【幣坊專欄 x 天遠律師事務所】坐困愁城的Libra (第三篇) - Libra,被形容得很壯 幣坊財經
【幣坊專欄 x 天遠律師事務所】坐困愁城的Libra (第三篇) - Libra,被形容得很壯
在臉書發布的白皮書裡,把Libra形容得完美無缺,是真的如此嗎? 坐擁大到不能倒的儲備金,加上Calibra/Libra的強大功能設計,監管法規會輕易放行?

 

本專欄文章由天遠律師事務所授權刊出

原文作者:劉立恩律師  共同作者: 謝侑均律師/葉家瑄律師

 

thebulwark.com

 

Libra,被形容得很壯

在白皮書裡The Libra Currency and Reserve下方,更進一步說明了:Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets - the Libra Reserve - and supported by a competitive network of exchanges buying and selling Libra.(Libra被設計為穩定之加密數位貨幣,其價值將由Libra Reserve亦即真實資產之儲備所全額擔保,並由一具競爭力的買賣Libra之交易所網絡所支持)

 

That means anyone with Libra has a high degree of assurance they can convert their digital currency into local fiat currency based on an exchange rate, just like exchanging one currency for another when traveling.(意即,任何持有Libra的人都可以非常放心,能依匯率將其所擁有之數位貨幣兌換成當地的法幣,就像旅行時換匯一樣)

 

it will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks.(Libra將會由一籃子波動性低的資產所擔保,例如銀行存款、以及由穩定且賦具聲譽之中央銀行發行之短期政府債券)

 

It is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency (i.e., Libra is not a “peg” to a single currency). Rather, as the value of the underlying assets moves, the value of one Libra in any local currency may fluctuate. However, the reserve assets are being chosen to minimize volatility, so holders of Libra can trust the currency’s ability to preserve value over time. The assets in the Libra Reserve will be held by a geographically distributed network of custodians with investment-grade credit rating to provide both security and decentralization of the assets.(須特別強調的是,這意謂著一顆Libra並無法保證被換回相同數量之特定當地貨幣,也就是說,Libra並非錨定於單一貨幣。實則,當這些作為擔保的基礎資產價值有升降時,每顆Libra以當地貨幣換算出來之價值也會產生波動。儘管如此,在Libra Reserve裡的資產是為了波動極小化才被選中的,因此Libra的持有者可以信賴其經年之保值性。在Libra Reserve裡的資產,將被信評 投資等級、且於地域上分散之保管人所監管持有,以保障資產之安全與去中心化)

 

既然Libra之價值與儲備金息息相關,那麼儲備金的資金來源又是從何而來?

 

根據白皮書,儲備金的來源有二:一來自於Libra Investment Token的私募投資人的注資,二為使用者在購買Libra幣時所支付的法幣。附帶在白皮書中也說明了,一旦Reserve所產生的孳息足以償付日常費用後,盈餘會歸屬於Investment Token的私募投資人。

 

The money in the reserve will come from two sources: investors in the separate Investment Token, and users of Libra. The association will pay out incentives in Libra coin to Founding Members to encourage adoption by users, merchants, and developers. The funds for the coins that will be distributed as incentives will come from a private placement to investors. On the user side, for new Libra coins to be created, there must be an equivalent purchase of Libra for fiat and transfer of that fiat to the reserve. Hence, the reserve will grow as users’ demand for Libra increases. In short, on both the investor and user side, there is only one way to create more Libra — by purchasing more Libra for fiat and growing the reserve.

 

總之,Libra儲備金是個大水庫,裡頭把私募投資人的錢與使用者的錢都混放一塊兒,再拿去存入銀行或買短期政府債券。臉書的兩大IM原來就已圈進了二十幾億人,只要Calibra能把其中的一半轉換成用戶、然後平均每個人在裡頭存台幣五萬,Libra Association就會變成資產達台幣五十兆、美金近二兆的鉅型銀行(全美最大的JPMorgan Chase摩根大通銀行,其資產也才美金二兆多)。

 

循著這樣的假設(相信祖克伯也是這麼滿心期盼著),坐擁大到不能倒的儲備金,加上Calibra/Libra的強大功能設計,不會處處在法令上撞牆?


新台幣不是國際貨幣,台灣也非IMF(國際貨幣基金組織)或BIS(國際結算銀行)的會員國(前者有189個主權政府,後者由60家中央銀行組成),但我們在相關監理實務上,卻始終跟著國際步調走。我們在此,先就本土法規環境進行框架分析,希能投石問路,拋磚引玉。

 

[待續]

 

延伸閱讀:

【幣坊專欄 x 天遠律師事務所】坐困愁城的Libra (第一篇) 「法遵八陣圖」之初探 

【幣坊專欄 x 天遠律師事務所】坐困愁城的Libra (第二篇) 傳統金融體系,確值當頭棒喝

資料來源:

天遠律師事務所