Rule of Law Weekend: At least three basic issues must be solved for digital currency to replace paper currency and become the standard of circulation

The 12th edition of the 501st issue of "Law of the Rule of Law", "ideas and reality of blockchain technology". According to the article, if digital currency is to replace banknotes and become the standard of circulation, it must solve at least the following three basic problems: that is, to achieve fidelity with encryption technology, to maintain credit with national sovereignty, and to maintain value with national law. Some people believe that blockchain technology is sufficient to achieve fidelity, so the other two requirements need not be considered at all. However, the author believes that this is the wishful thinking of technical absolutism, and the previous analysis and criticism of the ideal model also illustrates this. This is also one of the reasons why the United States does not agree with the release of Facebook's digital currency, because the Federal Reserve is not willing to give coinage rights to an enterprise.