ICBC President Liu Jun: The crux of digital currency lies in credit backing and accountability implementation

At the inaugural Digital RMB Annual Conference, Liu Jun, President of the Industrial and Commercial Bank of China (ICBC), delivered a speech during the 2026 Financial Street Forum Annual Conference, stating: “While digital technologies drive the development of the digital economy, they are also profoundly reshaping the trust mechanisms underpinning money. Trust generation and transmission no longer rely solely on institutional arrangements—data, algorithms, and programmability have now substantively entered the equation. As a result, the foundation of trust has evolved from being institutionally driven to being jointly propelled by both institutions and technology. Yet technology’s role remains confined to reinforcing trust—not replacing it outright.”

Liu emphasized that whether a digital currency can truly function as money hinges not on the sophistication of its algorithmic design, but rather on how effectively its creditworthiness is supported and credibly delivered—and whether corresponding responsibilities can be clearly assigned and enforced. He further explained that monetary form is undergoing a fundamental shift—from physical objects to data—and clearing models are transitioning from multi-step, account- and intermediary-dependent processes toward real-time, simultaneous payment and settlement. Despite continuous evolution in implementation methods, money’s core attributes remain unchanged: it must still fulfill the three fundamental functions—medium of exchange, store of value, and unit of account.