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Yongli Wang:Chinese CBDC is Still Facing Challenges

Abstract : Yongli Wang, the former deputy governor of the Bank of China, said that it is necessary to look at financial technology under the new era of the Internet.

ChainDD
ChainDD

Aug 25

According to cs.com.cn, Yongli Wang, the former deputy governor of the Bank of China, said on August 24th at the first Nankai Financial Technology Summit 2019 that it is necessary to look at financial technology under the new era of the Internet. Internet-related technologies are profoundly changing the development trajectory, organization and operation mode of finance. However, Yongli Wang is cautious about blockchain and digital currency. He believes that the implementation of Chinese CBDC is still facing challenges.

Yongli Wang pointed out that he has not seen the detailed description of Chinese CBDC white paper. On the other hand, CBDC should solve many problems, such as how to replace, use and control CBDC and how to connect and manage the traditional monetary system.

When it comes to blockchain technology, Yongli Wang believes that it is necessary to further explore the technology. However, the attitude must be positive and rational. It should not blindly invest in blockchain industry.

Back to the broader level, Yongli Wang mentioned that there are four key application areas of Internet finance technology: online payment, online transaction, network asset management, and financial supervision. He pointed out:

1. Payment is the foundation.

2. Transaction is the core.

3. Asset management is the direction.

Yongli Wang believed that the financial regulatory industry has to change according to the three points mentioned above. He believes that big platforms can only be built by a few institutions in the future. Financial institutions must move in the direction of professionalism, cooperation, and reform. Financial institutions need to study and promote the application of financial technology by real high-level leaders, especially the “top leaders”.

He also stressed that the development of financial science and technology must focus on improving financial operation efficiency, reducing operating costs, upgrading risk prevention and control, solving pain points, and forming obvious improvement advantages. Moreover, he also said the development of financial science and technology must conform to the nature of finance and the logic of development and obtain the financial supervision it deserves. Financial technology can only provide technical services for finance, but not directly provide finance business.

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