作者：中欧国际工商学院兼职教授盛松成?
盛松成教授是国内外第一个明确提出“比特币等虚拟货币本质上不是货币”的经济学家。本文观点发表在《中国金融》2014年的1月和4月。
盛松成：虚拟货币本质上不是货币
近年来，诞生于互联网世界的虚拟货币引起了越来越多的关注。虚拟货币以计算机技术和通信技术为手段，以数字化的形式存储在网络或有关电子设备中，并通过网络系统传输实现流通和支付功能。它没有实物形态，不由货币当局发行，使用范围有限。虚拟货币最初只能在互联网上购买虚拟商品，如网络游戏中的装备、服装等。但目前虚拟货币的种类越来越丰富，如Q币、百度币、盛大点券等，使用范围也超出了虚拟商品的范畴，可以用来购买一些实物，甚至出现了很多专门提供虚拟货币与法定货币双向兑换的网站，似乎虚拟货币已逐渐成为可以流通的交换单位。其中，2009年出现的比特币（Bitcoin）发展最为迅速，影响也最为广泛，其使用范围已从互联网渗透到现实世界。
Virtual money has been stored in a digitalized form in networks or related electronic devices, as well as in web-based transmissions. It has no physical form, is not issued by monetary authorities, and has limited use. Virtual money has initially been able to purchase virtual goods on the Internet, such as equipment, clothing, etc. in online games.
比特币具有无实物形态、数字化存储与支付等虚拟货币特征，同时也具有传统虚拟货币不具备的特点：没有集中发行方、数量有限、完全匿名、交易不可追踪等。2013年我国的“比特币中国”（BTC China）网站成为全球第一大比特币交易平台。比特币的迅速发展引发了人们对虚拟货币是否真正意义上的货币的思考。有人认为比特币的出现是对现行货币体系的巨大挑战，甚至有人称其为“未来的黄金”。2013年12月5日，中国人民银行等五部委联合发布了《关于防范比特币风险的通知》（以下简称《通知》），指出比特币是一种特定的虚拟商品，不是真正意义上的货币。此后比特币在中国市场的价格迅速下跌，三周时间跌去约60%，在国际市场上也应声大跌。事实上，从货币本质特征及其发展历史来看，以比特币为代表的虚拟货币本质上不是货币，也难以成为货币。
The rapid development of Bitcoin has given rise to thinking about whether it is a currency in the real sense. The appearance of bitcoin is seen as a major challenge to the current monetary system, even what some call “gold in the future.” On December 5, 2013, five ministries, such as the People’s Bank of China, jointly issued the Notice on Protection against Bitcoin Risk (hereinafter referred to as the Notice), which states that bitcoin is a specific virtual commodity, not a currency in the real sense. After that, Bitcoin’s prices in the Chinese market fell rapidly, and about 60% of its time fell in three weeks, and it should also fall sharply in the international market.
实际上，比特币所体现的货币非国家化理念早在20世纪70年代就由英国著名经济学家哈耶克所提出，但实践已经证明，这一理念也只是一种经济乌托邦思想而已。
Indeed, the concept of monetary non-stateization embodied in Bitcoin, which was proposed by the well-known British economist Hayek as early as the 1970s, has proved to be merely an economic utopia.
一、货币最基本的职能是商品交换媒介
I. The most basic function of money is the commodity exchange medium
在众多货币定义理论中，对货币职能的概括主要有两种。一种认为货币是商品交换的媒介，这种观点为绝大多数经济学家所接受。马克思将货币定义为“价值尺度和流通手段的统一”。他还说，“在商品世界起一般等价物的作用就成了它（货币）特有的社会职能，从而成了它的社会独占权。” 根据马克思的货币定义理论，货币就是固定地充当一般等价物的特殊商品，是执行价值尺度、流通手段以及由此发展的支付手段职能的金融资产。另一种观点认为货币是价值或财富贮藏的手段，其代表人物是美国货币学派经济学的主要创始者米尔顿?费里德曼。他将货币定义为“能使购买行为从售卖行为中分离出来的购买力的暂栖所” 。
One view is that money is the medium of commodity exchange, which is accepted by the vast majority of economists. Marx defines money as “harmonization of the measure of value and the means of circulation.” He adds that “the role of a generic equivalent in the commodity world becomes its own social function and thus its social monopoly.” According to Marx’s monetary definition theory, money is a special commodity that is fixed as a general equivalent and a financial asset that performs the function of carrying out the measure of value, the means of circulation, and the means of payment thus developed.
