The Asia Global Payment Summit. Bali, Indonesia. 10-11 October 2019

China Needs to Lead Development of Global Digital Currency: Ex-Bank of China Head

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The former head of one of China’s big four state-owned banks has called for China to play a leading role in the research and development of an international digital currency.

Li Lihui (李礼辉), ex-head of the Bank of China (BOC), said that digital currency will occupy a critical role in competition in the global digital economy in future.

As a consequence China will need to play a leading role in the research and release of feasibility and implementation plans for a global digital currency.

Li made the remarks at the 5th Blockchain Global Summit (第五届区块链全球峰会) according to a report from Shanghai Securities News.

“While at present the application scope of blockchain technology isn’t large, and scale effects have not yet been achieved, structural innovations are currently building strength in areas including strengthening the digital trust of vendor credit, connecting digital links between financial intermediaries and digital currencies that can surpass national sovereignty,” said Li.

“In particular the emergence of Libra has triggered a broad wave of discussion in relation to digital currencies.

“China should vigorously expedite and standardise systems innovation and accelerate the establishment of a digital financial system.

“With a foothold in guaranteeing the sustainable development of digital finance, [China] should establish digital trust mechanisms, and formulate digital financial systems for the issuance of statutory digital currency, digital financial market regulation and regulation of the digital currency of trusted institutions.”

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