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China's leading think tank in finance and macroeconomics - Independence. Insight. Influence.

Aug 4, 2019, 6 tweets

#Facebooked announced its #digitalcurrency #Libra in mid-June, which has captured worldwide attention. As a country with almost a nationwide coverage of digital payment, how should China react? Xie Ping called for China to actively respond to Libra. cf40.org.cn/uploads/newsle…

Specifically 1. #China should actively participate in activities related to digital currency regulation organized by international organizations such as the IMF and BIS, and strive to play a role during the process.

2. China could consider allowing #Chinese companies to participate in the Libra
Association, but as Facebook is not operating in China, there is no collaboration
between #Libra and #RMB so far.

3.Based on the achievement it has made so far on the research of CBDC (central bank digital currency), #China can encourage enterprises to participate in the research and application of digital currency, and to gradually build a digital currency ecosystem.

4. Encourage domestic commercial #banks and financial institutions to use blockchain technology, as the use of Libra will encourage hundreds of millions of people to open #blockchain application apps or accounts.

5.#PBOC should accelerate its research on the use of blockchain in
payment system. Current studies mainly focus on replacing M0. Technical
problems associated with computing capabilities, settlement speed, and latency would be addressed sooner or later.

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