货币的未来：稳定币和无银行账户的人

在 2024 年伦敦区块链会议上，一个小组讨论了偶尔棘手的稳定币问题，尤其是私营公司发行的稳定币

At the London Blockchain Conference 2024, a panel discussion centered on the role of stablecoins, particularly those issued by private firms, in on-chain digital payment solutions. The panel was moderated by Sebastian Ploetzeneder, Senior Strategy Manager and Public Affairs Director U.K. for enterprise blockchain technology firm nChain. Ploetzeneder’s guests included Reginald Tumusiime, President of the Blockchain Association of Uganda; Bernhard Müller, General Manager/Chairman at Zurich-based digital payments operator Centi Ltd; and Harbind Likhari, VP of Trading And Exchange Services with the self-custodial RockWallet.

在 2024 年伦敦区块链会议上，小组讨论的重点是稳定币（尤其是私营公司发行的稳定币）在链上数字支付解决方案中的作用。该小组由企业区块链技术公司 nChain 的英国高级战略经理兼公共事务总监 Sebastian Ploetzeneder 主持。 Ploetzeneder 的嘉宾包括乌干达区块链协会主席 Reginald Tumusiime； Bernhard Müller，苏黎世数字支付运营商 Centi Ltd 总经理/董事长；哈宾德·利卡里 (Harbind Likhari)，负责自我托管 RockWallet 的交易和兑换服务副总裁。

Ploetzeneder began by asking Müller about CCHF, a Swiss franc-based token that became the first native stablecoin on the BSV blockchain in March 2023. Müller noted that CCHF is “capable of radical micropayments,” unlike some well-known stablecoins. Earlier this year, Centi processed one million one-cent CCHF transactions in a single 24-hour period as a demonstration at the Finovate Europe 2024 conference.

Ploetzeneder 首先向 Müller 询问 CCHF 的情况，CCHF 是一种基于瑞士法郎的代币，于 2023 年 3 月成为 BSV 区块链上的第一个本地稳定币。Müller 指出，CCHF 与一些知名的稳定币不同，“能够进行激进的小额支付”。今年早些时候，Centi 在 24 小时内处理了 100 万笔 1 美分的 CCHF 交易，作为 Finovate Europe 2024 会议上的演示。

CCHF is also a stablecoin outlier due to Centi’s willingness to sell the token directly to consumers, rather than requiring users to purchase the token via a digital asset exchange. Centi has partnered with thousands of Swiss merchants to enable the use of CCHF for everyday purchases.

CCHF 也是一种稳定币，因为 Centi 愿意将代币直接出售给消费者，而不是要求用户通过数字资产交易所购买代币。 Centi 已与数千家瑞士商家合作，支持使用 CCHF 进行日常购物。

With CCHF fully backed by a Swiss bank guarantee, Müller said Centi was looking to “build consumer trust” in stablecoins, something currently lacking given the refusal by Tether (USDT) to submit to a third-party audit and Circle (USDC) almost losing $3.3 billion following Silicon Valley Bank’s 2023 collapse.

Müller 表示，CCHF 得到了瑞士银行担保的完全支持，Centi 正在寻求“建立消费者对稳定币的信任”，而鉴于 Tether (USDT) 拒绝接受第三方审计以及 Circle (USDC) 几乎失败，目前尚缺乏这种信任。硅谷银行 2023 年倒闭后损失 33 亿美元。

Centi has also highlighted its ability to transform remittance services to African countries, prompting Ploetzeneder to ask Tumusiime what African firms are looking for in terms of payments.

Centi 还强调了其向非洲国家转变汇款服务的能力，促使 Ploetzeneder 向 Tumusiime 询问非洲公司在支付方面的需求。

Tumusiime, who has a track record with small and medium enterprises (SME) as well as in private equity, noted Africa’s unique history with “mobile money” via major telecom operators such as Safaricom, Airtel, and others. Tumusiime said Safaricom’s MPESA and Airtel Money are “basically privately issued money.”

Tumusiime 在中小企业 (SME) 以及私募股权领域拥有丰富的经验，他指出非洲通过 Safaricom、Airtel 等主要电信运营商实现“移动货币”的独特历史。 Tumusiime 表示，Safaricom 的 MPESA 和 Airtel Money“基本上是私人发行的货币”。

However, Tumusiime emphasized that it’s crucial to realize that Africa’s telcos weren’t usurping the role of central bankers. “All they did was have money that is circulating through their networks backed by actual cash in trust accounts in the largest banks in their respective markets. So you’re providing infrastructure to enable payments across the country, but not necessarily creating a new currency.”

