Nobel Prize Winner in Economics: The future currency will not be a blockchain-based currency

On October 23, at the 3rd Bund Finance Summit hosted by the China Financial Forty Forum (CF40), Nobel Prize winner Michael Spence and Bank of Communications President Liu Jun discussed technology The company’s anti-monopoly supervision, digital currency and other issues were discussed.

“Cannot let a few companies control all channels.” Regarding the antitrust supervision of large technology companies, Spencer said that one of the focus areas of current antitrust supervision is whether large technology companies use their market power to restrict other innovative companies and technologies. enter the market. Spencer said that on the one hand, regulators do not want to stifle innovation, nor do they want large technology companies to stifle innovation through restrictive or exclusive practices; on the other hand, they do not want market instability due to lack of regulatory measures.

Liu Jun said that in the industrial age, anti-monopoly regulation mainly focused on price issues, but in the digital economy era, as the improvement of manufacturing capacity has eliminated the bottleneck on the supply side, the protection of consumer rights and interests is mainly reflected in digital security and data ownership. And other aspects of protection.

Liu Jun also said that the current data ownership is difficult to define, and therefore it is difficult to formulate effective antitrust measures. Spencer also said that since the value of data comes from sharing, aggregating, and operating on it, there is little point in trying to resolve antitrust issues by defining the ownership of data. In terms of ensuring data security, the management of data, the disclosure of data processing, and the use of data will all be the way forward for current regulatory measures.

Spencer said that large technology platforms should not try to create exclusive territories that can only be controlled by themselves . “For example, in China, e-commerce platforms must accept mobile payment systems provided by multiple merchants. I think this is a very reasonable restriction. We cannot allow a few companies to control all channels, and then others cannot enter.” Spencer In the case of financial technology, e-commerce and mobile payment platforms have accumulated a large amount of data and have many potential benefits. But in order to ensure that multiple players can participate, it is necessary to provide data to multiple entities engaged in financial services business, let them develop their own algorithms, and start to improve service quality and service availability in accordance with the rules prevailing in the industry.

He also said that China will take the lead in this regard, that is, to transfer data from a purely proprietary environment to an environment that may be controlled by the central bank or other regulatory agencies, so as to ensure that all financial institutions can compete fairly. The future currency will not be a blockchain-based currency. Will blockchain technology and digital currency reshape the country’s monetary policy system to a certain extent? Spencer believes that blockchain-based currency will not become a major currency because it will not be recognized by central banks. The digital currency will be a digital version of the legal currency controlled by the currency issuing authority, and the currency will be created through traditional mechanisms, such as banks, and standard structures that people are accustomed to. “Blockchain itself is a very useful technology; for central banks, it may be a good trading tool. Because it is safe and efficient enough. But other than that, blockchain-based digital currencies are Instability is not a useful means of payment, nor is it an effective means of storing value. These are the two traditional attributes of currency. ” Spencer said that its main purpose seems to be for those who conduct illegal cross-border transactions. Staff provide tools because it can hide traces of transactions.

” Digital currency will appear because the future financial system will be built on the basis of digital technology, and currency is part of the financial system. But I don’t think the future currency will be a blockchain-based currency. ” Spencer said.

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