Deputy Director of the National Finance and Development Lab: Libra does not have a disruptive impact on cross-border retail payments

On August 14th, Yang Tao, deputy director of the National Finance and Development Laboratory, published an article on the research perspective of digital currency from Libra. The article pointed out that: Libra, although it has a budding effect on certain currencies, is a currency perspective. The discussion is still far apart. Second, the scale of the entire cross-border retail payment is limited. Libra's expansion space in this area is not as big as everyone thinks. Libra may have improved in addressing the pain points of cross-border retail payments, but it is not a disruptive effect, because it is still inseparable from technical, compliance, and product constraints. Perhaps in some “weak currencies” and developing countries with low payment efficiency, some development scenarios can be won. Third, Libra can obtain some “regulatory sandboxes” under the increasingly complex financial regulatory rules of various countries. Space, but the overall outlook is not optimistic; Fourth, we have not fully observed the technological advancement behind Libra, and it seems to be more reflected in the transformation of business models. All in all, we must avoid big changes when we study Libra. We should focus on the issues we need to discuss on the same context, and then continue to deepen.