ICBC President Liu Jun on digital currency: Technology can only reinforce trust, not replace it

On October 21, citing Caixin, Liu Jun, President of Industrial and Commercial Bank of China (ICBC), said at the first Digital RMB Annual Conference held during the 2026 Financial Street Forum Annual Meeting that technology can only reinforce trust, not replace it. Whether a digital currency can become a currency depends not on the algorithm design itself, but on how credit is supported and honored, and how responsibility is implemented. If the algorithm or the linked assets lack transparent regulation, or if trust is built solely on an impenetrable technological "black box," its credit system will be difficult to establish and its value foundation will be fragile.

Liu Jun pointed out that digital currency offers new possibilities for cross-border settlement, but technology cannot create a currency's international status out of thin air; the discourse power of a digital anchor currency ultimately depends on comprehensive national strength. The internationalization of the RMB requires introducing diverse market participants and establishing a global regulatory coordination mechanism and regulatory technology that keep pace with the times. Regarding explorations such as the tokenization of real-world assets, he emphasized that finance should still be rooted in serving the real economy and guard against becoming disconnected from it.