23. Hayes, A. S. (2019), “Bitcoin Price and Its Marginal Cost of Production: Support for a Fundamental Value,” Applied Economics Letters, 26:7, pp. 554–560.24. Jafari, S., T. Vo-Huu, B. Jabiyev, A. Mera, and R. M. Farkhani (2018), “Cryptocurrency: A Challenge to Legal System,” master’s thesis, Department of Cyber Security, Northeastern University, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3172489.25. Kumhof, M. and C. Noone (2018). “Central Bank Digital Currencies — Design Principles and Balance Sheet Implications,” working paper, Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2018/central-bank-digital-currencies-design-principles-and-balance-sheet-implications.26. Kurka, J. (2019), “Do Cryptocurrencies and Traditional Asset Classes Influence Each Other?” Finance Research Letters, 31, pp. 38–46.27. Liang, J., L. Li, W. Chen, and D. Zeng (2019), “Towards an Understanding of Cryptocurrency: A Comparative Analysis of Cryptocurrency, Foreign Exchange, and Stock,” paper presented at 2019 IEEE International Conference on Intelligence and Security Informatics, July 1–3, IEEE, https://ieeexplore.ieee.org/document/8823373.28. Liu, J. and A. Serletis (2019), “Volatility in the Cryptocurrency Market,” Open Economies Review, 30:4, pp. 779–811.29. Malkiel, B. M. (2019), A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing. New York: W. W. Norton.30. Mazur, M. (2021), “Non-Fungible Tokens (NFT): The Analysis of Risk and Return,” working paper, Department of Finance, ESSCA School of Management, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3953535.31. Nagarajan, K. V. (2011), “The Code of Hammurabi: An Economic Interpretation,” International Journal of Business and Social Science, 2:8, pp. 108–116.32. Nakamoto, S. (2008), “Bitcoin: A Peer-to-Peer Electronic Cash System,” Decentralized Business Review, https://www.debr.io/article/21260-bitcoin-a-peer-to-peer-electronic-cash-system.33. National Cyber Security Centre (2021), “Distributed Ledger Technology: The Nature and Applications of Distributed Ledger Technology,” https://www.ncsc.gov.uk/whitepaper/distributed-ledger-technology.34. Rahman, A. J. (2018), “Deflationary policy under digital and fiat currency competition,”Research in Economics, 72:2, pp.171-180.35. Sami, M. and W. Abdallah (2020), “Cryptocurrency and Stock Markets: Complements or Substitutes? Evidence from Gulf Countries,” Applied Finance Letters, 9, pp. 25–35.36. Sami, M. and W. Abdallah (2022), “Does Cryptocurrency Hurt African Firms?” Risks, 10:53, pp. 1–17.37. Sams, R. (2014), “A Note on Cryptocurrency Stabilisation: Seigniorage Shares,” https://blog.bitmex.com/wp-content/uploads/2018/06/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdf.38. Sveriges Riksbank (2020), “Sveriges Riksbank Economic Review: Second Special Issue on the E-krona,” https://www.riksbank.se/globalassets/media/rapporter/pov/engelska/2020/economic-review-2-2020.pdf.39. Tiwari, A. K., I. D. Raheem, and S. H. Kang (2019), “Time-Varying Dynamic Conditional Correlation Between Stock and Cryptocurrency Markets Using the Copula-ADCC-EGARCH Model,” Physica A: Statistical Mechanics and its Applications, 535, pp. 1–9.40. Wang, H., X. Wang, S. Yin, and H. Ji (2021), “The Asymmetric Contagion Effect between Stock Market and Cryptocurrency Market,” Finance Research Letters, 46, pp. 1–12.41. Wu, T. and J. Chen (2021), “A Study of the Economic Impact of Central Bank Digital Currency under Global Competition,” China Economic Journal, 14:1, pp. 78–101. 描述 碩士
