Develop digital currency, which will enable global payments

Digital Currency Development Ms. Jiang Digital currency and its technology in particular are critical to the advancement of efficiency and inclusivity in the financial industry. But it can also be a tool for money laundering to fund terrorist groups and tax evasion. Establishing a balanced regulatory system that protects against risks without stifling innovation is a challenge. This requires a lot of international cooperation.

The People’s Bank of China has also recently made clear its attitude towards digital currency. Yesterday, the People's Bank of China Digital Currency Seminar was held in Beijing.
The central bank revealed at the meeting that in fact
it has set up a special research team since 2016 to conduct in-depth research on the digital currency issuance and business operation framework, the key technologies of digital currency, the legal issues faced by the issuance and circulation environment, etc. Phased results have been achieved.
It is worth mentioning that this is the first time to express a clear attitude towards digital currency after
the Bank of Japan and other five ministries and commissions issued a notice on preventing Bitcoin risks.
The central bank stated that the issuance of digital currency can reduce the high cost of issuance and circulation of traditional banknotes, improve the convenience and transparency of economic transactions, reduce illegal and criminal activities such as money laundering and tax evasion, and enhance the central bank's control over money supply and currency circulation.
There will be no banknotes in the future, Huang Zhen, director of the Institute of Financial Law at the Central University of Finance and Economics, said according to reporters. He said that the central bank's statement yesterday sent a signal that digitization is a trend and currencies will be digitized in the future.
Bai Chengyu, Secretary-General of China Microfinance Alliance, said
Now we are in the era of
the great discovery of digital currency. Digital currency is the gold of the Internet era. In fact, many companies such as UnionPay, Alibaba, etc. have also announced research into blockchain technology. In the future, it is possible to realize all digitization. For example, scan code payment developed in combination with third-party payment does not require the use of cash for transactions. Huang Zhen said.
At the same time, with the digitization of currency, how will the currency issuance model be reformed in the future? Bai Chengyu said that in the Internet era, there should be an Internet central bank. Its important function is to issue and manage virtual currency based on Internet technology. I believe that the central bank will increase research and intensity in this field in the future.
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