充当商品交换的媒介，是货币的本质属性和最基本的职能，也是货币区别于其他事物的鲜明标志，在信用货币条件下尤其如此。货币价值尺度的职能最终是服务于其流通手段和支付手段职能的。正是在充当商品交换媒介的过程中，货币才发挥着价值尺度的职能；正是为了充当商品交换的媒介，货币才需要发挥价值尺度的职能。虽然货币可作为价值贮藏的手段，但不能反过来说，价值贮藏的手段就是货币，因为除货币外，还有许多东西也能被人们作为价值贮藏的手段。“在很大程度上，因为货币被作为交换媒介，所以它才必然地起价值贮藏的作用” 。也就是说，货币的本质是商品交换的媒介，而货币的价值贮藏功能只是其交换媒介功能的自然派生物。
It is the role of money to serve as a medium for the exchange of goods that money needs to function as a value measure. While money can serve as a means of storing value, it cannot be said otherwise that the means of storing value are money, because there is a lot of other things besides money that can be stored. “To a large extent, because money is used as a medium for the exchange, it has to function as a repository of value.”
二、货币是一定阶段经济社会发展特点的集中体现，国家信用是现代货币发行的基础
ii. Currency is the central feature of a stage of economic and social development, and State credit is the basis for the issuance of modern currency
货币是经济社会发展到一定阶段的产物，并随着经济发展和社会组织形态的演变而发展。金属货币时代，金银因具有质地均匀、体积小、价值大、便于分割、易于携带等自然属性而逐渐固定地充当了一般等价物，成为各国普遍接受的货币。金银本身具有内在价值，同时又具有货币属性。然而，黄金储量和产量的有限性与商品生产的无限性之间存在矛盾。随着社会商品价值总量的不断增长，黄金储备无法满足货币发行的需要，这是金本位制崩溃的根本原因。
Currency is the product of a certain stage of economic and social development and evolves as the shape of economic development and social organization evolves. In the age of metal money, the gold stock has gradually been fixed as a generic equivalent by virtue of its natural attributes, such as its homogeneity, size, value, ease of division, and portability.
布雷顿森林体系崩溃后，美元与黄金脱钩，货币就完全脱离了金属价值，成为一种观念上的计量单位。货币价值由内在价值决定的金属货币体系发展为货币价值由国家信用支撑的现代信用货币体系。国家根据全社会商品生产和交易的需要发行本位货币，并以法律保证本位币的流通。纸币是各国本位币的实现形式。随着技术的进步，单一介质纸币可能发展为电子货币等多样介质，但货币本质是不变的，即由国家信用支撑的流通手段。本位币是一国范围内被普遍接受的商品交换媒介，也是社会财富的总代表。
After the collapse of the Bretton Woods system, the dollar decoupled from gold, and the currency became completely decoupled from the value of metals and a conceptual unit of measurement. The monetary value of the metal, determined by its intrinsic value, developed into a modern system of credit currencies supported by the value of the currency by the credit of the State. The country issues its currency in local currency in accordance with the needs of the production and trade of goods throughout society and guarantees its circulation by law.
从货币发展演变的历史可以看出，国家信用是国家垄断货币发行权的基础。金属铸币流通时期，国家以政府信用确保金属铸币具有准确的重量和十足的成色，避免了不同机构发行的、不同标准的铸币流通给经济活动带来的不便。信用货币时代，信用货币的价值不决定于任何商品的价值，而主要取决于通货发行方的信用。本位币以国家信用为支撑，具有法偿性和强制性，这是本位币履行货币职能的价值基础。
During the period of circulation of metal casting currency, the state ensured the precise weight and full colour of metal casting currency with government credit, avoiding the inconvenience to economic activity caused by the circulation of different standards of casting currency issued by different institutions. In the age of credit currency, the value of the credit currency does not depend on the value of any commodity, but depends primarily on the credit of the issuer of tradables.
历史上，有些国家政府曾滥用货币发行权，尤其是在两次世界大战期间，一些国家央行直接为财政赤字融资，引发了长期的恶性通胀，国家信用遭受极大损害，理论界掀起了关于央行独立性的讨论。20世纪70年代，经历经济“滞涨”的西方国家再次提出央行独立性的问题。此后，西方国家纷纷以立法形式赋予央行在制定和执行货币政策方面的独立性，以保证央行履行物价稳定的职责。尽管理论界对央行独立性与通货膨胀之间的关系仍有争议，但不可辩驳的是，随着央行独立性的增强，20世纪80年代后美国、德国等发达国家的通胀水平得到了较好控制，这些国家基本杜绝了恶性通胀。各国央行独立性的普遍提高增强了现代货币的信用基础。国家信用仍是现代货币发行的基础。
Historically, governments have abused the right to issue money, particularly during the two World Wars, when some central banks directly financed fiscal deficits, causing long-term malignant inflation, national credit erosion, and theoretical discussions about the independence of central banks. In the 1970’s, Western countries, which experienced “stagnated” economies, again raised the issue of the independence of central banks.
