Shao Fujun, Chairman of UnionPay: The development of legal digital currency still faces some problems in technology, international coordination and basic preparation.

Babbitt News, on August 10th in the third "China Finance Forty People Yichun Forum", the chairman of UnionPay Shao Fujun said that from the perspective of the development of legal digital currency, it faces some problems:
First, its technical implementation difficulty also has some problems. The legal digital currency has many advantages in theory, which has already been said. However, subject to the current state of the art, it is indeed difficult to achieve real-time data collection, monitoring and analysis of massive amounts of money, and it is difficult to carry out efficient and accurate programmable operations.
Second, the difficulty of international coordination is also a problem. The coordination of monetary policy and exchange rate policy among countries is a difficult problem in the current exchange rate situation.
Third, there are some difficulties in basic preparation. From the perspective of top-level design, the legal digital currency will have a profound and huge impact on the underlying operational logic of various financial services and financial services.
At the same time, there are still some problems: one is the problem of trust. Stable value is a prerequisite for the acceptance and universal circulation of money. Second, the risk of technical control. Blockchain These technologies, in addition to these bottlenecks in the effectiveness of high-frequency transaction processing and rapid response, commercial digital currency involves hundreds of millions of customer information, involving customer privacy disclosures and security information. Third, the risk of integration of industry and finance and monopoly. The development of large-scale technology platform has continuously expanded its business scope. While improving efficiency, it has also led to the emergence of new integration of industry and finance and monopoly. Fourth, the risk of monetary policy and foreign exchange management. After the emergence of commercial digital currency, once its operation of its transnational operations affects the liquidity of national legal currency, affecting the currency sovereignty of non-reserve currency countries, it may also lead to the loss of funds in vulnerable countries, anti-money laundering and other measures are invalid.