1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 臺灣發行穩定幣之可行性分析
The Feasibility Analysis of Taiwan Dollar Coin
作者 周雲棠
Chou, Yun-Tang
貢獻者 彭金隆
Peng, Jin-Long
周雲棠
Chou, Yun-Tang
關鍵詞 穩定幣
新臺幣穩定幣
日期 2023
上傳時間 2-Aug-2023 13:15:59 (UTC+8)
摘要 本研究以臺灣發行穩定幣之可行性為題，期透過相關文獻資料分析方法有效彙整穩定幣之開展歷程、發行類型、穩定機制、穩定效果、選用的評估模式、應用場景與監理之演進趨勢，就技術面、法規面、應用面及效益面來分析當下臺灣發行穩定幣的必要性及可行性，以利各界未來在政策規劃與國家金融治理上參酌。
     技術面：臺灣擁有全世界排名前五十大之虛擬通貨交易平台，並擁有完整區塊鏈技術研發能力，已建置資訊安全監控機制，可完整掌握智能合約發行架構技術及提供新臺幣穩定幣交易服務。
     法規面：發行法幣為擔保型式之新臺幣穩定幣，以躉售型批發銷售方式售予特定法人機構，經分析不屬公眾募資行為，也非證券交易法之證券交易範疇，亦未涉及銀行法之吸金行為。
     應用面：虛擬通貨特性為點對點交易、網路即時電子化交易、跨國普及性及降低清算的交易成本，並透過虛擬通貨交易平台實名制驗證之機制，可確實執行防制洗錢及打擊資恐。
     效益面：新臺幣穩定幣可降低實體型式法幣之維持成本、提升新臺幣之國際貨幣地位、有助於新臺幣之國際交易幣別轉換以降低換匯成本、手續費低廉可降低中小企業之金流成本、可避免戰爭時傳統金融機構無法運作之風險。
     綜合以上各方面之分析，臺灣發行新臺幣穩定幣應屬可行，惟虛擬貨幣平台業者於112年3月底方才確定主管機關為金管會，主管機關的指導原則及平台業者之自律規範正如火如荼討論中，並將循序漸進，進一步訂定相關作業辦法等行政命令，可能須待法規有更明確的規範之後再向主管機關提出發行申請，較能獲得主管機關之許可。
參考文獻 一、中文部分
     中央銀行(2016)。我國電子支付機制之發展－兼論央行對數位通貨之看法 (央行理監事會後記者會參考資料 2016.03.24)。 https://bit.ly/3tr8GCZ
     中央銀行(2018)。數位金流與虛擬通貨－央行在數位時代的角色 (央行理監事會後記者會參考資料 2018.09.27)。 https://bit.ly/3zYv2Op
     中央銀行(2021)。虛擬通貨近期發展及國際監管概況 (央行理監事會後記者會參考資料 2021.03.18)。 https://bit.ly/3jWeQrq
     王宏仁(2022)。CBDC四大潛力，評估五大風險找配套。3兆臺幣現金能不能有新流通形式？央行找來五大銀行試驗數位貨幣https://www.ithome.com.tw/news/151951
     楊金龍(2018)。虛擬貨幣與數位經濟：央行在數位時代的角色，2018年8月7日發表的演講內容https://www.cbc.gov.tw/tw/dl-23060-b154310697ef461886675d02ebf2bdfd.html
     楊金龍(2021)。「貨幣數位化與臺灣金融產業的未來」研討會中的演講詞：「央行貨幣的支付功能與CBDC的發行」。2021年10月14日發表的演講內容https://www.cbc.gov.tw/tw/dl-177989-65adf5960c2b4e26902bd881570e68c8.html
     楊金龍(2022)。「財金公司111 年度金融資訊系統年會」中的演講詞：「數位轉型的央行貨幣」中的報告。2022年6月29日發表的演講內容
     經濟部中小企業處(2021)。中小企業白皮書https://www.moeasmea.gov.tw/article-tw-2276-7454
     謝明華,李宜熹,王友珊(2021)。穩定幣的發行原理與潛在影響結案報告書
     
     
     
     二、外文部分
     Aitov, T. (2018). Stretched string: Is it possible to disconnect Russia from SWIFT. Forbes Finance. https://www.forbes.ru/finansy-i-investicii/358573-natyanutaya-struna-vozmozhno-li-otklyuchenie-rossii-ot-swift
     Alimi, R. S. (2012). The quantity theory of money and its long run Implications: Empirical evidence from Nigeria.
