China News Agency, Beijing, July 8 (Reporter Xia Bin) Fan Yifei, deputy governor of the People's Bank of China, said in a briefing in Beijing on the 8th that some commercial institutions in the digital currency are so-called "stable coins", especially global ones. "Stable coins" may bring risks and challenges to the international monetary system and payment and settlement system.
Fan Yifei said that digital currency issuers can be divided into private digital currencies and central bank digital currencies.
The typical representatives of private digital currencies are currencies such as Bitcoin, as well as various so-called "stable currencies" launched.
These currencies themselves have become speculative tools, and there are 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.
Fan Yifei said that the central bank is more worried about the above-mentioned risks and challenges and has taken some measures.
Recently, relevant departments of the central bank have interviewed some banks and payment institutions on the issue of banks and payment institutions providing services for virtual currency transaction speculation.
Fan Yifei also said that in order to vigorously promote central bank digital currency, central bank digital currency can also be divided into two types. One is wholesale central bank currency, which is mainly issued to commercial banks and other institutional entities and is mostly used for large-value settlements. Retail central bank currency is mainly issued to the public and can be used for daily transactions.
"There is a big difference in the understanding of retail central bank digital currencies. Whether the retail central bank digital currencies will cause financial disintermediation, will weaken monetary policy, will increase bank runs, etc., is more concentrated." Fan Yifei said , The digital renminbi is in the process of piloting. The central bank will work hard to ensure that the digital renminbi system has minimal impact on the monetary system, monetary policy, financial stability and other macro aspects through business, technology and policy design.
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