Yesterday Li Lihui gave an online talk about digital currency in state media People’s News. Lihui is the former president of the Bank of China, and heads the Blockchain Research Working Group at the China Internet Finance Association. While he spoke about China’s central bank digital currency or DCEP, he also expressed the view that any future supranational digital currency or global stablecoin should be China-led.
He explored digital currencies in three groupings, legal digital currencies such as central bank digital currencies (CBDC), virtual currencies including Bitcoin, Ethereum and stablecoins, and trusted institutional currencies such as JPM Coin from JP Morgan.
While his talk regarding CBDC was informative, he didn’t shed any more light than the analysis last week in state media, which outlined how the DCEP works. One illuminating comment was in response to a question about using the digital yuan for international transactions. Lihui said that the central bank has not made specific provision for this. Yet.
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