Former Chairman of ICBC: The biggest uncertainty in the evolution of payment functions lies in the launch of digital currency

The 2019 Financial Development Summit with the theme of "Artificial Intelligence and Financial Innovation" was held in Shanghai. Jiang Jianqing, former chairman of Industrial and Commercial Bank of China, said in the speech that with the gradual maturity and popularization of Internet of Things technology, the payment field is expected to enter a new stage of "everything is a carrier", and payment methods will be more digital and virtual. The biggest uncertainty in the evolution of payment functions is the launch of digital currencies. Libra's white paper has aroused global heated discussions. At present, it is not mature enough to be launched in the international market. But once launched in the future, it is difficult to predict the evolutionary trend of the global payment landscape. It is possible that the design of the system is that the central bank issues digital currencies, and the impact on payment functions is still huge. If a digital currency payment system consisting of a central bank and a commercial bank (or a few payment platforms) is used, the divergence and change of the payment market structure will depend on the payment competitiveness of various financial institutions. Blockchain, as the underlying technology, has a wide range of applications. In some decentralized payment settlement fields, blockchain can play an important role. If financial technology is closely integrated with financial needs, in the field of finance with large-scale potential, the obstacles and pain points in the application will be fully resolved, and the development of blockchain is very promising.