Abstract : The 2014 Nobel Laureate in Economics Jean Tirole delivered a keynote speech saying that we are experiencing or about to face a currency war. He thinks that this round of currency war is likely to be confined to not only tangible currencies, but also virtual currencies and cryptocurrencies, and will even probably lead in digital currency transaction problems.
The 2014 Nobel Laureate in Economics, Jean Tirole, delivered a keynote speech, which deeply analyzed the relationship between fintech and finance itself.
Jean Tirole believes that at present, either blockchain or other fintech technologies have indeed taken effects.
But he also pointed out that we all hope that Fintech can bring higher investment returns and higher savings income, but the question is whether this technology can make our world better or worse?
Jean Tirole said that emerging technologies will not necessarily disrupt finance, and transaction intermediaries (such as banks and financial institutions) are still very important.
In addition, Jean Tirole also judged that we are experiencing or about to face a currency war. This round of currency war is likely to be confined to not only tangible currencies, but also virtual currencies and cryptocurrencies.
The existence of bubbles in virtual currencies will lead us to a currency war. Jean Tirole believes that only with a stable currency and a stable trading market can the economy achieve long-term development. But whether virtual currency is used well or used as a speculative tool will directly affect the security of our assets. He believes that we should make better use of the blockchain rather than using it as a speculative tool.
Jean Tirole also believes that blockchain cannot replace banks. He said, "The People's Bank of China has also revealed to me that blockchain technology will never replace banks."
He explained and took the savings function undertaken by banks as an example. This function needs to meet long-term and secure requirements, but blockchain cannot replace these long-term banking services.