然而，Tumusiime 强调，认识到非洲电信公司没有篡夺央行行长的角色至关重要。 “他们所做的只是让资金通过其网络流通，并由各自市场最大银行的信托账户中的实际现金支持。因此，你提供基础设施以实现全国范围内的支付，但不一定要创造一种新货币。”

Regardless, the central banks of several East African countries are now “having discussions about a monetary union, how do we merge our currencies. There’s nothing better than CBDC’s [central bank digital currencies] to solve this problem.” Tumusiime pointed to an International Monetary Fund (IMF) survey that found 75% of countries in sub-Saharan Africa were “thinking of some form of CBDC.”

不管怎样，几个东非国家的央行现在正在“讨论货币联盟，以及如何合并我们的货币。没有什么比 CBDC 的[央行数字货币]更好地解决这个问题。” Tumusiime 指出，国际货币基金组织 (IMF) 的一项调查发现，75% 的撒哈拉以南非洲国家“正在考虑某种形式的 CBDC”。

According to Tumusiime, the telcos had identified “a gap in financial inclusion” that was leaving large segments of African populations unbanked. In addition, Tumusiime said lately he’d noticed “a bit of complacence within these telcos,” leading to increased remittance fees and higher thresholds for the minimum amount of money you can send, among other inconveniences.

据 Tumusiime 称，电信公司发现了“金融包容性方面的差距”，导致很大一部分非洲人口没有银行账户。此外，Tumusiime 最近表示，他注意到“这些电信公司内部有些自满”，导致汇款费用增加、可汇出的最低金额门槛更高，以及其他不便。

Tumusiime’s CapitalSavvy is now “leveraging on the success of mobile money to provide a better solution” using blockchain. Tumusiime noted that regulation is usually a bottleneck in most jurisdictions, but African countries’ years of experience with mobile money mean that “there’s no better positioned region to have a fast use case for privately issued money.”

Tumusiime 的 CapitalSavvy 现在正在使用区块链“利用移动货币的成功提供更好的解决方案”。 Tumusiime 指出，监管通常是大多数司法管辖区的瓶颈，但非洲国家多年的移动货币经验意味着“没有比这更好的地区可以快速使用私人发行的货币。”

RockWallet’s Likhari said banking was one of the biggest challenges in the digital asset space. Most top-tier banks remain skittish about blockchain-related activities, forcing companies to deal with second-tier banks “where the services generally aren’t as fluid.”

RockWallet 的 Likhari 表示，银行业是数字资产领域面临的最大挑战之一。大多数顶级银行仍然对区块链相关活动感到不安，迫使公司与“服务通常不那么流畅”的二线银行打交道。

This constrained access to fiat channels also impacts RockWallet’s customers. “Whether they want to go long or short a particular asset, they keep the proceeds in stablecoins at the end of trading. In order to keep investing again and again, they use stablecoins as value transfer between themselves and other entities.” In other words, they’re willing to pay for the convenience or (more appropriately) the lack of inconvenience involved in converting digital assets to fiat and vice versa.

这种对法定渠道的限制也影响了 RockWallet 的客户。 “无论他们想做多还是做空特定资产，他们都会在交易结束时将收益保留在稳定币中。为了不断地进行投资，他们使用稳定币作为自己和其他实体之间的价值转移。”换句话说，他们愿意为将数字资产转换为法定货币所带来的便利或（更恰当地说）避免不便而付出代价，反之亦然。

Likhari observed that Ethereum users were once happy to pay high ‘gas’ fees to ensure their transactions were processed swiftly, reasoning that they “would likely pay the same amount wiring funds from one bank to another.” But as the market has evolved, “we’re seeing people wanting to cut down on all fees.”

Likhari 观察到，以太坊用户曾经乐意支付高额“汽油”费，以确保他们的交易得到迅速处理，理由是他们“可能会从一家银行向另一家银行支付相同金额的电汇资金”。但随着市场的发展，“我们看到人们希望削减所有费用。”

Likhari cited the “new generation of coins” that offer extremely low transaction fees—like MNEE, the BSV-based stablecoin that

Likhari 提到了交易费用极低的“新一代代币”，例如 MNEE，这是一种基于 BSV 的稳定币，