The central bank's thinking on the traditional asset framework may be shifting. While gold and Bitcoin each have their own characteristics, both face constraints. Where is the true breakthrough? The answer may point to a completely new cryptocurrency paradigm — one that can be incorporated into sovereign balance sheets and also possesses genuine liquidity, tradability, and privacy protection capabilities.

Privacy coins like Zcash exemplify this possibility. Imagine a scenario: a central bank needs an asset that can serve as a reserve like gold, be decentralized and verified like Bitcoin, and also feature privacy and security attributes. The privacy aspect of cryptocurrencies, especially mechanisms that balance full traceability with privacy, is gradually being re-evaluated by the financial system.

This is not unfounded. As the digital economy deepens, central banks' demand for controllability, tradability, and security is becoming increasingly urgent. The technical features of privacy cryptographic assets — particularly their fully secure transaction mechanisms — are becoming key elements of future financial infrastructure.