The new crown pneumonia epidemic has a profound impact on the global economy，"Fengcheng" and "Feng Guo" behavior performed to prevent the spread of the epidemic，Direct impact on economic globalization。International trade development is blocked，Countries of various countries have generally produced different degrees of US dollar liquidity crisis。To avoid the global systemic financial risks that may cause the US dollar liquidity crisis，From March 2020，Continue to inject the US dollar liquidity into the offshore market。

The current structural US dollar liquidity crisis，In the long run, it will cause the depreciation pressure of the dollar，But it is also strengthened due to the depth and breadth of use，Objectively consolidate the status of sovereign currency status of the US dollar。The epidemic of new crown pneumonia has also become after the disintegration of the Breton Forest system in 1971，A concentrated force that promotes the strong international status of the US dollar。For more than 50 years，Including euro、yen、All sovereign currencies, including the pound, failed to have substantial challenges to the US dollar，Explain that under the current international currency system framework，Competition of sovereign currency to a large extent depends on the total economic competition。

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June 2019，Facebook announced，The blockchain will be used as the underlying technology，Issuing a new digital currency libra，Treating strong attention at the market and regulatory level。Facebook later announced，libra is mainly used for payment，Not competing with sovereign currency。But with reserve assets as a means of stable currency value、Design ideas for monetary governance with third -party independent governance agencies，It shows that libra wants to develop into the future bet365 best casino games development goals of super -maintenance currency。

From the short term，libra will compete with the cross -border payment market with the digital currency。At present, the blockchain technology cannot fully meet the needs of local payment in terms of concurrent volume and transaction speed，But in cross -border payment scenarios，Blockchain architecture can fully meet the requirements。Since blockchain technology can help cross -border payment to achieve decentralization，Solve the complexity of traditional cross -border payment centralized accounts、Long transaction time、High handle fees pain points，Therefore, it has always been highly expected by the market。As the world's largest social platform，Facebook has nearly 2.1 billion users，Reserve a large amount of cross -border payment demand，To be restored to international trade，Libra's decentralized cross -border payment service Once it is landed，There will be a lot of opportunities to activate massive demand，Quickly form a network platform effect，Then compete with digital currency in the cross -border payment market。

From the mid -term view，libra exists to become the possibility of becoming a super -maintenance currency。Whether it can be fully entered the local payment market is the key to libra to become the main monetary currency，Technical Innovation、Commercial competition and local supervision constitute an important influence variable。The current blockchain technology cannot yet meet the needs of local payment，libra applied to local payment first facing technical challenges。Some countries have established a relatively complete electronic payment system and occupied the local market，Objectively building the entry threshold for libra。At the same time, because of worrying that libra erosives the sovereign currency after entering the local payment market，Many countries may enter the local market through strong supervision or restricting libra。Although there are many uncertainty，But libra can solve technical bet365 best casino games obstacles，Breakthrough ledger efficiency constraint on the blockchain architecture，At the same time combined with the bottom -up consumers participation，It is very likely to relax the supervision of it in the field of local payment，so as to move towards the direction of super sovereign currency。

From the long term，libra may affect the reconstruction of the international monetary system。If libra develops into a super -maintenance currency，The composition of its basket of currency reserves (ESDR) will directly affect the competitiveness of currencies in various countries。Judging from the institutional arrangement of 50%of the US dollar weight in the basket in the basket，The possibility of future libra and the US dollar will continue to bless each other，Global status of the dollar will be further strengthened with the expansion of libra。Even if libra is successful in the field of cross -border payment，It will also become an important force into the global monetary and financial system。First，libra involved in exchange with multinational currency、Clear and liquidity support, etc.，It will inevitably establish a close liquidation mechanism with the central banks; second，The needs of macro -based supervision，Congress requires intervention in total issuance of libra、The management of the proportion of currency reserves of a basket; third，The needs of micro -prudential supervision，Congress requires libra to fully cooperate with anti -money laundering (AML)、Anti -Terrorism financing (CTF) and customer privacy (KYC) supervision。The mutual penetration of libra and the supervision of various countries，It will definitely change global financial supervision and governance discourse structure。

　　Accelerate the internationalization process of the central bank's digital currency

libra appeared，contributed a very important sovereign currency competition idea，That is, through digital currency+super sovereignty，Bypassing the binding impact of the total economic Bet365 lotto review amount on currency competition。The rise of "online shopping" and "non -contact payment" in the context of new crown pneumonia epidemic，objectively accelerated the development process of governments of various governments for digital currencies，A global digital currency competition is inevitable。Face for the future，Accelerating the internationalization of sovereign digital currency is the meaning of the question。

