Li Lihui: China may become the first country in the world to launch fiat digital currencies

According to financial industry news, on December 5th, the 4th International Forum on Smart Finance and the 2019 Annual Ceremony of “Leading China” in the financial industry were held in Beijing. At the meeting, Li Lihui, the leader of the Blockchain Research Working Group of the National Internet Finance Association and the former President of the Bank of China, said that the application of blockchain can be a good combination of government agencies, enterprises, and financial services. Big prospect. At the same time, there are still some bottlenecks that need to be broken in terms of large-scale applications, especially reliable applications, with the iterative innovation of technology will gradually be resolved. Li Lihui pointed out that the issuance of legal digital currency may have to solve three problems. The first is to technically meet the needs of the retail market and the high concurrency of the large market. The second is to institutionally be able to achieve the efficient operation of the currency market. It is also necessary to ensure the reliability and efficiency of the monetary policy transmission mechanism. Third, in terms of use functions, the cost should be lower. Only by solving the above problems, digital currency can reach the price of a commercial economy scale, which is a problem that fiat currencies need to study. He believes that according to the current situation, China may truly become the first country in the world to launch fiat digital currencies.