     Allied Market Research. (2021). Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. Retrieved from https://www.alliedmarketresearch.com/crypto-currency-market
     Ametrano, F. M. (2016). Hayek money: The cryptocurrency price stability solution. Available at SSRN 2425270.
     Auer, R., Cornelli, G., & Frost, J. (2020). Rise of the central bank digital currencies: drivers, approaches and technologies. BIS Working Papers (No 880). https://www.bis.org/publ/work880.htm
     Berentsen, A., and Schär, F. (2019). Stablecoins: The quest for a low-volatility cryptocurrency. The economics of Fintech and digital currencies, 65-75
     Bitmax Research. (2018). A Brief History of Stablecoins (Part 1). Retrieved from https://blog.bitmex.com/a-brief-history-of-stablecoins-part-1/
     Brainard, L. (2022) Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency. Before the Committee on Financial Services, U.S. House of Representatives(2022, May 26). https://www.federalreserve.gov/newsevents/testimony/brainard20220526a.htm
     Brainard, L. (2022). Crypto-Assets and Decentralized Finance through a Financial Stability Lens. At Bank of England Conference(2022, July 8). https://www.federalreserve.gov/newsevents/speech/brainard20220708a.htm
     Cryptopedia. (2022). What Are Stablecoins? https://www.gemini.com/cryptopedia/what-are-stablecoins-how-do-they-work
     Fortune Business Insights. (2022). Cryptocurrency Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, and Others), By End-Use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021-2028. Retrieved from https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149
     HK Monetary Authority. (2022). Discussion Paper on Crypto-assets and Stablecoins.
     Hon, H., Wang, K. & Liu, B. (2022). Top Stablecoins by Markey Cap – A Comprehensive Analysis. Crypto.com Research and Insights. https://content-hub-static.crypto.com/wp-content/uploads/2022/06/20220531_CDC_2_Top-Stablecoins-by-Market-Cap.pdf
     Kahya, A., Krishnamachari, B., & Yun, S. (2021). Reducing the Volatility of Cryptocurrencies--A Survey of Stablecoins. arXiv preprint arXiv:2103.01340.
     Liao, G. Y. & Caramichael, J. (2022). Stablecoins: Growth Potential and Impact on Banking. International Finance Discussion Papers 1334. https://doi.org/10.17016/IFDP.2022.1334.
     Markets and Markets. (2022). Cryptocurrency Market by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography (2021-2026). Retrieved from https://www.marketsandmarkets.com/Market-Reports/cryptocurrency-market-158061641.html
     Mikhaylov, A. (2020). Cryptocurrency Market Analysis from the Open Innovation Perspective. J. Open Innov. Technol. Mark. Complex 6(4), pp. 197.
     Moin, A., Sekniqi, K. & Sirer, E.G.(2020). SoK: a classification framework for stablecoin designs. In: Financial Cryptography
     Opening Asia. (2022). Russia And China Will Be Able To Exchange Payments Without SWIFT. https://bigasia.ru/content/news/businness/rossiya-i-kitay-smogut-obmenivatsya-platezhami-bez-swift/
     Rahman, A. A. (2022). Initiating a True International Currency. Global Currency Initiative.
     Raza, A. (2022). Stablecoin Market Cap Means Crypto is Bullish – JPMorgan. Business 2 Community. https://www.business2community.com/crypto-news/stablecoin-market-cap-means-crypto-is-bullish-jpmorgan-02509337
     Reserve. (2019). The State of Stablecoins 2019: Hype vs. Reality in the Race for Stable, Global, Digital Money. https://bit.ly/3neZ2SY
     Reuters. (2022) What are stablecoins, the asset rocking the cryptocurrency market? https://economictimes.indiatimes.com/industry/banking/finance/what-are-stablecoins-the-asset-rocking-the-cryptocurrency-market/what-are-stablecoins/slideshow/91574556.cms
     Reuters. (2022). Nexo And Mastercard Launch `World First` Crypto-Backed Payment Card. https://www.reuters.com/technology/nexo-mastercard-launch-world-first-crypto-backed-payment-card-2022-04-13/
     Sams, R. (2021). A note on cryptocurrency stabilisation: Seigniorage shares. Brave New Coin, 1-8.
