CAJ | 학술논문

本文基于虚拟货币的定义和分类，探讨虚拟货币对货币供求的影响，进而构建涵盖虚拟货币的新的货币需求理论以及货币供给理论。本文认为，虚拟货币对货币需求的影响方向和大小取决于其与现实经济的联系以及与现实世界货币（传统货币和电子货币）之间的互动关系，虚拟货币对现实世界交易性货币的替代会导致货币流通速度下降。如果将虚拟货币确认为非货币，则其对货币供给的影响是间接的，影响方向和大小取决于虚拟货币的类型；如果将虚拟货币确认为货币，则会直接导致狭义货币乘数和广义货币乘数增大。基于此，本文讨论了虚拟货币发行对中央银行货币政策有效性的影响，并就相关监管措施提出了建议。
본문기우허의화폐적정의화분류，탐토허의화폐대화폐공구적영향，진이구건함개허의화폐적신적화폐수구이론이급화폐공급이론。본문인위，허의화폐대화폐수구적영향방향화대소취결우기여현실경제적련계이급여현실세계화폐（전통화폐화전자화폐）지간적호동관계，허의화폐대현실세계교역성화폐적체대회도치화폐류통속도하강。여과장허의화폐학인위비화폐，칙기대화폐공급적영향시간접적，영향방향화대소취결우허의화폐적류형；여과장허의화폐학인위화폐，칙회직접도치협의화폐승수화엄의화폐승수증대。기우차，본문토론료허의화폐발행대중앙은행화폐정책유효성적영향，병취상관감관조시제출료건의。
Based on the definition and classification of virtual money, this paper theoretically discusses the influence of virtual money on money demand and money supply, and further builds new money demand and supply theory covering virtual money. As to the influence of virtual money on money demand, the influence direction and size depends on the interacting interaction relationrerelrelations among the virtual money, real economy and real world money(traditional money and electronic money), the substitution of real world trading money by virtual money will generally lead to the decline of money circulation speed. If the virtual money is recognized as non money, then the impact to money supply is indirect,and the influence direction and size depends on the type of virtual money;However, if virtual money is recognized as money, it will increase the narrow money multiplier and broad money multiplier directly. Based on it, the paper discusses the effectiveness of virtual money on y monetary policy, and makes recommendations related to regulatory measures.