Former Chinese Official says CBDC will Open the Way for Digital Stocks
Digital stocks play an important role in the future of Chinese finance
Former chairman of China Securities Regulatory Commission Xiao Gang, in his latest book on capital market reforms, wrote that the development of the central bank’s digital currency (CBDC) will also pave the way for digital stocks.
Stocks and currencies are objects of traditional finance, but digital blockchain currencies blur the boundaries between them and open up new opportunities. Xiao believes that “digital stocks are a natural product along with the development of digital currencies in the future.”
To do this, we need to study and solve some problems in theory and practice: how to connect CBDC with the digital capital market, how to prepare smart contracts for the issue of digital, and how to use CBDC for digital exchange trading and settlement.
Xiao Gang also believes that digital currency will play an important role in the future of finance:
«The digital currency will influence the release of assets, their circulation, calculations and valuation, as well as other systems associated with it. ”
Xiao Gang previously said that China is transforming the digital economy, and the country must adopt acceptable rules to regulate the fast-growing cryptocurrency market.
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