Yang Fan: Both legal and folk digital currencies are virtual currencies, and they are different algorithms and games.

Babbitt reported on the spot that on January 15th, Zhongguancun Blockchain Security was held at the "Breakthrough Fusion Blockchain and Digital Finance Summit Forum" co-sponsored by eBay Finance, a blockchain, and "Financial Finance" magazine. Yang Fan, the co-chairman of the institute, delivered a speech titled "Global Digital Currency Game Framework and Development Trends". He said that the central bank's digital currency game framework is still not complete, and there are four games: 1. Monetary policy game: civil digital currency Further weakening the status of legal tender and weakening the role of monetary policy regulation is actually very detrimental to the stability of economic development. What options are provided for monetary policy, whether it is to serve the national monetary policy, or to serve the global monetary policy, or to play a game of pure monetary stability policy; 2. Legal and civil digital currencies are virtual currencies, and they are different algorithmic games: digital currency It is issued by a computer algorithm, and it is issued by an algorithm. Private currencies such as Bitcoin are not left to the central bank, but ultimately to the consensus of society. Whether the algorithm for creating digital currency can stabilize the value of fiat currency; 3. Digital currency / Central Bank and commercial bank interaction game: whether commercial banks can effectively convert digital currencies into alternative currencies to secure deposits, or whether large-scale deposit loss from banks becomes private investment funds, The monetary policy of the central bank will directly affect enterprises and individuals, the currency multiplier factor of commercial banks will disappear, and the commercial banking system will also shrink, reducing to investment and financial institutions or commercial loan institutions. 4. The game of who is directly responsible for risk: What kind of impact will it have on systemic financial risk, stability, and consumer protection?