The former vice president of China’s central bank pushed for central bank digital currencies positioning it as a substitute for cash in circulation.
Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, said digital currencies can certainly be a substitute for cash but it shouldn’t be confined to just that, according to the Global Times.
Wang said digital currencies can reshape monetary structures. These can include setting up “basic accounts” for all social entities on a central bank’s digital currency platform. This allows the bank to supervise digital currencies without much impact on the current financial system.
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