Wan Xiangfeng Hui Li Lihui: Super-sovereign digital currency may fundamentally reconstruct the global monetary system

Babbitt reported that on September 17, the fifth global summit of blockchain sponsored by Wanxiang Blockchain Lab was officially opened in Shanghai. Li Lihui, former president of the Bank of China, said in his opening speech that Libra poses an unprecedented challenge to the existing monetary system. It may impact sovereign currency status, may reshape currency hegemony, and may form a financial system that spans commercial banks. Super-sovereign digital currencies may fundamentally restructure the global monetary system. He believes that China should actively encourage and support technological innovation, master the leading role of digital technology and digital economy; promote and standardize institutional innovation, and accelerate the construction of digital financial system. Establish a digital sand innovation test system for digital finance, actively explore new modes and new regulations for digital financial business supervision, and appropriately relax the access of digital financial markets.