Former deputy governor of Bank of China: “Network cryptocurrency” is difficult to become a currency, and central bank digital currency can only be digitized by legal currency.

Wang Yongli, the former deputy governor of the Bank of China, issued a paper yesterday saying that the following five judgments can be drawn about hot issues such as digital currency: 1. “Non-stateization of money” is difficult to achieve; 2. “Network encryption currency” is difficult to become a currency; It is difficult to get rid of the “token” position by a certain legal currency equivalent; 4. Super-sovereign currency linked to a basket of multiple legal currencies is difficult to succeed; 5. The central bank’s digital currency can only be digitized by legal currency, and it is difficult to become a new one. currency. In the face of extremely broad and profound monetary finance, we need to be full of awe and prudence. Even in the face of the information technology revolution and the digitalization of money, we must maintain the necessary calm and restraint, and accurately grasp the essential positioning and core functions and essential attributes of money. And the fundamental requirements. I believe that any deviation from the essential nature of the currency and the fundamental requirements, unconventional, preemptive "leading" status, and the rapid introduction of new monetary concepts, monetary theory, monetary system, financial innovation, etc., are difficult to succeed.