CAJ | 학술논문

由于电子货币对现金和活期存款的取代，无论采取哪种铸币税定义，电子货币的发行和流通都会导致铸币税减少；不同类型虚拟货币对铸币税有不同的影响，类型Ⅰ不会影响央行的铸币税，类型Ⅱ会减少央行的铸币税，类型Ⅲ和类型Ⅳ对铸币税的影响取决于其对现实世界货币需求的降低效应与增加效应的相对强弱；如果流通中的现金完全被电子货币和虚拟货币取代，则G10平均将损失34．59％的铸币税（2001年数据），而中国将损失31．67％的铸币税（2013年数据），但损失的铸币税占GDP的比例较低。电子货币和虚拟货币是货币发展的未来形态，任何禁止电子货币和虚拟货币的措施都是不明智的；但应采取措施（如建立电子货币、虚拟货币发行准备金制度）减轻电子货币、虚拟货币对现金和活期存款的替代，从而减轻电子货币和虚拟货币对铸币税以及财政政策的影响。
유우전자화폐대현금화활기존관적취대，무론채취나충주폐세정의，전자화폐적발행화류통도회도치주폐세감소；불동류형허의화폐대주폐세유불동적영향，류형Ⅰ불회영향앙행적주폐세，류형Ⅱ회감소앙행적주폐세，류형Ⅲ화류형Ⅳ대주폐세적영향취결우기대현실세계화폐수구적강저효응여증가효응적상대강약；여과류통중적현금완전피전자화폐화허의화폐취대，칙G10평균장손실34．59％적주폐세（2001년수거），이중국장손실31．67％적주폐세（2013년수거），단손실적주폐세점GDP적비례교저。전자화폐화허의화폐시화폐발전적미래형태，임하금지전자화폐화허의화폐적조시도시불명지적；단응채취조시（여건립전자화폐、허의화폐발행준비금제도）감경전자화폐、허의화폐대현금화활기존관적체대，종이감경전자화폐화허의화폐대주폐세이급재정정책적영향。
In place of cash and current deposit, the issuance and circulation of electronic currency will result in seigniorage decrease no matter how to define seigniorage. Different types of virtual currency have different influence on seigniorage. Type Ⅰ has no influence on seigniorage of central bank; type Ⅱ cuts seigniorage; the influence of type m and IV depends on the degree of decrease effect and increase effect of its demand for real currency. If the cash in circulation was completely replaced by electronic currency and virtual currency, the G10 would lose 34. 59% （the data of the year 2001 ） of seigniorage on average, and China would lose 31.67% （the data of the year 2013） of seigniorage, but the losing seigniorage is small portion of GDP. Electronic currency and virtual currency are the future forms of currency development, and any measures banning them are unwise, but measures （for example, Reserve Fund System of electronic currency and virtual currency issuance） should be taken to alleviate the replace of cash and current deposit by electronic currency and virtual currency so as to minimize the impact on seigniorage and financial policy by electronic currency and virtual currency.