三、货币政策是国家调节经济的主要手段之一，是国家机器的重要组成部分。
Thirdly, monetary policy is one of the main instruments of State regulation of the economy and an important part of the State apparatus.
货币政策是央行通过对货币供应、银行信贷及市场利率等实施调节和控制来间接影响总需求，以使总需求与总供给趋于均衡的一系列措施。货币供应量的变化对经济的影响十分广泛，与物价、收入、就业、经济增长等宏观经济指标密切相关。正如凯恩斯所说，“货币经济之特征，乃是在此经济体系之中，人们对于未来看法之改变，不仅可以影响就业之方向，还可以改变就业之数量。” 可见，现代货币是国家调节经济的重要手段。
Monetary policy is a series of measures by which central banks indirectly influence aggregate demand by regulating and controlling money supply, bank credit, and market interest rates, in order to balance aggregate demand with aggregate supply. Changes in the supply of money have a wide-ranging impact on the economy, closely linked to macroeconomic indicators such as prices, income, employment, and economic growth.
相对于同为总量调节手段的财政政策，货币政策的微调功能更加明显。税收、国债及预算收支等财政政策手段在一定时期内一经确定就有相当的刚性，不能轻易变动，而货币政策则相对灵活。经济运行和金融运行常会出现意料不到的变化，而货币当局的基本职责之一就是适时做出恰当的货币政策决策，以应对形势变化。
Fiscal policy instruments, such as taxes, public debt, and budget receipts, are fairly rigid and not easily variable over a period of time, while monetary policy is relatively flexible. Economic and financial operations often change unexpectedly, and one of the basic responsibilities of monetary authorities is to make appropriate monetary-policy decisions at the right time in order to respond to changing circumstances.
当代各国中央银行无不充分运用货币政策来调控经济运行。西方主要国家近几十年来的宏观调控实践印证了“货币政策至关重要”，人们对货币政策重要性的认识也不断深入。第二次世界大战后，西方国家纷纷采纳凯恩斯主义的政策建议，运用财政政策刺激有效需求。在战后生产能力大量闲置的情况下，这一政策运用帮助西方国家走出萧条，并保持了20余年的经济繁荣。70年代后，由于石油输出国组织的垄断提价及西方各国经济体系内部矛盾的积累，各国普遍出现了高通货膨胀和经济增长相对停滞的并发症。在这种情况下，一些国家政府相继采纳货币学派的政策主张，开始重视货币政策，把货币政策作为宏观经济调控的主要工具。货币政策为保持物价稳定和促进经济增长发挥了积极作用。为应对最近一次国际金融危机，美国实行量化宽松的货币政策，取得了明显成效。这是货币政策有效性的经典事例，也是运用货币政策调节经济、化解危机的最新实践。
In the aftermath of the Second World War, Western countries adopted Keynesian policy recommendations and applied fiscal policies to stimulate effective demand. In the post-war period, this policy helped Western countries out of the depression and maintained economic prosperity for more than 20 years.
可以说，货币政策是国家调节经济的最重要手段之一。货币政策与税务、警察、法院等国家机器一样，是现代国家运行的基础，是国家机器的重要组成部分。只要国家这一社会组织形态不发生根本性变化，以国家信用为基础的货币体系就将始终存在。
Monetary policy, like tax, police, and court machinery, is the foundation of the modern state’s functioning and an important part of the state’s machinery. As long as the state’s social organization is not fundamentally changed, a monetary system based on national credit will always exist.
四、比特币不是真正意义上的货币
IV. Bitcoin is not really a currency
（一）缺乏国家信用支撑，难以作为本位币履行商品交换媒介职能。
(i) Lack of State credit support to perform commodity exchange media functions as local currency.
