July 9th news: Following the launch of the cryptocurrency project Libra triggered major external attention, China's central bank to promote digital currency research and development once again attracted the attention of everyone, and boarded the microblogging hot search list. Yesterday, Wang Xin, director of the Research Bureau of the People's Bank of China, said at the launching ceremony and the first academic seminar of the Digital Finance Open Research Program that the direct issuance of digital currency by the central bank will help improve the effectiveness of monetary policy and promote the central bank's digital currency research and development in the future.
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Wang Xin said that the digitization of the central bank's currency will help optimize the central bank's monetary payment function and increase the central bank's monetary status and monetary policy effectiveness.
The central bank's digital currency (CBDC) can become an interest-bearing asset that satisfies the holder's reserve demand for safe assets and can also become the lower limit of bank deposit interest rates. The CBDC can also be a new monetary policy tool. Wang Xin also discussed Libra, the encryption project released by Facebook. In fact, when Facebook released Libra, the central bank's digital financial research platform was also established, and it was supported by Alibaba Ant Financial. Wang Xin also said that the launch of Libra has attracted the attention of the central bank.
Because it claims to be a basket of currencies, it solves the problem of trust and widespread use to some extent. In addition, it is based on Facebook's large-scale social networking platform. With further use, in addition to its potential to play a role in the payment field, it may also exercise its monetary function. This may have a major impact on the monetary policy, financial stability and even the international monetary system of each country. In response to Libra's challenges, Wang Xin believes that various current ideas such as: speeding up the introduction of central bank digital currency, countries issuing Libra products in their own countries, and the IMF (International Monetary Fund) have proposed to issue a super-sovereign digital currency. It is worthy of attention.