The Chinese government began to deploy the research and development of digital currencies of central banks as early as 2014，Laying digital RMB pilot work in Shenzhen and other places in 2020，Get a certain degree of first -mover advantage in the development of digital currency。But in the face of libra's super sovereign currency characteristics，The central bank's digital currency should take the initiative to fight，Accelerate the pace of internationalization。

First，Create a positive image for the central bank's digital currency。announcement of libra white paper，shaped the image of the pursuit of public interests committed to inclusive finance、The image of the technical leader based on the blockchain and the image of a safe digital currency image with reserve assets，improved consumer favorability and trust。User competition is the key to digital currency competition，Digital currency of the central bank needs to be outside the national credit，Accelerate the shape of multi -dimensional brand image，Win global users。Specifically，Including the following aspects。

First，Opportunity to fight against new crown pneumonia，Sovereignty digital currency can deeply intervene in the global public health management process，Actively participate in financial assistance after the epidemic，Consumers' acceptance of consumer digital currency by shaping the image of public welfare。Second，At present, sovereign digital currency does not have a preset technical route，​​Only domestic banks、Invitation to issue cooperative research and bet365 Play online games development of commercial institutions。Considering the competition of users of digital currency is largely technical competition，Sovereign digital currency can learn from the Internet technology development thinking，Clarify the technical route as soon as possible，Build a technology development community open to ordinary users，Use the power of global technology practitioners to promote technological progress。third，In the future, in cross -border payment and overseas local payment，Sovereign digital currency is likely to be built -in to Alipay、In electronic payment tools such as WeChat Payment，The technical superiority of the sovereign digital currency，It can play a communication effect similar to Intel Inside，Promote the expansion of electronic payment tools globally。Fourth，Stable accelerate the reform of my country's capital account and RMB exchanges，Improve the cross -border free flow level of the central bank's digital currency。At the same time，Gradually expand the application of central bank digital currencies from M0 to M1、M2，Increase the endorsement of the state credit to the central bank's digital currency; study and promote the reserve asset of the central bank's digital currency，Improve security from the perspective of monetary value。

Next，Accelerate the internationalization of RMB with the help of synergy effect。New digital currency competition opened by libra，The breadth and depth far exceed the past。Chinese sovereignty digital currency needs to mobilize various resources in all aspects to deal with competition。

First，Relying on social media platform (WeChat)，With the help of other electronic payment tools (Alipay、WeChat Pay) The advantages of infrastructure construction and operation experience，Credit tokens (token) by implanting the central bank's digital currency (token)，Positive competition with libra in the cross -border payment market。Second，The introduction of digital currency of the central bank，Paying market and Alipay in China、WeChat and other payment bet365 Play online games tools directly form a competitive relationship，For this，To design through the product structure，Converting competition relationship into a cooperative relationship，Ensure that the digital currency of the industry is safely implemented，Consolidating the competitive advantage of China's electronic payment in the world。third，For LIBRA, the local payment market in various countries does not have the characteristics of competitive advantages，Comprehensively support Chinese electronic payment enterprises to enter the local payment market in various countries，Eliminate with the cross -border payment market。Fourth，Promote the participation of relevant enterprises from the national level to participate in this competition related to the future world financial pattern，At the same time, use the "Belt and Road" initiative，Portal channels to deploy China's sovereign digital currency payment system through multiple channels。

Last，Actively participate in global supervision。libra Welcome to the attitude of global supervision，To a large extent, it can accelerate its internationalization process。The Bank of China should seize the opportunity，By participating in global supervision，Actively integrate the industry's digital currency into internationalization。First，Strengthen cooperation with central banks and international organizations，Actively participate in the monitoring and supervision operation of libra，Fight for the right to speak in the field of international digital currency supervision。Second，United Singapore、UK、Canada and other central banks such as digital currency research and development in the forefront，Cross -border pilots of central bank digital currencies under the premise of collaborative supervision，Bring it with a point，Promoting internationalization。third，Actively participate in the construction of the international central bank's digital currency supervision mechanism，Support international bet365 best casino games financial organizations to pay cross -border payment、Customer identification、Data security supervision，Actively embrace global supervision，Promote development with supervision。

　(This article is the "International Experience and Chinese Practice Research Research on Fintech Supervision" (19BYJ253) in the general project of the National Social Science Foundation (19byj253)

(Author Unit: Research Center of Shenzhen University of China)