State Councilor Zhu Guangyao: To promote the development of international rules related to virtual currencies equivalent to the digital economy as soon as possible

At the Fourth China New Finance Summit, Zhu Guangyao, counselor of the State Council and former deputy minister of the Ministry of Finance, stated that it is necessary to promote the formulation of international rules related to the digital economy as soon as possible. In the field of digital currency, three basic concepts are involved: fiat currency, virtual currency, and cash digital currency. He said: "The Libra launched by Facebook is to replace the fiat currency as a sovereign currency with the absolute monopoly of the Internet and the assets of the huge and rich countries of the enterprise. It is a substantial currency. We must address this issue. For global policy coordination, of course, the seven western countries have clearly stated their opposition in terms of their own interests, especially the United States, but how to form a global institutional arrangement must be coordinated globally, especially G20. The virtual currency is Bitcoin. There is no direct asset connection. Some countries prohibit it, and some countries allow transactions. However, if transactions are to be conducted, they must be matched with actual assets and supported by actual assets. "