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Lihui Li: Make the digital RMB the best central bank digital currency in the world
Release time: 2021-05-25
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China Securities Network News: Li Lihui, former President of Bank of China, said at the first "2021 West Bund Financial Technology Frontier Forum" recently, "We should make the digital RMB the best central bank digital currency in the world, and on the one hand, ensure that the digital RMB is in the high-concurrency market. On the other hand, we will speed up the construction of digital financial system, step up efforts to formulate financial systems such as digital financial supervision, digital currency supervision, legal digital currency issuance, and actively participate in and actively participate in the construction of global digital financial systems and rules. Fight for the right to speak."

Since last year, my country's financial technology innovation environment has undergone major changes. The new crown pneumonia epidemic once blocked direct communication between people, and cloud finance, which is characterized by online interaction, has taken the upper hand. At the same time, financial regulatory actions have been frequent, and the degree of accountability for financial irregularities has been unprecedented.

Li Lihui believes that the main tone of current financial supervision is standardized supervision, and attention should be paid to how to innovate and develop in the norm. After more than ten years of development, China’s financial technology innovation has now demonstrated certain advantages over major global economies, including digital financial inclusion based on digital trust, digital process reengineering with efficiency as the focus, and digital technology for the general public. Renminbi.

"The digital renminbi is likely to change the financial landscape. From a short-term perspective, it has changed the pattern of the payment market. The addition of digital renminbi to the legal currency is the first change, and the second change is that market-based payment instruments dominate. In the retail market of China, increase the official payment tools." Li Lihui said.

Regarding the potential changes in the future, Li Lihui said that it may change the pattern of banking competition and the pattern of money market supervision. “Once financial consumers reduce their reliance on bank accounts, they can choose financial services and financial institutions more freely. Competition will be more adequate. The central bank has real-time, complete, and structured central bank digital currency circulation data, which is conducive to achieving precise control of the total money supply."

In this context, facing the future of financial technology innovation, Li Lihui suggested that we should speed up the realization of core technologies (such as the core digital technology software development field) to become independent, break institutional data islands, and change public data through legislation and administrative instructions. "Administrative department ownership", protection of personal data privacy and data security, construction of a penetrating financial supervision system, and the creation of the digital renminbi into the world's best central bank digital currency.

Li Lihui emphasized that the issuance of central bank digital currency is no longer a question of "whether or not", but a question of the length of time required for credible technological innovation and viable institutional innovation. "In the future, digital currency will compete in the global digital economy. At the core, the global digital renminbi is conducive to safeguarding our country’s monetary sovereignty, protecting our financial security, further enhancing our national strength, and of course also conducive to promoting financial inclusion."
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