At the 3rd Bund Finance Summit, Barry Eichengreen, professor of economics at the University of California, Berkeley, said that the central bank’s digital currency is coming soon, and the People’s Bank of China is the forerunner.
However, in the foreseeable future, the central bank’s digital currency will not change the structure and operation of the existing international monetary system. Barry Eichengreen said: “If the central bank’s digital currency is to be used for international transactions across borders, it is necessary to ensure the interchangeability of various currencies, and each currency needs to run on the same blockchain. Then who will do it? How about managing this blockchain? Or, you can also set up another set of infrastructure, allowing central bank digital currencies running on different blockchains to use this set of infrastructure to exchange, then who will manage this set of additional facilities What about the infrastructure?” The scenario where 120 central banks reached consensus on issues such as infrastructure architecture and management methods on the same blockchain is out of reach.