     Shakhnov, K. (2022). Russia’s trouble is now stronger than before the war–western sanctions are partly to blame. The Conversation, UK. https://theconversation.com/russias-rouble-is-now-stronger-than-before-the-war-western-sanctions-are-partly-to-blame-184700
     Statista. (2022). Stablecoin Market Cap 2017-2022. https://www.statista.com/statistics/1255835/stablecoin-market-capitalization/
     TACC. (2022). Media: Russia and India are discussing the introduction of an alternative transaction system. https://tass.ru/ekonomika/14237363
     Turak, N. (2022). Russia’s ruble hit its strongest level in 7 years despite massive sanctions. CNBC. https://www.cnbc.com/2022/06/23/russias-ruble-is-at-strongest-level-in-7-years-despite-sanctions.html
     Whatman, P. (2021). Credit card statistics 2022: 65+ facts for Europe, UK, and US. Spendesk Journal. https://blog.spendesk.com/en/credit-card-statistics
     Zhao, W., Li, H., & Yuan, Y. (2021). Understand volatility of algorithmic stablecoin: Modeling, verification and empirical analysis. In Financial Cryptography and Data Security. FC 2021 International Workshops: CoDecFin, DeFi, VOTING, and WTSC, Virtual Event, March 5, 2021, Revised Selected Papers 25 (pp. 97-108). Springer Berlin Heidelberg.
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
105932156
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105932156
資料類型 thesis
dc.contributor.advisor 彭金隆zh_TW
dc.contributor.advisor Peng, Jin-Longen_US
dc.contributor.author (Authors) 周雲棠zh_TW
dc.contributor.author (Authors) Chou, Yun-Tangen_US
dc.creator (作者) 周雲棠zh_TW
dc.creator (作者) Chou, Yun-Tangen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:15:59 (UTC+8)-
dc.date.available 2-Aug-2023 13:15:59 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:15:59 (UTC+8)-
dc.identifier (Other Identifiers) G0105932156en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146354-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 105932156zh_TW
dc.description.abstract (摘要) 本研究以臺灣發行穩定幣之可行性為題，期透過相關文獻資料分析方法有效彙整穩定幣之開展歷程、發行類型、穩定機制、穩定效果、選用的評估模式、應用場景與監理之演進趨勢，就技術面、法規面、應用面及效益面來分析當下臺灣發行穩定幣的必要性及可行性，以利各界未來在政策規劃與國家金融治理上參酌。
     技術面：臺灣擁有全世界排名前五十大之虛擬通貨交易平台，並擁有完整區塊鏈技術研發能力，已建置資訊安全監控機制，可完整掌握智能合約發行架構技術及提供新臺幣穩定幣交易服務。
     法規面：發行法幣為擔保型式之新臺幣穩定幣，以躉售型批發銷售方式售予特定法人機構，經分析不屬公眾募資行為，也非證券交易法之證券交易範疇，亦未涉及銀行法之吸金行為。
     應用面：虛擬通貨特性為點對點交易、網路即時電子化交易、跨國普及性及降低清算的交易成本，並透過虛擬通貨交易平台實名制驗證之機制，可確實執行防制洗錢及打擊資恐。
     效益面：新臺幣穩定幣可降低實體型式法幣之維持成本、提升新臺幣之國際貨幣地位、有助於新臺幣之國際交易幣別轉換以降低換匯成本、手續費低廉可降低中小企業之金流成本、可避免戰爭時傳統金融機構無法運作之風險。
     綜合以上各方面之分析，臺灣發行新臺幣穩定幣應屬可行，惟虛擬貨幣平台業者於112年3月底方才確定主管機關為金管會，主管機關的指導原則及平台業者之自律規範正如火如荼討論中，並將循序漸進，進一步訂定相關作業辦法等行政命令，可能須待法規有更明確的規範之後再向主管機關提出發行申請，較能獲得主管機關之許可。		zh_TW
dc.description.tableofcontents 摘要 i
     目 錄 ii
     第一章　緒論 1
     第一節　研究背景與動機 1
     第二節　研究目的 2
     第三節　研究方法與架構 3
     第二章　文獻探討 4
     第一節　虛擬貨幣 4
     第二節　穩定幣 6
     第三章　虛擬貨幣與穩定幣之市場趨勢 9
     第一節　私人機構發行虛擬通貨的市場趨勢 9
     第二節　虛擬通貨的市場趨勢 10
     第三節　中央銀行發行的數位貨幣CBDC的市場趨勢 13
     第四節　我國中央銀行發行CBDC的立場與規劃 15
     第五節　穩定幣國際市場規模及趨勢分析 18
     第六節　國際市場趨勢分析小結 20
     第四章　虛擬通貨發展環境與效益分析 21
     第一節　國內及國際虛擬通貨發展環境 21
     第二節　新臺幣穩定幣對產業發展的效益 24
     第三節　新臺幣穩定幣發行可行性分析 41
     第五章　結論 45
     參考文獻 48
     一、中文部分 48
