Beijing News Shell Financial News (reporter Cheng Weimiao) On October 22, at the 2021 Financial Street Forum "Financial Street • Discussion Decade and Vision 2022 Special Event", Zhou Xiaochuan, vice chairman of the Boao Forum for Asia and former governor of the central bank, talked about some of the current discussions and debates around digital currencies. For the digital currency two-tier (operational) system, he said that most countries have now accepted that there are three directions for the next step, including the need to continuously improve the technology and select the optimal technology through the competition of the second-tier institution and the enhancement of versatility.
The so-called "two-tier system" includes two layers: the central bank and the commercial bank. Among them, commercial banks compete to provide financial services to customers, and the central bank provides services to commercial banks, while focusing on macro-control and financial stability. The reason why a two-tier system is needed, and the central bank does not directly stand on the front line, is because there will be risks such as money laundering, terrorist financing and hacker attacks in the actual business, and the central bank will face stability problems.
China has previously clarified the two-tier operating framework of digital currency, and the second layer of institutions includes several major banks, telecommunications companies, Internet platforms, third-party payment institutions, etc. Zhou Xiaochuan said that the next step of efforts, one is to give full play to the enthusiasm of the second-level institutions; the second is the need to continuously improve the technology and select the best technology through competition and enhancement of versatility; the third is that in the recent digital yuan display, we have seen that there are innovations with a smaller application area, such as some small convenience payment tools, which are very interesting, and they should be allowed to consider in practice, survival of the fittest.
Beijing News shell financial reporter Cheng Weimiao Editor Song Yuting Proofreader Fu Chunyi
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