On June 18, 2019, Facebook released a white paper on stable currency Libra. On August 2, the People’s Bank of China held a working video conference, stressing to accelerate the pace of research and development of China’s legal digital currency (DC / EP). As early as the end of 2017, foreign media speculated that IMF plans to launch a global digital currency—— IMFCoin based on the special drawing right (SDR) mechanism. If the series of digital currency plans are put into practice, how will they impact the monetary system, rewrite the financial rules and rebuild the world order? What kind of economic risks will they cause? Thus, we held a round table to explore the essential characteristics, development trends and new risks of private digital currency.

　　Huang Qifan believes that digitalization will reshape the financial ecology in four aspects: personal payment method, trade settlement system, global currency issuance mechanism and industrial chain operation efficiency. Professor Dai Jinping redefined the connotation of the new digital currency, and believed that the digital currency issued by the central bank is the third generation of digital currency, and the ideal outcome of the development of digital currency is extinction. According to Professor He Ping, Bitcoin and other forms of private digital currency are network virtual community currencies, which deny the essence of money and have fundamental defects. Professor Yuan Zhigang pointed out that the U.S. dollar crisis is the biggest crisis in the world in the future, and the world is facing a serious shortage of safe assets. The widespread use of global digital currency may contribute to the creation of an international safe currency. Professor Pan Yingli believes that an important background of the global rise of digital currency lies in the hidden crisis of the current international monetary system. Digital currency may become a crutch to help the internationalization of RMB. Ge Jingfeng believes that the central bank’s digital currency has barriers in law, privacy, technology and other aspects, and its issuance and use must be limited within a certain range. According to Professor Yi Xianrong, Libra is a payment tool rather than a currency, and it cannot become a super sovereign currency. According to Qiao Yide, Libra has risks such as privacy, digital protection and financial management, which may not pass the review of regulators, but it still gives a lot of new inspiration to the global digital currency. Professor Xu Duoqi believes that the essence of Libra is that the private power of the super platform challenges the right to issue digital currency.There is a major regulatory dilemma.