Deputy Governor of Bank of China: To increase the emphasis on digital currencies and actively cooperate with international organizations and central banks

Wu Fulin, deputy governor of the Bank of China, recently commented on the release of Libra by Facebook. Wu Fulin said that Libra will pose a challenge to the international monetary system. After the launch of Libra, it will have an impact on electronic payment, monetary policy, financial stability, financial ecology, especially the international monetary system. Without the control of the US government, the launch of Libra will inevitably challenge the status of the US dollar as the main settlement currency. For other major settlement or reserve currencies, such as the euro and yen, after Libra's intervention, its scope of use will also be affected. China should seize the opportunity to promote the development of digital currencies. The first is to increase the emphasis on digital currencies, actively cooperate with international organizations and central banks, track the latest developments in digital currencies such as Libra, and actively seek opportunities to participate in the global governance of digital payments. The second is to carry out the promotion of digital currency in China's central bank as soon as possible, and to conduct technical assessment and calibration of possible loopholes in digital currency in order to gain more voice in the global digital currency field and contribute to the reform of the international monetary system.