On December 17, the 3rd China Internet Finance Forum 2019 was held in Beijing with the theme of "Financial Technology to Facilitate the Construction of a Modern Financial System". Wang Xin, Director of the Research Bureau of the People's Bank of China and Secretary General of the China Institute of Finance, attended the event and published the theme Speech. Wang Xin said that private digital currency is difficult to solve the problem of trust, so it cannot be widely used. If the folk digital currency is generated by an algorithm and there is no central issuer behind it, it is through an algorithm who maintains the stability of the folk digital currency and what the source of its value is. It is doubtful. In addition, it is difficult for private currencies to meet the needs of promoting economic development and maintaining financial stability. Everyone knows that in order to maintain the needs of economic development, the supply and supply of money should be flexible and should be carried out flexibly with economic development. Regulating, when a crisis occurs and the liquidity of private institutions and financial markets suddenly dry up, there must be a unified institution such as the Central Bank to provide liquidity to the market. In this case, if the private digital currency occupies a dominant position, it is difficult for the private currency to play such a role, so it is difficult to adapt to the needs of modern economic development and financial stability.