首先，比特币不具备作为货币的价值基础。比特币是利用复杂算法产生的一串代码。它不同于黄金，本身不具有自然属性的价值，这是所有虚拟货币最大的特点，即“虚拟性”。比特币能否具有价值，能否成为交换媒介，完全取决于人们的信任度。现代信用货币（纸币）代表的是国家信用，实际上代表全社会商品生产和交易。即使出现通货膨胀，只要不是不可控制的恶性通胀，最多是该国货币的信用受到侵蚀，但仍具备基本的信用保证。只要国家机器正常运转，国家法律的强制力就能赋予公众对本位货币的信任。而比特币不仅自身没有价值，也没有国家信用支撑，没有全社会商品生产和交易作为保证，因而不具有货币的价值基础。如果一国宣布比特币非合法货币，比特币在该国范围内就无法流通，也无法承担交换媒介职能，甚至可能一文不值，连价值贮藏功能都难以发挥。央行等五部委发布《通知》后，比特币价格大跌，许多商家相继宣布不接受比特币支付，就是有力的证明。
Bitcoin, first of all, does not have a value base as a currency. Bitcoin is a code that draws on complex algorithms. Unlike gold, it does not have the value of natural attributes in itself, which is the greatest feature of all virtual currencies, namely, “virtuality.”
其次，比特币没有法偿性和强制性，流通范围有限且不稳定。无论是比特币还是其他虚拟货币，都可能在一定范围内换取商品或完成支付，但能换取商品的并非都是货币，如我国历史上的粮票、布票等都曾经在较长时期、在很大范围内公开或半公开地能换取日用品，但从来没有人把粮票、布票定义为货币。货币成为商品交换媒介的基本条件是其普遍接受性。由于缺乏国家强制力的支撑，是否接受比特币支付完全取决于人们的意愿。一开始，比特币主要在互联网上使用，可用来购买网游中的各种装备或电子商务网站的商品，后来一些实体商家开始接受比特币支付。然而，随着比特币价格的急剧波动，今天还对比特币大加追捧的商家很可能一夜之间就宣布不接受比特币了。可见，由于没有国家强制力支撑，比特币的流通范围是有限的也是不稳定的，难以真正发挥流通支付手段的作用。
Both Bitcoin and other virtual currencies may be traded for goods or paid for on a certain scale, but not on commodities, such as food stamps, ticketing, etc. that have been traded for daily goods over a longer period of time, on a large scale, publicly or semi-publicly, but have never been defined as money. The basic condition for currency to become a commodity exchanger is its universal acceptability. In the absence of State coercion, the acceptance of Bitcoin payments depends entirely on people’s will.
再次，比特币具有很强的可替代性，很难固定地充当一般等价物。金属货币时代，金银作为货币的独特性是由其自然属性决定的，经过了数千年时间的检验，“货币天然是金银”；信用货币时代，一国本位币的独特性是国家法定的。从技术上来说，所有虚拟货币的产生方式、交易模式、储存方式等都不具备独特性，比特币也是如此。任何有自己的开采算法、遵循P2P协议、限量、无中心管制的数字“货币”都有可能取代比特币，例如逐渐为人们所熟知的莱特币（Litecoin）。可见，比特币既没有独特的自然属性，也没有法律赋予的排他性、独特性，因此很容易被替代，难以固定地充当一般等价物而成为商品交换的媒介。
Once again, Bitcoin has a strong alternative and is difficult to fix as a general equivalent. In the metal-currency age, the uniqueness of gold as a currency is determined by its natural attributes, and after thousands of years of testing, the “naturalness of the currency” is gold; in the credit-currency age, the uniqueness of a country’s local currency is national law. Technically, all virtual currencies are not unique in how they are generated, in how they are traded, in how they are stored, and so is Bitcoin. Any number of digital “currencys” that have their own extraction algorithms, follow the P2P agreement, in which they are limited, without central control, may replace Bitcoin, for example, which is gradually known as the Letecoin.
（二）数量规模设定了上限，难以适应现代经济发展需要。
(ii) Quantities are capped and difficult to adapt to modern economic development needs.
比特币的产生过程完全基于技术而非经济学原理，其上限数量和达到上限的时间已被技术上固定，即在2140年达到2100万数量上限。数量的有限性是很多人认为比特币优于其他虚拟货币，甚至可以媲美黄金的重要原因。但正是由于数量有限，比特币难以成为与现代经济发展需要相适应的交换媒介。
Bitcoin’s production process is based entirely on technology rather than economics, and its cap levels and the time frame for reaching the cap have been technically fixed, reaching a cap of 21 million in 2140. The limited amount is a major reason why many people think that bitcoins are superior to other virtual currencies, and even comparable to gold.
