苏黎世9月30日：瑞士国家银行理事佩特拉·楚丁周三表示，该行对使用数字稳定币持谨慎态度，因为这项技术可能使货币政策的传导更加困难。
ZURICH, Sept 30 : The Swiss National Bank is cautious about the use of digital stable coins, because the technology could make the transmission of monetary policy more difficult, governing board member Petra Tschudin said on Wednesday.
楚丁在苏黎世的一场活动上表示：“当我们引入创新时，确实需要思考这会带来什么后果，以及应当如何监管。”
"When we introduce innovations, we really need to ask what consequences they have, and how they should be regulated," Tschudin told an event in Zurich.
“如果最终出现规模庞大且远离现有双层金融体系的稳定币，那么这种情况将增加中央银行履行其职责的负担。”稳定币是一种通过与美元或黄金等稳定资产挂钩来维持稳定价值的加密货币。
"If we end up with big stablecoins that are really far removed from the existing two-tier financial system, then that's a situation which increases the burden on central banks in fulfilling their mandate." A stablecoin is a type of cryptocurrency designed to hold a steady value by being pegged to a stable asset, like the dollar or gold.
楚丁表示，瑞士国家银行欢迎创新，但担心稳定币技术可能对央行货币造成影响。央行货币是商业银行之间用于结算交易的无风险现金。
Tschudin said the SNB welcomed innovation, but was concerned about the impact stable coin technology could have on central bank money, the risk-free cash used to settle transactions between commercial banks.
她表示，由于稳定币在央行系统之外运行，“稳定币法郎”的价值并不会自动得到保证，无法与真正的瑞士法郎等值，这会削弱货币应 everywhere 统一的原则。
Because stablecoins operate outside the central bank system, a "stablecoin franc" was not automatically guaranteed to be worth the same as a real franc, undermining the principle that money should be uniform everywhere, she said.
如果家庭和企业将原本存放在商业银行的资金转入稳定币，也会产生风险：这会减少银行能够贷出的资金量，并影响利率。
There was also a risk if households and businesses shift money they previously held at commercial banks into stablecoins - reducing the amount of money they could lend and affecting interest rates.
这将削弱央行引导借贷成本的能力，使其政策利率变化产生更少的直接影响。
This would mean a central bank's policy rate changes have less direct influence by weakening its ability to steer borrowing costs.
楚丁说：“我们会影响经济中的信贷供给量以及获得信贷的成本，这自然也会对货币政策产生连锁影响。”
"We have an effect on how much credit, or how expensively credit is made available in the economy, and that naturally has knock-on effects for monetary policy," said Tschudin.
她表示：“因此，如果出现这种影响，货币政策的传导机制就会受到一定程度的扰动。”
"So if we see this effect, we get a certain disruption to the transmission mechanism," she said.