Beiqing Daily: In response to the Libra shock wave, it is imperative to cultivate China’s own digital currency.

Discussing financial security, it is now necessary to discuss Libra's trends. It's all about Facebook. Facebook's entry into the blockchain field has been surprising. What's even more shocking is that Facebook has unveiled such an epoch-making blockchain new product and its white paper, claiming that Libra's mission is to "build a simple global currency." And financial infrastructure to serve billions of people."

Some people think that Libra can become a digital currency that transcends sovereignty and will greatly improve the efficiency of global payment clearing, thus subverting the existing monetary system. However, it has also been suggested that Libra is not only difficult to pass the supervision, it is not a currency in nature, and it is like a fantasy to want to challenge and even subvert the historical status of the French currency.

This view has come back and forth a lot back, but no one can convince anyone. At the same time, the US Congress held a hearing on Libra's inquiries, but would they let Libra burn in the home without any defense?

A closer look at the details of the hearing reveals that the US government and lawmakers are hiding behind the embarrassing attitude of Libra's "hostility". They are more concerned about whether Facebook is suitable for the role of publisher. How is Libra's financial attributes defined? If Libra is born, shouldn't he wear the Fed's spell? At the hearing, almost no one directly opposed the emergence of this "new species."

The "question" we see on the big screen is probably just a slowdown by the US government and is intended to divert the attention of other countries. As a result, the controversy is likely to remain on paper, and Libra's release may not be any hindrance.

Regardless of whether Facebook is today or not, this change has come, blockchain technology is real, and it has not been denied from the United States to the whole world. Libra's appearance was only a head start for the "post-bitcoin era" with French currency support.

The US government has expressed doubts and concerns about Libra, but it may secretly release it. Who can guarantee that Libra will not take the lead after the emergence of Libra, sweeping the world with a "super-sovereign currency" attitude, infiltrating the global payment system, thus making the capital more Smooth return to the United States? Libra project leader Marcus himself admits that Libra is a blockchain cryptocurrency, and the reserve fund is half of the US dollar. This “dedication”, which throws away the core elements of the blockchain decentralization, can help the dollar add new hegemony.

What does this mean for China and other countries? If Libra really landed, not only will the international financial order be disrupted, but the internationalization of the renminbi will also add to the road. This is obviously what we don't want to see.

Zhou Xiaochuan, president of the China Finance Association and former president of the People's Bank of China, believes that the emergence of Libra may represent a trend of “global monetary integration”. “In the process of convergence and integration of RMB and foreign currencies, this need to be considered. The trend is against us." The People's Bank of China is also advancing the research and development of digital currency. For China, which is striving to expand its financial openness and pursue the internationalization of the renminbi, it is very necessary to prevent it from happening. After all, the future "currency war" is likely to be unexpected. Form detonation.

In the face of libra shock waves, China should have its own "prepared tire plan." The emergence of Libra has already announced that the "super sovereign currency" is gradually approaching, which obviously constitutes a super unequal for the renminbi. As soon as possible, we have cultivated our own digital currency, and now it is imperative.

The advancement of the digital currency “prepared tire plan” requires the supervision department to review the situation and make a careful layout. In addition to actively coordinating the R&D strength of state-owned finance, we should also integrate the power of a powerful and powerful technology financial platform for traditional finance as soon as possible – let them participate in the research and development, management and circulation of digital currency as soon as possible, and jointly undertake financial security defense. Heavy responsibility.

It is believed that with the popularity of the digital economy, especially digital payment, and the technological thickness accumulated and tested by large-scale technology financial platforms over the years, we are fully capable of creating a Chinese version of the digital currency spare tire as soon as possible to prevent problems before they occur. Libra shockwave.

Source: Beijing Youth Daily , the original title "Responding to the Libra Shockwave, China must have a "prepared tire plan""

Author: Yang Guoying