Chen Yuan: Libra may have an impact on traditional cross-border business and payment business

According to the Shanghai Securities News, today, Chen Yuan, vice chairman of the 12th National Committee of the Chinese People's Political Consultative Conference and chairman of the CF40 Standing Committee, made the above remarks at the 4th Global Financial Technology (Beijing) Summit. In the application of financial technology, Facebook recently released its name. A cryptocurrency plan for 'Libra'. Libra is different from the two main features of other cryptocurrencies. One is the ability to move freely across borders, and the other is to anchor a basket of low-volatility assets. From the current positioning, Libra will play a role in the cross-border payment field. After the promotion, Libat will likely have an impact on traditional cross-border business and payment business. From the perspectives of monetary policy implementation and macro-prudential management, central banks, including international organizations, need to conduct regulatory cooperation in this regard.