Viewpoint: Cryptocurrency is related to sovereign credit, the future form of the monetary system and the transformation of the global governance model

Odaily News Deng Jun, deputy dean of the China School of Finance at the University of International Business and Economics, and Zhang Shuyu, associate professor of the School of Economics at Beijing Technology and Business University, wrote an article titled "Challenges and Impacts of Cryptocurrency on Global Financial Governance" in the China Economic Times, which is hosted by the Development Research Center of the State Council. They pointed out that the challenges and impacts of cryptocurrencies on global financial governance are far more than just technical or speculative issues, but are related to the profound transformation of sovereign credit, the future form of the monetary system and the global governance model. We should promote the construction of an inclusive, coordinated and enforceable global digital currency governance mechanism:
First, we can start from the “intersection of interests” and avoid excessive ideologization;
Second, we should try to build a more flexible governance framework and form an international cooperation model of "bottom-line governance";
Third, mutual trust can be gradually accumulated and the difficulty of cooperation can be reduced through informal dialogue mechanisms, academic exchanges and cooperation between think tanks.