[Explanation] On July 8, the State Council Information Office held a regular State Council policy briefing in Beijing. At the meeting, Fan Yifei, vice governor of the People’s Bank of China, introduced that the digital renminbi is in the process of piloting, and the central bank will ensure that the digital renminbi system is effective at the macro level. The impact is minimized.
[Explanation] Fan Yifei said that digital currency issuers can be divided into private digital currencies and central bank digital currencies.
The typical representative of private digital currency is Bitcoin, which also includes various so-called "stable coins", which have certain risks.
[Concurrent] Fan Yifei, Vice President of the People's Bank of China
These currencies themselves have become a speculative tool. This situation can be seen in the market, and there are also potential risks that threaten financial security and social stability.
At the same time, it has also become a payment tool for some money laundering and illegal economic activities.
The introduction of so-called "stable coins" by some commercial organizations, especially the global "stable coins", may bring risks and challenges to the international monetary system, payment and settlement system, and so on.
[Explanation] Fan Yifei pointed out that central bank digital currencies are divided into wholesale central bank currencies and retail central bank currencies. Most studies believe that wholesale central bank digital currencies will not have an impact on the existing financial system, and there are differences with retail central bank digital currencies. Larger.
[Concurrent] Fan Yifei, Vice President of the People's Bank of China
We are currently in the process of piloting. What impact these digital renminbi will have on the monetary system, monetary policy, and financial stability has always been highly concerned, and we are also working hard to ensure that the digital renminbi system affects these issues through business, technology and policy design. The macro impact is minimized.
[Explanation] Fan Yifei said that China is piloting the promotion of digital currencies through whitelist invitations. Currently, the number of whitelisted users has reached 10 million. The Beijing Winter Olympics scene will be the focus of the next pilot.
Reporter Liu Chao reports from Beijing
Editor in charge: [Wang Kai]