Wang Yongli: It is difficult to become a super-sovereign world currency when the country still has difficulty to eliminate.

On July 13, Wang Yongli, the former deputy governor of the Bank of China, published the article "Credit Currency: Where Comes From, Who's Credit". The article stated that the most important essence of money is still the value scale, and the most basic function is still the exchange medium and value storage. To play the role of money as a measure of value, it is necessary to make the total amount of money of a country as close as possible to the total size of social wealth that can be protected by law within the sovereignty of the country, thus maintaining the basic index of social prices and the basic value of currency. stable. As a result, money must be divorced from social wealth and transformed into value counterparts and representations of social wealth, while monetary metals such as gold and silver must withdraw from the monetary stage and return to the origin of their social wealth. From the physical commodity currency of thousands of years to the national credit currency with the overall social wealth within the scope of national sovereignty, it is transformed into a pure value unit or value scale, and becomes a digital representation. In the case that the country still has difficulty to eliminate, the lack of national sovereignty and legal protection of the corresponding network of cryptocurrency or stable currency, it is actually difficult to replace or subvert the national sovereign (legal) currency and become a truly super-sovereign world currency!