Deputy Director of the National Finance and Development Laboratory: Bitcoin is a unique financial asset

PANews reported on March 21 that Zhang Ming, deputy director of the National Finance and Development Laboratory, published an article in the "Learning Times" "Reconstruction of Digital Currency on the International Financial System", which pointed out that the nature of Bitcoin is not a real currency, but a financial asset with a unique style, which itself has investment value. Bitcoin is more like a risk asset, and it is also like a safe-haven asset that can hedge the fluctuations of the US dollar exchange rate.

The article proposes a response strategy for the reconstruction of digital currency to the international financial system. On the one hand, it expands the substitution scope of digital RMB from M0 (cash) to M1 (cash plus demand deposits) or even M2 (cash plus all deposits). On the other hand, it promotes China's stablecoin construction and expands the use of digital tokens on the Internet platform, so as to deal with the challenges of US dollar stablecoins more calmly.