首先，比特币有限的数量与不断扩大的社会生产和商品流通之间存在矛盾，若成为本位币，必然导致通货紧缩，抑制经济发展。货币供给应当与经济发展相适应。信用货币体系下，货币当局发行主权信用货币，并通过货币政策予以调节，使货币供应量符合社会商品生产和交易的需要，从而促进经济增长。而比特币的总量和供给速度由算法决定，与市场需求和经济发展无关。如果比特币成为一国本位币，它虽然从理论上消除了现行信用货币体系中货币供给可能过多的问题，避免了通货膨胀，但相对匮乏的总量必然无法适应不断扩大的社会生产和商品流通需求，从而导致通货紧缩，给经济发展带来更大危害。这也是金本位制崩溃的根本原因。
First, there is a contradiction between the limited amount of bitcoins and the expanding flow of social production and goods, which, if it becomes a local currency, will inevitably lead to deflation and inhibit economic development. Monetary supply should be compatible with economic development.
其次，数量的有限性使比特币作为流通手段和支付手段的功能大打折扣，更容易成为投机对象而不是交换媒介。正因为限定了数量上限，人们意识到囤积起来的比特币可能升值，持有比特币的人更愿意把它收藏起来而不是用于购买其他商品，结果必然导致比特币最终退出流通、失去货币的交换媒介功能而成为投机对象。现在虽然一些商家愿意接受比特币，但实际将比特币用于支付和购买商品的人很少。例如，上海某楼盘预售时打出接受比特币支付的旗号，却没有任何买家愿意用比特币支付房款。商家也并非认可比特币的交换媒介功能，而是想换回比特币等待升值，或利用比特币来做广告。比特币更多的是被投资者用来交易，以赚取买卖差价。这直接背离了货币作为商品交换媒介的本质。
Second, the limited size of the bitcoin has reduced its function as a means of circulation and payment, making it easier to be the object of speculation rather than the medium of exchange. It is precisely because of the capping of the amount, one realizes that the amount of bitcoin accumulated may be appreciated, and that those who hold bitcoin are more willing to collect it than to buy other commodities, with the inevitable result that Bitcoin eventually withdraws from circulation and loses its currency-exchange function and becomes the object of speculation. Now, while some merchants are willing to accept bitcoin, few actually pay bitcoin for and buy commodities.
（三）缺少中央调节机制，与现代信用货币体系不相适应。
(iii) Lack of a central regulatory mechanism that is incompatible with the modern system of credit and currency.
没有集中发行和调节机构即所谓的“去中心化”是比特币的又一个特征，也被认为是比特币优于其他虚拟货币的一个重要原因。然而以货币当局为核心的中央调节机制正是现代信用货币体系正常运行的基本保证。
The failure to centralize and regulate institutions, the so-called “decentralization”, is another feature of Bitcoin, and is considered to be an important reason why bitcoin is superior to other virtual currencies. But central regulation, with monetary authorities at its core, is the basic guarantee of the proper functioning of modern credit-currency systems.
首先，比特币没有集中发行方，容易被过度炒作，导致价格波动过大。价值相对稳定是一种货币充当价值尺度和流通手段的前提条件。现代信用货币受国家货币当局的调控，自身价值不会剧烈波动，因而不可能被恶性炒作。而比特币则缺少本位币的这种中央调节机制，币值波动难以熨平；币值的剧烈波动又提供了巨大套利空间，进一步推动过度炒作，形成恶性循环。历史上没有任何一种货币价值的波动像比特币那样剧烈。三年内，比特币增值近5000倍。2013年我国市场上一枚比特币价格最高时超过7000元，随后又暴跌到2000多元。比特币价格的剧烈波动使它无法成为计价货币和流通手段。大多数接受比特币支付的商品，其标价货币实际上仍然是国家的本位币（美元、人民币等），比特币需要换算成本位币才能支付。如果以比特币计价，难以想象一件商品今天还是100比特币，明天就变成200比特币了。
In the first place, Bitcoins are not centralized and are prone to excessive arbitrage, leading to excessive price fluctuations. Relative stability of value is a prerequisite for a currency to serve as a measure of value and a means of circulation.
其次，比特币不受货币当局控制，难以发挥经济调节手段的作用。比特币突出特点之一就是没有中央调节机制，它的发行、流通和管理不属于任何一个国家、组织或个人，任何人都没有权利改变比特币的供给量，甚至也没有中间机构记录比特币的交易信息。因此，货币当局不可能通过改变比特币的供应来调节宏观经济。
One of the salient features of Bitcoin is the absence of a central regulatory mechanism, its issuance, circulation and management do not belong to any country, organization, or individual, and no one has the right to change the supply of bitcoins, or even the intermediary to record bitcoins’ transactions. It is therefore impossible for the monetary authority to regulate macroeconomics by changing the supply of bitcoins.
