On August 3, Peng Wensheng, the chief economist of Everbright Securities, published a message on the WeChat public account to organize his speech on the first issue of CF40. It said that what is the central bank’s expansion? In the digital economy, one possibility is that the central bank issues digital currency. If the central bank pays interest on the digital currency and the Treasury pays interest on the national debt, why not make up the fiscal deficit by issuing digital currency? Why must we pass the national debt? Even if the fiscal deficit is not directly offset by digital currency, once the general investors participate in the digital currency of the central bank, they are not so sensitive to interest rates, and the government's financing costs will fall. In fact, some of the coinage tax obtained by commercial banks is returned to the government.