The development path of digital currency in the UK has certain implications for the development of digital currency in my country.
First, international cooperation on sovereign digital currencies should be taken seriously. Although the UK has not yet made clear plans to issue a digital pound, it has actively participated in CBDC cooperation among developed countries, which can enable the pound to occupy a place in the future digital currency international payment system. Although my country has taken the lead in launching the digital RMB, it faces some resistance in the international use of the digital RMB. Establishing interoperability of CBDC systems with major countries and maintaining the relevance of the digital RMB in future digital international trade and financial activities should be the minimum goal of developing the digital RMB. To this end, on the one hand, my country should strengthen communication with developed countries and take the initiative to eliminate misunderstandings and suspicions; based on the development experience of the digital RMB, exchange views with developed countries on the principles and standards of CBDC, and strive to seek common ground while reserving differences and develop in a coordinated manner. On the other hand, my country should actively expand cooperation with emerging economies and developing countries, establish an equal, mutually beneficial and interoperable CBDC system between each other, and expand the international network of the digital RMB based on market principles.
Second, if properly regulated, the private digital currency market may become a beneficial supplement to the traditional financial industry. my country currently prohibits the development of private digital currencies, which is determined by my country's national conditions. Compared with the UK, my country's financial market and its regulatory mechanism are not yet mature, and private digital currencies may cause widespread risks. Therefore, taking prohibition measures at this stage will help maintain financial stability. However, judging from the UK's experience in developing digital currencies, cryptocurrencies are becoming a beneficial supplement to traditional financial assets. With the improvement of international regulatory mechanisms for cryptocurrencies and digital stablecoins, the development of private digital currencies is gradually becoming a trend. At an appropriate time in the future, my country does not rule out the possibility of relaxing private digital currency controls. Therefore, it is necessary to consider formulating a regulatory framework for private digital currencies in advance. In this regard, the UK's regulatory experience is worth learning from. For example, from the perspectives of anti-money laundering, investor protection, and taxation, a regulatory system for private digital currencies can be constructed, especially some of the UK's regulatory innovations, such as the "regulatory sandbox" system, to reasonably control the risks of private digital currencies.