摘要： 随着贸易全球化与跨境支付手段数智化的深度发展，最初作为去中心化竞争性货币的加密数字货币，正向着锚定真实世界资产的央行数字货币（CBDC）试点稳步推进。数字化货币变革与资产变革相互交织引起了信用变革，以技术信用界定数字财富形式的一般观念，遮蔽了货币的社会关系本质及其取得不同历史形式的生产方式变革过程。马克思从“货币转化为资本”的现实的生产关系出发，通过分析借贷资本、信用贸易与货币经营业相互结合的分工过程，揭示了货币经营资本的独立化及其技术性业务节约流通费用的中介作用，阐明了资本主义扩大再生产与信用制度变革之间的内在关联。对于数字信用的历史科学分析表明，回归共享、便捷与安全的服务本质是推动我国金融高质量发展的必然要求。

关键词: 数字货币, 货币经营资本, 信用, 货币数量论

Abstract: With the deepening globalization of trade and the digitalization of cross-border payment systems, cryptocurrency has gradually given way to central bank digital currency (CBDC) pilots anchored in real-world assets. The intertwined transformations of digital money and assets have in turn triggered a revolution of credit. A prevailing notion that technological trust alone defines the forms of digital wealth obscures the social-relational essence of money and the historical processes of production through which money assumes different forms. Starting from the concrete production relations in which “money is transformed into capital”, Marx analyzed the division of labor linking loan capital, credit trade, and monetary operations. In doing so, he revealed both the relative autonomy of money-dealing capital and its intermediary role in reducing circulation costs through technical operations, thereby clarifying the intrinsic connection between the expanded reproduction of capital and the transformation of the credit system. A historically grounded analysis of digital credit suggests that restoring finance to its essential functions of shared access, efficiency, and security is an inevitable requirement for promoting the high-quality development of China’s financial system.

Key words: digital currency, money management capital, credit, quantity theory of money