Industrial and Commercial Bank of China (ICBC) President Liu Jun said technology can strengthen trust but cannot substitute for trust. Liu said a digital currency's ability to function as currency depends on the backing and fulfillment of credit commitments and the implementation of responsibility. Liu said digital currencies create new opportunities for cross-border settlement, but technology alone cannot establish a currency's international standing. Liu said RMB internationalization requires diverse market participants, global regulatory coordination and regulatory technology that evolves with the times.