Advances in International Finance

In order to clarify the problems faced by the development of the global digital currency system in the digital currency era, strengthen China’s resistance to the impact of digital currency, this paper studies the China’s governance countermeasures to global digital currency governance based on the current situation and problems. It is found that, in terms of development status, the supervision of private digital currency tends to be stricter, and the chaotic currency trading market is becoming standard; the research and development of the central bank’s digital currency has its own characteristics in different nations and regions, and has been significantly accelerated under the epidemic. In terms of problems, the function boundary of private digital currency is blurred, and the circulation space of national currency is narrowed; the risk conflict of monetary and financial system is intensified, and the effectiveness of macroeconomic policy implementation is weakened; western countries belittle and suppress the development of digital RMB, and the construction of global collaborative governance mechanism is missing, those problems are becoming more and more serious. In this regard, this paper puts forward some countermeasures and suggestions, such as strengthen the construction of digital currency system and improve the level of domestic governance; guide national comparative advantages to break through the development blockade of western countries; promote global digital currency governance, lead for the win-win cooperation. Through three countermeasures above, to help China adapt to the development needs of the digital currency era and steadily improving the international status of RMB. Furthermore, lead multiple parties to participate in the reform of the international monetary system and seek to establish a more fair and stable international monetary system.

Global Digital Currency Governance; China’s Countermeasures; International Monetary System; Standard Dominance