虚拟货币打上了现代科技的烙印，的确在一定程度上反映了互联网时代对货币支付功能的要求，包括便利、快捷、低成本等。但人们只是看到虚拟货币与本位货币个别表象上的类似，而误以为前者是后者的扬弃，甚至断言前者将取代后者。事实上，便利、快捷、低成本不是虚拟货币的特权。信用卡、网银等实际货币的电子载体都能满足这些要求，并且这些电子化的本位货币得到银行体系支持，更加便利和安全。科技发展能推动人类社会的进步，甚至在一定条件下改变人类社会形态，但任何技术都无法取代人类社会的本质属性，就像计算机无法取代人类的思维一样。最近几十年是计算机技术大发展的年代，但也是人类思想家涌现的时代吗？最近几十年是数理技术在经济学中得到广泛应用的年代，但为什么人们还在哀叹当代经济理论贫乏，也缺少对实践的指导意义？
Virtual money has been branded as a modern technology, and it does reflect to some extent the demands of the Internet age for monetary payment functions, including convenience, speed, low cost, etc. But it is only seen that virtual money is similar to the individual appearances of local currency, and the former is wrongly assumed to be the rejection of the latter and even to assert that the latter will replace the latter. Indeed, convenience, speed, and low cost are not the privilege of virtual money.
五、哈耶克的货币非国家化理念并不可行
V. The concept of monetary non-stateization in Hayek is not feasible
比特币的去中心化等特征在某种程度上体现了货币非国家化的思想。货币非国家化观点最早由英国经济学家哈耶克在20世纪70年代所提出。
To some extent, the idea of currency non-stateization is reflected in features such as the decentralization of bitcoin. The idea of currency non-stateization was first put forward by the British economist Hayek in the 1970s.
20世纪50年代到70年代，金本位制及发达国家固定汇率制度相继被废除，央行在货币发行方面获得更多主动，但由于央行并不独立，货币发行易受政府干预，一些国家央行直接为财政赤字融资，西方各国普遍爆发严重通货膨胀。为控制通胀，理论界展开了广泛的讨论，提出了多种思想主张：一是弗里德曼为代表的货币学派经济学家强调控制货币数量。受此观点影响，各国推行了一系列改革，包括加强央行独立性、引入货币政策规则、建立通货膨胀目标制等。二是哈耶克提出了货币非国家化的理念，其核心论点是只有废除各国政府对货币创造的垄断才能实现价格水平稳定。哈耶克的主要政策建议是，允许若干私人发钞行各自发行不同通货并展开竞争。各发钞行以选定的一篮子商品的价格稳定为目标调控各自通货的供应量。篮子商品的价格与通货的价值成反比，各通货之间的兑换比率随币值变化随时变化。哈耶克认为，在允许公众自由选择的条件下，公众会选择持有或使用币值稳定的通货，而抛弃币值不稳定的通货。因而对发钞业务的竞争促使各发钞行不断调整自己的通货供应量，以使该通货币值稳定，由此实现物价水平的稳定。
In the 1950’s and 1970’s, the gold standard and the fixed exchange-rate regime in developed countries were successively abolished, with central banks gaining more initiative in currency issuance. Second, Hayek’s idea of currency de-stated, with the central argument that price levels could be stabilized only by abolishing the monopoly created by governments on currencies. The main policy of Hayek is to allow a number of private bankers to distribute different goods and compete.
然而，哈耶克所设想的非国家货币体系存在诸多缺陷，不具备可操作性，他的货币非国家化理念也难以成为现实。哈耶克本人也承认，“这种方案也留下很多有待解决的难题，而我并没有现成的答案。” ?
However, the non-state monetary system envisaged by Hayek is flawed and non-operational, and his idea of monetary non-stateization is difficult to realize. Hayek himself admits that “there are many challenges that remain to be solved, and I do not have a ready answer.”
（一）私人货币缺乏稳固的信用基础。
(i) Lack of a solid credit base for private currency.
