A former vice president of a top Chinese bank said digital currency should replace fiat in the nation’s financial systems.
Yongli Wang, previously of the Bank of China, said in a WeChat post that wide use of digital currencies would encourage monetary reform, as reported by media outlet The Global Times on Sunday.
Wang, now a director of the Haixia Blockchain Research Institute, also said China would use digital currency as a substitute for cash in circulation initially, but that could impact its market competitiveness if confined solely to that role.
Digital currencies, he said, could help to bolster liquidity in an economy, while placing limits on excessive issuance of physical cash.
Wang added that preventing the printing of too much cash would help maintain monetary and financial stability.
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