Express

XIAO Gang: Digital Currency Is Important For Development Of Digital Economy For Various Countries

Tracy CHEN

Summary: XIAO Gang, former chairman of the China Securities Regulatory Commission, claimed the importance of developing digital currency in his book, titled, "China Capital Market Reform." He pointed out that the development of the digital capital market can not only effectively expand the application of digital currencies but also lay an important foundation for the issuance ...

XIAO Gang, former chairman of the China Securities Regulatory Commission, claimed the importance of developing digital currency in his book, titled, "China Capital Market Reform." He pointed out that the development of the digital capital market can not only effectively expand the application of digital currencies but also lay an important foundation for the issuance of digital currencies.
The coordinated development of them is the basic driving force and an important symbol of the development of digital finance. Thus, the impact of digital currency on the digital capital market shall be fully considered, and a corresponding supporting environment for the digital capital market needs to be promoted.
Digital currency marks an important trend in the growth of digital finance in the future, which will influence or even impact the currency issuance, circulation, settlement and asset pricing pegged by currency and asset transactions. It will also become a major carrier in various countries and regions under a digital economy era. A new financial world is taking shape.
Fully practicing the programmable features of digital currency can expand its application in the capital market. Digital currency can not only solve the difficulties of monitoring capital flow in the traditional capital market, transaction settlement separation, high asset costs of asset issuance and circulation, but also can play advantages of assets transparency and automatic execution.

Tracy Chen