Secretary General of the Chinese Macroeconomics Society: Overturning the existing financial order, Libra and others can't

Wang Jianfa, secretary-general of the Chinese Macroeconomics Society, wrote "Subverting the existing financial order, Libra cannot do it." The article said that whether the transition to the digital economy will generate new financial insecurity is a problem that must be faced. There are three aspects worthy of attention.

The first is whether private digital currencies will seriously disrupt the existing financial order? In the future, it is possible to replace the sovereign credit currency, and it will never be a cryptocurrency such as Bitcoin. Libra can't wait. At least for now, private digital currencies that can subvert sovereign credit currencies have yet to emerge. The second is the central bank's digital currency-can the CBDC end the financial risks generated by sovereign credit currencies? If sovereign credit currencies such as the US dollar, euro, and yen collapse in the new financial crisis, even if there is a CBDC, it will be a destiny with sovereign credit currencies. The third is the question of resistance to quantum cryptography. All current encryption methods are like waste paper in front of quantum computing power. Therefore, if we do not have China's own quantum computing power, and if we develop a code that can be protected from quantum computing power, China's financial system will be insecure.