     二、外文部分 49		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105932156en_US
dc.subject (關鍵詞) 穩定幣zh_TW
dc.subject (關鍵詞) 新臺幣穩定幣zh_TW
dc.title (題名) 臺灣發行穩定幣之可行性分析zh_TW
dc.title (題名) The Feasibility Analysis of Taiwan Dollar Coinen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分
     中央銀行(2016)。我國電子支付機制之發展－兼論央行對數位通貨之看法 (央行理監事會後記者會參考資料 2016.03.24)。 https://bit.ly/3tr8GCZ
     中央銀行(2018)。數位金流與虛擬通貨－央行在數位時代的角色 (央行理監事會後記者會參考資料 2018.09.27)。 https://bit.ly/3zYv2Op
     中央銀行(2021)。虛擬通貨近期發展及國際監管概況 (央行理監事會後記者會參考資料 2021.03.18)。 https://bit.ly/3jWeQrq
     王宏仁(2022)。CBDC四大潛力，評估五大風險找配套。3兆臺幣現金能不能有新流通形式？央行找來五大銀行試驗數位貨幣https://www.ithome.com.tw/news/151951
     楊金龍(2018)。虛擬貨幣與數位經濟：央行在數位時代的角色，2018年8月7日發表的演講內容https://www.cbc.gov.tw/tw/dl-23060-b154310697ef461886675d02ebf2bdfd.html
     楊金龍(2021)。「貨幣數位化與臺灣金融產業的未來」研討會中的演講詞：「央行貨幣的支付功能與CBDC的發行」。2021年10月14日發表的演講內容https://www.cbc.gov.tw/tw/dl-177989-65adf5960c2b4e26902bd881570e68c8.html
     楊金龍(2022)。「財金公司111 年度金融資訊系統年會」中的演講詞：「數位轉型的央行貨幣」中的報告。2022年6月29日發表的演講內容
     經濟部中小企業處(2021)。中小企業白皮書https://www.moeasmea.gov.tw/article-tw-2276-7454
     謝明華,李宜熹,王友珊(2021)。穩定幣的發行原理與潛在影響結案報告書
     
     
     
     二、外文部分
     Aitov, T. (2018). Stretched string: Is it possible to disconnect Russia from SWIFT. Forbes Finance. https://www.forbes.ru/finansy-i-investicii/358573-natyanutaya-struna-vozmozhno-li-otklyuchenie-rossii-ot-swift
     Alimi, R. S. (2012). The quantity theory of money and its long run Implications: Empirical evidence from Nigeria.
     Allied Market Research. (2021). Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. Retrieved from https://www.alliedmarketresearch.com/crypto-currency-market
     Ametrano, F. M. (2016). Hayek money: The cryptocurrency price stability solution. Available at SSRN 2425270.
     Auer, R., Cornelli, G., & Frost, J. (2020). Rise of the central bank digital currencies: drivers, approaches and technologies. BIS Working Papers (No 880). https://www.bis.org/publ/work880.htm
     Berentsen, A., and Schär, F. (2019). Stablecoins: The quest for a low-volatility cryptocurrency. The economics of Fintech and digital currencies, 65-75
     Bitmax Research. (2018). A Brief History of Stablecoins (Part 1). Retrieved from https://blog.bitmex.com/a-brief-history-of-stablecoins-part-1/
     Brainard, L. (2022) Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency. Before the Committee on Financial Services, U.S. House of Representatives(2022, May 26). https://www.federalreserve.gov/newsevents/testimony/brainard20220526a.htm
     Brainard, L. (2022). Crypto-Assets and Decentralized Finance through a Financial Stability Lens. At Bank of England Conference(2022, July 8). https://www.federalreserve.gov/newsevents/speech/brainard20220708a.htm
     Cryptopedia. (2022). What Are Stablecoins? https://www.gemini.com/cryptopedia/what-are-stablecoins-how-do-they-work
     Fortune Business Insights. (2022). Cryptocurrency Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, and Others), By End-Use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021-2028. Retrieved from https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149
     HK Monetary Authority. (2022). Discussion Paper on Crypto-assets and Stablecoins.