國立政治大學
經濟學系
109258031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109258031 資料類型 thesis dc.contributor.advisor 黃仁德 zh_TW dc.contributor.advisor Hwang, Jen-Te en_US dc.contributor.author (Authors) 夏靖詠 zh_TW dc.contributor.author (Authors) Hsia, Ching-Yung en_US dc.creator (作者) 夏靖詠 zh_TW dc.creator (作者) Hsia, Ching-Yung en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 15:26:47 (UTC+8) - dc.date.available 2-Sep-2022 15:26:47 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 15:26:47 (UTC+8) - dc.identifier (Other Identifiers) G0109258031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141742 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 109258031 zh_TW dc.description.abstract (摘要) 數位貨幣是一種新興的金融商品，其發展受到社會大眾愈來愈多的關注，對金融市場與經濟的影響也日益增加。有鑒於此，本文乃對數位貨幣進行廣泛且深入的研究，全文探討包括貨幣的演變、數位貨幣的發行、加密貨幣的交易與價值、非同質化代幣、數位貨幣對金融市場與經濟的影響、及數位貨幣的風險與監管等議題。本文的研究得到以下結論: 數位貨幣將是未來金融市場的發展趨勢，數位貨幣的發行與交易技術仍存在安全疑慮，加密貨幣交易平台蓬勃發展，加密貨幣的價格受許多因素影響、波動劇烈，非同質化代幣的價值備受爭議，非同質化代幣的價格波動受名人與加密貨幣市場影響，穩定幣可以成為金融市場上新興的避險工具，加密貨幣將影響銀行的運作，政府幣存在侵犯個人隱私的疑慮，各國對加密貨幣的監管政策著重於反洗錢與打擊資恐，及各國傾向將加密貨幣與穩定幣納入所得稅與營業稅的計算。根據研究結果，本文對於加密貨幣未來的發展有以下的建議: 數位貨幣的監管政策應著重於資訊揭露、消費者保護、及技術問題，加密貨幣與穩定幣不適合作為交易的支付工具，及政府幣的發行需顧及民眾的交易隱私。 zh_TW dc.description.abstract (摘要) Digital currency is a kind of emerging financial instrument, which has received attention by the society, and its impact on financial market and economy is increasing. Therefore, it is worthwhile for us to study digital currency. The contents of this paper include the evolution of money, the issuing technology for digital currency, transaction and value of cryptocurrency, NFT, the impact on financial market and economy of digital currency, and risk and regulation of digital currency.The conclusions of our research are as follows: Digital currency will play an important role in the financial market; there are some security concerns for the issuance and trading technology of digital currency; cryptocurrency exchanges are booming; price of cryptocurrency is affected by many factors and volatile; value of NFT is controversial; price of NFT is driven by celebrities and cryptocurrency market; stablecoin could be a hedging instrument in financial market; development of cryptocurrency will affect banking operation; there are some privacy concerns for the issuance of CBDC; regulations of cryptocurrency in many countries focus on anti-money laundering and countering the financing of terrorism; and the transactions of cryptocurrency and stablecoin are required to pay income tax and business tax in most countries.Based on conclusions, we have the following policy suggestions: First, information disclosure, consumer protection, and technological security should be considered for the regulation policy of digital currency. Second, cryptocurrency and stablecoin should not be used as payment instruments. Third, government should protect consumer privacy while issuing CBDC. