International Finance News: Global central bank into the regular army of digital currency issuance

On May 13th, the international financial newspaper published the article "Global Central Banks into Digital Banks to Issue Regular Army." The research and development of the central bank's legal digital currency will help to innovate the way of currency issuance, circulation and regulation, thereby effectively improving the efficiency of digital economic transactions and reducing the cost of digital economic transactions. The promotion will have a greater impact on the banknotes, and the latter's issuance and use will decline. From May 6th to 8th, the 2nd Digital China Construction Summit was held in Fuzhou. The Digital China Construction Development Report (2018) released by the National Network Information Office showed that the scale of China's digital economy reached 31.3 trillion yuan in 2018. It grew by 20.9% compared with last year and accounted for 34.8% of GDP. Yao Qian, former director of the Digital Currency Research Institute of the People's Bank of China, pointed out that the legal digital currency is the cornerstone of the digital economy. He also revealed that the People's Bank of China is currently conducting research and development of central bank digital currency.