     Hon, H., Wang, K. & Liu, B. (2022). Top Stablecoins by Markey Cap – A Comprehensive Analysis. Crypto.com Research and Insights. https://content-hub-static.crypto.com/wp-content/uploads/2022/06/20220531_CDC_2_Top-Stablecoins-by-Market-Cap.pdf
     Kahya, A., Krishnamachari, B., & Yun, S. (2021). Reducing the Volatility of Cryptocurrencies--A Survey of Stablecoins. arXiv preprint arXiv:2103.01340.
     Liao, G. Y. & Caramichael, J. (2022). Stablecoins: Growth Potential and Impact on Banking. International Finance Discussion Papers 1334. https://doi.org/10.17016/IFDP.2022.1334.
     Markets and Markets. (2022). Cryptocurrency Market by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography (2021-2026). Retrieved from https://www.marketsandmarkets.com/Market-Reports/cryptocurrency-market-158061641.html
     Mikhaylov, A. (2020). Cryptocurrency Market Analysis from the Open Innovation Perspective. J. Open Innov. Technol. Mark. Complex 6(4), pp. 197.
     Moin, A., Sekniqi, K. & Sirer, E.G.(2020). SoK: a classification framework for stablecoin designs. In: Financial Cryptography
     Opening Asia. (2022). Russia And China Will Be Able To Exchange Payments Without SWIFT. https://bigasia.ru/content/news/businness/rossiya-i-kitay-smogut-obmenivatsya-platezhami-bez-swift/
     Rahman, A. A. (2022). Initiating a True International Currency. Global Currency Initiative.
     Raza, A. (2022). Stablecoin Market Cap Means Crypto is Bullish – JPMorgan. Business 2 Community. https://www.business2community.com/crypto-news/stablecoin-market-cap-means-crypto-is-bullish-jpmorgan-02509337
     Reserve. (2019). The State of Stablecoins 2019: Hype vs. Reality in the Race for Stable, Global, Digital Money. https://bit.ly/3neZ2SY
     Reuters. (2022) What are stablecoins, the asset rocking the cryptocurrency market? https://economictimes.indiatimes.com/industry/banking/finance/what-are-stablecoins-the-asset-rocking-the-cryptocurrency-market/what-are-stablecoins/slideshow/91574556.cms
     Reuters. (2022). Nexo And Mastercard Launch `World First` Crypto-Backed Payment Card. https://www.reuters.com/technology/nexo-mastercard-launch-world-first-crypto-backed-payment-card-2022-04-13/
     Sams, R. (2021). A note on cryptocurrency stabilisation: Seigniorage shares. Brave New Coin, 1-8.
     Shakhnov, K. (2022). Russia’s trouble is now stronger than before the war–western sanctions are partly to blame. The Conversation, UK. https://theconversation.com/russias-rouble-is-now-stronger-than-before-the-war-western-sanctions-are-partly-to-blame-184700
     Statista. (2022). Stablecoin Market Cap 2017-2022. https://www.statista.com/statistics/1255835/stablecoin-market-capitalization/
     TACC. (2022). Media: Russia and India are discussing the introduction of an alternative transaction system. https://tass.ru/ekonomika/14237363
     Turak, N. (2022). Russia’s ruble hit its strongest level in 7 years despite massive sanctions. CNBC. https://www.cnbc.com/2022/06/23/russias-ruble-is-at-strongest-level-in-7-years-despite-sanctions.html
     Whatman, P. (2021). Credit card statistics 2022: 65+ facts for Europe, UK, and US. Spendesk Journal. https://blog.spendesk.com/en/credit-card-statistics
     Zhao, W., Li, H., & Yuan, Y. (2021). Understand volatility of algorithmic stablecoin: Modeling, verification and empirical analysis. In Financial Cryptography and Data Security. FC 2021 International Workshops: CoDecFin, DeFi, VOTING, and WTSC, Virtual Event, March 5, 2021, Revised Selected Papers 25 (pp. 97-108). Springer Berlin Heidelberg.		zh_TW