BIS 年度讨论：金融创新仍需可信的货币基础

2026 年 6 月 28 日，BIS 年度会议相关演讲以货币信任为主题，讨论稳定币与金融基础设施创新。

关注交易背后的安排

数字化可以改变资产的记录和转移方式，但价值稳定、结算可靠性与风险控制仍是支付系统的重要条件。

如何阅读这类讨论

评价支付创新时，除了速度和界面，还应区分谁发行资产、谁承担兑付责任、交易最终在哪里结算。这比把所有数字化工具归为同一类别更有帮助。

信任体现在哪些普通操作里

顾客付款后，商户能否确认收款；商户需要资金时，是否能够按约定使用；系统出现故障时，记录能否恢复。看起来普通的操作，实际上依赖清楚的责任与可靠的结算安排。

评价新工具时，可以让演示覆盖这些情形，而不只展示一段流畅的正常付款动画。把例外情况处理好，是从技术展示走向金融服务的重要部分。

“同一元钱”能够通用，需要什么条件

日常支付中，人们通常不会每次都为不同银行账户里的同一种货币重新报价。这种可通用性依赖账户安排、结算机制和制度保障，不能只归因于界面上显示了相同货币符号。

当新的数字表示方式增加时，问题随之出现：它能否按预期价值转移和兑付，参与不同系统时是否仍具备相同可用性。若每个网络都形成封闭余额，交易双方可能需要额外兑换或桥接，增加成本和需要信任的主体。

公共基础与私人服务可以承担不同任务

面向客户的应用可以在界面、接入和业务流程上创新，而公共结算基础提供另一层支持。两者的分工需要通过实际安排理解，不宜把讨论归为简单的“支持技术”或“反对技术”。

对使用者最直观的检验，是一笔付款离开某个应用后是否仍能清楚追踪，以及异常时是否存在明确责任方。这样的检验能够把抽象的货币信任，落到每天实际使用的资金与服务上。

At the BIS Annual General Meeting on 28 June 2026, remarks on trust in money considered innovation beyond stablecoins.

The arrangements behind a transfer

Digital records can change how assets move, while reliable settlement and risk controls remain important.

Editorial perspective

When assessing a payment innovation, distinguish the issuer, redemption responsibilities and final settlement arrangements. Speed and interface design alone do not explain these differences.

Look at ordinary operations

Can a merchant confirm receipt, use the funds under agreed conditions and recover records after a failure? Those ordinary operations depend on clear responsibilities and settlement arrangements. A useful product demonstration includes exceptions as well as a smooth successful payment. Handling those exceptions is part of turning technology into a service.

Why a unit of money can remain usable across banks

People generally do not renegotiate the value of the same currency whenever funds move between bank accounts. Account arrangements, settlement mechanisms and safeguards support that usability; a common currency symbol alone does not.

New digital representations raise questions about redemption and use across systems. Closed balances may require extra conversion or bridging, adding cost and another entity to rely on.

Public foundations and private services have different roles

Customer applications can innovate in interfaces and workflows while public settlement infrastructure supports another layer. The actual arrangement matters more than categorising a speech as simply pro- or anti-technology.

A practical test is whether a payment remains traceable after leaving an application and whether an identifiable party handles an exception.