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Stanford University Professor Myron ScholesMyron Scholes, a professor at Stanford University in the United States, said that although more than 60 countries around the world are experimenting with national digital currencies, China’s digital currency and electronic payment plans are currently the most advanced central bank digital currency plans.
At a macro level, Scholes believes that, first of all, the digital renminbi will increase the international appeal of the renminbi and promote the efficiency of cross-border settlement. The renminbi will become a reserve currency more easily, Cross-border payments are faster and more cost-effective, and become the settlement currency for Chinese goods and services and other goods and services in the future. This may become a competitor of SWIFT (World Banking and Financial Telecommunications Association). SWIFT can enable the United States to pass Bank settlement transactions can monitor capital flows and international trade. Since information about economic activities can be obtained through digital transactions, monetary and fiscal policies will be strengthened. For example, the liquidity provided by the People’s Bank of China can be more targeted and timely. You can send money directly to the target user, set usage restrictions, set consumption time limits, and monitor all capital flows in the system.
At the micro level, Scholes said, digital renminbi It can provide transaction flow data, which will reduce the cost of unbanked people, and efficiently cooperate with mobile platforms to reduce the demand for physical renminbi, unify the payment systems of various financial institutions, and bring many new services. Digital renminbi will enable the banking system Able to compete with other payment solution providers, and provide brand-new programs and blockchain solutions. For companies and other business transactions, digital currency will be reliable, efficient, safe and trustworthy , Accounting and auditing will be highly digitized to eliminate financial fraud and tax evasion.
However, Scholes added that for banks, trusts and insurance companies, its The old technology cannot effectively compete with blockchain solutions and the application of low-cost digital currencies. It may be difficult to pay for the verification and processing fees of blockchain transactions in a trusted network. In addition, the use of digital currencies requires The existing ID system undergoes a thorough transformation and upgrade, which may be difficult to complete before the next Winter Olympics.
Privacy protection is a challenge
In Roubini’s view, regarding the future of the central bank’s digital currency, we needThe question we are thinking about is how to transition from the current financial system to the future financial system, while maintaining financial stability in the process, which is the challenge; secondly, how to protect user anonymity and privacy.
Scholes also pointed out that, for many people, privacy considerations may hinder the use of digital currencies and digital renminbi. Regarding anonymous cryptocurrencies, such as The debate over whether Bitcoin or the legal digital currency will prevail will continue. 
< p class="image_desc">Mu Changchun, director of the Central Bank’s Digital Currency Research Institute
Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, said that controllable anonymity is an important feature of the digital renminbi. On the one hand, it reflects the protection of public transactions and individuals. The need for information protection, on the other hand, reflects the objective need to prevent, control and combat money laundering, terrorist financing, tax evasion and other illegal and criminal activities, and to maintain financial security.
Mu Changchun further introduced that digital renminbi can be technically anonymized in small amounts and open different digital wallets. Anonymous wallets can be opened with only a mobile phone number, but This anonymous wallet has a limit, which can only meet the needs of daily small consumption. Running large-value transactions requires an upgrade of the wallet. This design is designed to meet the reasonable needs of the public on the one hand, and to prevent the criminal risk of large-value transactions on the other hand.
Mu Changchun concluded that digital RMB can achieve limited anonymity, but complete anonymity is not feasible in reality, and certain identification needs to be retained.
Scholes emphasized that anonymous cryptocurrency is not anonymous and does not have stable value. With digital renminbi, banks will no longer need to be principals in most transactions, automation and blockchain transactions will reduce transaction processing, inter-project financing, market pricing, and trust building, and many other standard financial functions, such as intermediate links.