數位歐元為何要「戴上枷鎖」？歐盟為金融穩定設限，引發銀行保護主義爭議
歐洲央行（ECB）的數位歐元計畫獲歐盟理事會支持，但將設定持有上限以維護金融穩定。此舉引發爭議，批評者認為這是保護傳統銀行、扼殺創新的政策。
歐洲央行（ECB）的「數位歐元」計畫，已獲得歐盟核心決策機構歐盟理事會的政治背書，但前提是必須設定個人持有上限。官方稱此舉是為防止資金大規模從商業銀行流出，以維護金融穩定；然而，批評者認為這無異於保護傳統銀行免於競爭，恐將扼殺數位歐元的潛在功用，一場關於未來貨幣設計的角力已然展開。
力主設限：防範「數位銀行擠兌」風險
歐盟理事會於上週五在其網站公告，稱數位歐元是「貨幣的演進與普惠金融的工具」，但同時強調，ECB需對個人在線上帳戶和數位錢包中的持有總額設定限制，以「避免數位歐元被用作價值儲存工具」，進而衝擊金融穩定。
此舉的核心考量，在於防範金融危機時期可能出現的「數位銀行擠兌」。代幣化平台Bricken的聯合創辦人埃德溫·馬塔（Edwin Mata）警告：「若民眾可無上限持有數位歐元，尤其在金融動盪時，存款恐將瞬間從商業銀行轉移至央行，這實質上會加速銀行擠兌。」換言之，持有上限被視為保護商業銀行存款基礎、確保信貸創造功能不被削弱的關鍵防火牆。
反對聲浪：扼殺創新，變相保護銀行
然而，另一派觀點則尖銳批評，持有上限是犧牲創新的保護主義政策。PrimeXBT高級市場分析師喬納坦·蘭丁（Jonatan Randin）直言：「銀行的獲利模式來自吸收客戶存款並放貸。一個無限制的數位歐元將為公民提供無風險的替代方案，直接削弱銀行取得廉價資金的管道。」
根據哥本哈根經濟研究院（Copenhagen Economics）的一項研究估計，此舉可能導致銀行淨利息收入平均下降7%，對小型銀行的衝擊更高達13%。這項數據佐證了批評者的擔憂，即政策設計的出發點，是為了保護現有銀行的商業利益。
數位歐元的爭議，凸顯了全球央行在推動CBDC時面臨的根本性兩難：如何在提供高效、安全的現代支付工具的同時，又不顛覆現有的、由商業銀行主導的金融中介體系。持有上限是政策制定者試圖平衡創新與穩定的一步棋，但若過於保守，恐讓數位歐元淪為功能受限的「半成品」，失去其應有的變革潛力。
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