一是非主权信用难以超越国家信用，以私人发钞行信用为基础的私人货币难以取代以国家信用为基础的国家货币。信用货币时代，通货的价值以货币发行者的信用为基础。国家主权信用一般高于国内任一机构的信用，国际三大评级机构也遵循企业评级通常低于所在国主权信用评级的原则。历史上，金融机构破产倒闭的概率远大于一国中央政府破产的概率。20世纪90年代巴林银行破产，2008年来的国际金融危机中AIG、贝尔斯登、雷曼兄弟等大型金融机构的破产倒闭表明，大型金融机构也并不是“大而不能倒”。所以，以私人发钞行信用为基础的私人货币，难以取代以国家信用为基础、具有法偿性和强制性的国家货币。
One is that non-sovereign credit is difficult to exceed national credit, and that private currencies based on private bank credit cannot replace national currencies based on national credit. In the credit currency age, the value of currency is based on the credit of money issuers.
二是由于信息不对称，私人发钞行的信用缺乏有效约束。哈耶克认为，人们会通过理性思考从若干彼此竞争的私人发钞行的通货中挑选币值稳定的货币，市场的优胜劣汰机制会自发约束发钞行的货币发行业务。然而，信息经济学的发展早已打破了自由市场在完全信息情况下的假设。信息不对称现象在市场经济活动中普遍存在，在现代金融领域表现更为普遍和突出。面对大量错综复杂的金融信息，公众很难甄别更好的发钞行，市场优胜劣汰机制难以发挥作用，发钞行的信用也缺乏有效约束。在信息不对称的情况下，为扩大自己的市场，受利润激励的发钞行可能会有意识地多投放货币而不易被公众察觉。由于缺乏有效约束，私人货币的信用基础并不稳固，因而私人货币体系不仅不能消除通胀隐患，而且私人货币不具备法偿性，公众的持币权益也得不到保障。
In the face of a great deal of sophisticated financial information, it is difficult for the public to identify better banknotes, the market’s superiors and bad-rate mechanisms, and the credit of bankers to expand their markets without effective restrictions. In the case of information asymmetries, profit-motivated bankers may consciously invest more money than the public can detect. In the absence of effective constraints, the credit base of private money is not strong, and the private monetary system is not only able to eliminate the risk of inflation, but private money is not legally compliant, and the public’s interest in currency is not guaranteed.
（二）同一经济体系中，不可能存在价值标准和兑换比例不相统一的多种货币同时流通的货币体系。
(ii) In the same economic system, it is not possible to have a monetary system of multiple currencies in which value standards and exchange rates are not uniform.
一是货币价值标准不统一。哈耶克建议以一篮子商品价格作为货币价值标准。然而在现实生活中，人们乐意或偏好选择的篮子商品不尽相同，同一商品对不同人群的重要性也不一样，因此不同人群会以不同的标准衡量同一通货的价值，于是人们货币选择的结果也会不同。货币价值标准的不统一及由此带来的货币兑换比例的不统一，会引起价格体系的紊乱和经济体系的混乱。
One is that monetary values are not uniform. Hayek suggests a basket of commodity prices as a monetary value standard. In real life, however, people prefer or prefer to choose different baskets of commodities, as well as the importance of the same commodities to different groups of people, so that different groups of people measure the value of the same currency with different criteria, and so do the results of monetary choice.
二是多种通货同时流通，兑换比例随币值变化而随时变化将造成计价的不确定性，给经济活动带来不便和损失。在正常的、广泛的经济活动中，不同通货同时流通、兑换比率随时变化的设想并不现实。充当商品交换的媒介，是货币的本质属性和最基本职能。便利、快捷、低成本，是对货币充当商品交换媒介的基本要求，在信用货币条件下尤其如此。在多种货币同时流通且兑换比率随时可能波动的情况下，价值尺度的不统一将造成计价体系的紊乱，给经济交易、会计记账、经济计算等各种经济活动带来极大的不便和不确定性。这不仅会增加经济活动的成本，而且还可能造成经常性的兑换损失，使经济体系失去稳定和效率。
The second is that a variety of tradables circulate simultaneously, and the exchange rate changes over time in response to changes in the value of the currency, creating uncertainty in the calculation of prices and causing inconveniences and losses to economic activity. In normal and broad economic activity, it is unrealistic to assume that different tradables circulate at the same time and exchange rates change over time. Being a medium of commodity exchange is the essential attribute and the most basic function of the currency. Facilitating, fast and low-cost is a basic requirement for the currency to act as a commodity exchange medium, especially under conditions of credit currency. In cases where multiple currencies circulate at the same time and exchange rates are subject to fluctuations at any time, the lack of uniformity of value scales will cause disruptions in the system, causing great inconvenience and uncertainty to economic activities such as economic transactions, accounting accounts, economic calculations, etc.
（三）私人货币的调节机制存在缺陷，难以保持物价稳定。
(iii) Deficiencies in the mechanisms for regulating private currencies, which make it difficult to maintain price stability.
