Zhou Xiaochuan: The development of central bank digital currency should respect the currency sovereignty of various countries
Xinhua News Agency, Boao, Hainan, April 18 (Reporters Wang Cunfu and Hu Lu) Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, pointed out on the evening of the 18th that the development of central bank digital currencies should respect the monetary sovereignty of central banks, and the use of digital technology can greatly improve convenience , Should not adopt a certain currency "dominance of the world" approach.
At the “Digital Payment and Digital Currency” sub-forum of the Boao Forum for Asia 2021 Annual Conference, Zhou Xiaochuan pointed out that each country has macro-control conditions and has its own currency sovereignty. The system is different from other countries. Some countries have Certain foreign exchange controls are not so easy to remove.
Therefore, if central bank digital currencies are developed, many countries will have their own central bank digital currencies, which are based on their own currencies, and there will be different rules in the use process. In this case, the interoperability of cross-border use of digital currencies It is very complicated.
Zhou Xiaochuan said that the starting point of the digital renminbi is to do a good job in upgrading the retail system, and improving the efficiency of the retail system is the basis for all other businesses.
On this basis, wholesale systems and cross-border payment operations are possible. The initial motivation for the development of digital renminbi is not to use it for cross-border payments.