How Will Digital Currency Reshape International Finance?

Recently, the People's Bank of China released digital currency, which is an important part of the digital society. Various forms of electronic payment have replaced traditional paper money, and electronic wallets have replaced traditional wallets. In recent years, the International Monetary Fund, the Bank for International Settlements and other institutions have paid much attention to the impact of digital currency on international economy, trade and finance. A major consensus of the international community is that digital currency has entered a new era. It will gradually replace the US dollar, the euro, etc., promote cross-border commerce and trade, and realize the space and time transfer of wealth resources. The new transformation of digital currency replacing traditional currency may reshape the banking, financial industry and even the social structure.

Traditional financial institutions, especially commercial banks, are facing the challenge of business models, because new technologies have spawned online banks that can cover more customers, as well as web-based platforms that can directly connect depositors and borrowers. These new institutions and platforms are intensifying competition, promoting innovation and reducing costs. Depositors are gaining access to a wider range of savings, credit and insurance products. Banks often have strict loan underwriting and collateral requirements, while small-scale enterprises can obtain financing from sources other than banks. Domestic and international payments are becoming cheaper and faster, benefiting consumers and businesses.

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