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The Paper interviewed Nobel Prize winner Sir Christopher Pissarides during the Chengfang Financial Technology Forum.
Pissarides). In 2018, Pissarides was hired by the Stanford Crypto Lab, which focuses on blockchain research.
Labs) was appointed as economic adviser, along with another Nobel Prize winner in economics Eric Maskin.
Maskin). The main person in charge of the Stanford Cryptozoology Laboratory is Whitfield, the 2015 Turing Award winner.
Diffie is a world-renowned cryptography and security technology expert, a member of the Royal Society, and an industry-recognized authority on information technology security matters.

Nobel Prize winner in economics Sir Christopher Pissarides IC data map

Pissarides believes that we will eventually move towards a world that "embraces" digital currencies, and looking at the current situation, the number of digital transactions is also increasing.
But before digital currency truly becomes a reality, we may need to pay attention to the following issues: first, who will endorse this digital currency in the end; second, a good control and supervision system is needed to supervise fraud and false currencies; and finally, Price currency and control the issuance of currency.

"We need to avoid the crisis that occurred when paper currency was issued in the mid-19th century, which ultimately led to gold being used as liquid currency. As far as digital currency is concerned, China should become a leader in digital currency because China is now on the Internet We are leading the way in terms of transactions, and we are also leading the way in the field of mobile payments, which should also lead the trend in the future.
"

The research on DC/EP, the central bank’s digital currency, has been going on for five years and is now ready to come out. The central bank's digital currency DC/EP adopts a two-tier operating system. The digital currency is first exchanged to banks or other operating institutions, and then these institutions exchange it for the public. The design of DC/EP maintains the attributes and main characteristics of cash, and also meets the needs of portability and anonymity. It is a better tool to replace cash. Mark Zuckerberg, CEO of the international social network giant Facebook, bluntly stated that some of China's infrastructure is more advanced than that of the United States, and the United States must build a more modern payment infrastructure on the existing basis. If the United States does not innovate, financial leadership is not guaranteed.

The Paper: China regards blockchain as an important breakthrough for independent innovation in core technologies. What do you think about the prospects of blockchain and China’s current position in this field?

Pissarides: The Chinese government now attaches great importance to the development of blockchain, and I personally think this is a good thing. Blockchain has a good application scenario, which is applied to transactions and payments.

When blockchain is applied to transactions, transactions can be more transparent, records can be more permanent, fraud can also be prevented, and fraud will become less and less. For more than 2,000 years, humans have been in the habit of keeping records, but this also carries great risks. These records may be tampered with, biased or lost, but blockchain can solve these problems very well.

However, current virtual currencies are still risky and generally fluctuate greatly. At present, central banks of various countries have no clear regulatory opinions. The supervision of blockchain also requires further research and cross-border cooperation.

The Paper: Will blockchain technology compete among countries in the future? If regulation requires cooperation between countries, it seems to be a difficult period for international cooperation.

Pissarides: I think there is common ground between countries on this point. Blockchain itself also needs more regulation, but is still completely free for now. This is why the central bank has not made a decision yet.

I am more optimistic on the issue of blockchain. I don't think there's anything to worry about because this is not a political system. Blockchain is more widely used in record-keeping, accounting, etc. A country does not need to seek to be different from other countries. The difference is that different governments have different levels of disclosure of information and data.

The Paper: Will it not form a pattern of competition between countries like 5G technology?

Pissarides: It's still different. The competition in 5G includes many other connotations, unlike blockchain, which only involves transaction content. 5G involves security information such as infrastructure and can store a lot of security-related information. Therefore, 5G can cause related politicization risks. But blockchain technology should not, it just involves electronic transactions.

The Paper: Another issue that has attracted much attention in the financial technology field this year is Libra. Why do central banks reject Libra?

Pissarides: When we use dollars or euros, it's because their central banks are credible. Facebook is a huge company with great influence, but it cannot be trusted. For example, they use data but cannot control fake news. So the U.S. Central Bank and the Senate are very worried that Facebook, as a company, is completely independent of the political system. Once they successfully dominate Libra, they will be given too much power in financial and monetary policy. Facebook may be more powerful than the President of the United States. power. Nowadays, many small companies are also issuing small currencies, which are subject to less control, because these are too small to become popular.