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China National Institute of Financial Research Chairman: Do Not Underestimate Libra

Abstract : In the summer Davos, Zhu Min, the chairman of the National Finance Research Institute warns not to underestimate Facebook's Libra.

ChainDD
ChainDD

Jul 02

According to the live report of ChainDD, in the sub-forum “Shaping China's Future Financial Industry”, Zhu Min, the chairman of the National Finance Research Institute, talked about Facebook's digital currency Libra.

Zhu Min said that it is difficult to say that Libra is an Alipay, because Alipay is a payment intermediary, and Libra starts with payment, has reserves of principal and bonds as collateral, and has a basket of currencies for labeling and pricing. Its core concept is currency. Second, Libra's core concept is cross-border. Third, Libra combines the policies that the central bank has to consider with the functions paid by commercial banks. "So this framework is very interesting."

Zhu Min bluntly said, "We should not underestimate Libra's birth. This will have a big impact on the existing financial system, the monetary system, and even the future reserve system." But he also said that Libra now has many problems. For example, its leverage problem, reserve problem, central centralized management system, and mechanism, there are many problems, it is still in the very initial stage, can not succeed without knowing.

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