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的與架構 2第二章 貨幣的演變 3第一節 貨幣的定義與功能 3一、貨幣的定義 3二、幣材的特性 4三、貨幣的功能 5第二節 商品貨幣 6第三節 紙幣與硬幣 8第四節 支票與活期存款 9第五節 塑膠貨幣與電子貨幣 10第六節 數位貨幣 12一、加密貨幣 13二、穩定幣 20三、政府幣 22第七節 結語 23第三章 數位貨幣的發行 25第一節 加密貨幣的發行原理 25一、去中心化 25二、加密 26三、數位錢包 28四、錢包地址 29五、分散式帳本技術 29六、智能合約 30第二節 區塊鏈 31一、區塊鏈的種類 31二、挖礦及獲利 32三、分叉 36四、主鏈與側鏈 38五、區塊鏈安全 38第三節 其他的加密貨幣發行技術 40一、坦哥技術 40二、哈希圖技術 41第四節 穩定幣的發行 42第五節 政府幣的發行 43第六節 結語 46第四章 加密貨幣的交易與價值 48第一節 加密貨幣交易平台 48一、交易平台指標 48二、中心化交易平台 50三、去中心化交易平台 54第二節 台灣的加密貨幣交易平台 55第三節 加密貨幣的價格變動因素 57第四節 加密貨幣的價格波動 60第五節 數位貨幣價值的爭論 62一、經濟上的價格與價值 62二、負面的論點 63三、正面的論點 65四、穩定幣與政府幣的價值 67第六節 結語 68第五章 非同質化代幣 70第一節 何謂非同質化代幣 70第二節 非同質化代幣的種類 72第三節 非同質化代幣的交易與發行 73第四節 非同質化代幣的價值 76一、非同質化代幣的價值來源 76二、支持與反對的論點 77第五節 非同質化代幣的價格波動 79第六節 非同質化代幣的展望 82第七節 結語 83第六章 數位貨幣對金融市場與經濟的影響 86第一節 加密貨幣對金融市場的影響 86一、加密貨幣市場與股市的關係 86二、加密貨幣市場與外匯市場的關係 87三、加密貨幣市場與債券市場的關係 88第二節 數位貨幣對商業銀行的影響 89一、數位貨幣對銀行業務與重要性的影響 89二、區塊鏈對銀行作業效率的影響 90三、政府幣的利息給付 92四、政府幣與銀行擠兌 93第三節 數位貨幣對總體經濟的影響 94一、代幣經濟 94二、區塊鏈的不可能三角 97三、穩定幣與鑄幣稅代幣 98四、政府幣對經濟的影響 100第四節 數位貨幣對社會大眾的影響 100一、加密貨幣自動櫃員機 101二、政府幣對民眾的影響 102第五節 結語 104第七章 數位貨幣的風險與監管 105第一節 數位貨幣的風險 105一、泡沫化 105二、資訊安全 106三、詐騙 107四、洗錢 108五、穩定幣不穩定 109第二節 國際組織與各國對加密貨幣與穩定幣監管的觀點與作法 110一、國際機構 110二、美國 111三、中國 115四、歐洲 115五、日本 118六、新加坡 119七、泰國 119八、台灣 120九、加密貨幣交易平台 122第三節 數位貨幣的租稅課徵 123一、逃漏稅問題 123二、各國的加密貨幣租稅政策 124第四節 結語 127第八章 結論與建議 129第一節 研究結論 129第二節 建議 131參考文獻 133 zh_TW dc.format.extent 4615212 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109258031 en_US dc.subject (關鍵詞) 數位貨幣 zh_TW dc.subject (關鍵詞) 加密貨幣 zh_TW dc.subject (關鍵詞) 穩定幣 zh_TW dc.subject (關鍵詞) 政府幣 zh_TW dc.subject (關鍵詞) 區塊鏈 zh_TW dc.subject (關鍵詞) Digital currency en_US dc.subject (關鍵詞) Cryptocurrency en_US dc.subject (關鍵詞) Stablecoin en_US dc.subject (關鍵詞) CBDC en_US dc.subject (關鍵詞) Blockchain en_US dc.title (題名) 數位貨幣之研究 zh_TW dc.title (題名) The Study of Digital Currency en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. 陳以禮、李芳齡譯（2016），《區塊鏈革命：比特幣技術如何影響貨幣、商業和世界運作》。臺北：天下文化。2. 彭信威（2015），《中國貨幣史》，2版。上海：上海人民出版社。3. 黃莞婷、李于珊、宋佩芬、顏崇安譯（2022），《NFT大未來：理解非同質化貨幣的第一本書！概念、應用、交易與製作的全方位指南》。臺北：高寶。4. 楊月蓀譯（1998），《金錢簡史：揭開人性與慾望交纏的神話》。臺北：商周。5. 魯特（2018），《比特幣精粹》。臺中：白象文化。6. 羅鈺珊（2017），〈分散式帳本與區塊鏈的應用現況與挑戰〉，《經濟前瞻》，173，頁79–84。7. 龔鳴（2017），《寫給未來社會的新帳本──區塊鏈》。臺北：大寫。8. Agur, I., A. Ari, and G. Dell`Ariccia (2019), “Designing Central Bank Digital Currencies,” working paper, International Monetary Fund, https://www.imf.org/en/Publications/WP/Issues/2019/11/18/Designing-Central-Bank-Digital-Currencies-48739.9. Antonopoulos, A. M. (2017), Mastering Bitcoin: Programming the Open Blockchain, 2nd edition. Sebastopol: O’Reilly Media.10. Ayllon, T. and N. Azrin (1968), The Token Economy: A Motivational System for Therapy and Rehabilitation. New York: Appleton-Century-Crofts.11. Barrdear, J. and M. Kumhof (2016), “The Macroeconomics of Central Bank Issued Digital Currencies,” working paper, Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2016/the-macroeconomics-of-central-bank-issued-digital-currencies.pdf?la=en&hash=341B602838707E5D6FC26884588C912A721B1DC1.12. Böhme, R., N. Christin, B. Edelman, and T. Moore (2015), “Bitcoin: Economics, Technology, and Governance,” Journal of Economic Perspectives, 29:2, pp. 213-238.13. 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