一是由于存在非发钞行的信用创造，发钞行难以控制整个货币供应量。显然，并非所有银行都能够发行自己的通货。在哈耶克的设想中，除发钞行外还存在大量不能发行自己通货的银行。这些非发钞行只能接受以发钞行通货表现的存款和授信。非发钞行的业务活动同样创造信用，却不受维持通货币值稳定的约束。发钞行也难以控制非发钞行的经营活动，因而仅凭发钞行不能有效控制整个货币供应量。
One is the existence of credit creation by non-banks, which makes it difficult to control the entire supply of money. Clearly, not all banks are able to issue their own currency.
二是发钞行难以应对大规模回赎和货币需求急剧增加。哈耶克设想，发钞行通过扩张或收缩自身的资产方业务实现货币供应量调节。正常情况下，发钞行的业务调整或许能满足货币供应量调节的需要，但一旦出现大规模回赎和货币需求急剧增加，发钞行将难以应对。如出现通货膨胀时，发钞行为维持本通货价值稳定，将不得不迅速撤出它的大量投资以回购自己发行的货币，或收缩其放贷活动。短期内，信贷尤其是中长期信贷规模难以快速收缩，发钞行只能主要依靠资产变现减少货币供给。如果多家发钞行都这么做，大量资产将难以迅速变现，金融市场也将剧烈波动。反之，当出现通货紧缩时，公众对该货币的需求可能急剧增加。为增加货币发行，发钞行需要迅速进行大量投资或增加放贷规模，这可能超出发钞行的业务调整能力，在短期内难以实现货币增发的目标。
The second is the difficulty of issuing banknotes to cope with large-scale foreclosures and sharp increases in currency demand. Hayek envisions that bankers can adjust their money supply by expanding or contracting their own asset-side operations. Normally, the business adjustments of the bank may meet the need for currency supply reconciliations, but they will be difficult to deal with when large-scale foreclosures and demand for money rises dramatically. If inflation occurs, the money issuing act will have to quickly withdraw its large investment to buy back money issued by itself, or reduce its lending activity. In the short term, credit, especially medium- and long-term credit, is difficult to absorb rapidly, and the bank will have to rely mainly on asset realization to reduce money supply.
三是仅调节货币供应量无法实现物价稳定。在哈耶克的设想中，一篮子商品价格的稳定是货币供应量调节的目标，货币供应量需要对篮子商品价格的任何变动立即做出反应。而事实上，货币供应量对不同商品价格的调节效果并不相同，如果商品篮子中包含其价格较少受货币供应量影响的商品，或者篮子商品价格的波动由偶然性因素引起，仅凭私人发钞行的货币供应调节就无法实现物价稳定。
Third, the regulation of monetary supply alone cannot achieve price stability. In Hayek’s vision, the stability of a basket of commodity prices is the goal of monetary supply regulation, which requires an immediate response to any movement in basket commodity prices.
综上所述，货币与经济运行和经济发展密不可分。现代信用货币体系是经济社会发展到一定阶段的必然产物。只要现代经济社会组织形态不发生根本性变化，以国家信用为基础的货币体系就将存在，比特币以及其他虚拟货币就成不了一国的本位币，从而也成不了真正意义上的货币。比特币所体现的货币非国家化理念也不过是一种经济乌托邦思想而已。
A modern system of credit money is a necessary product of economic and social development. As long as there is no fundamental change in the shape of modern economic and social organization, a monetary system based on State credit will exist, and Bitcoin and other virtual currencies will not be a local currency of a country and thus a currency in the true sense of the word.
货币非国家化的理念及其货币制度设计在理论上存在诸多缺陷，实践中也不具备可操作性。这一理念在沉寂四十多年后，由于比特币的出现再次引起人们的关注，这在某种意义上反映了人们对信用货币条件下通货膨胀的忧虑，对国际货币“锚”的渴求。尽管货币非国家化理念在现实经济运行中并不可行，但它警示人们，国家宏观调控必须符合经济规律，必须符合市场经济运行的要求。各国央行应该加强流动性管理，合理调控货币供应，保持物价基本稳定；要改革完善国际货币体系，增强国际货币体系的稳定性，消除引发全球金融危机的根源。
The idea of monetary non-stateization and its design of monetary systems are theoretically flawed and not operational in practice. After more than 40 years of silence, the emergence of bitcoins has once again given rise to concern, reflecting, in a sense, concerns about inflation under credit currency conditions, the desire for an international currency’s “lock.”
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