(1) At the macro level, there are legal risks, systemic risks, consumer protection and other issues. At present, the legislative problems of e-commerce and electronic payment have not been solved, the concept and related provisions of electronic money need to be clarified, and many laws and regulations have not been followed up. Secondly, there are systemic risks caused by the failure of a single issuer. If the issuer loses confidence in electronic money due to poor management, other electronic money issuers will also face the risk of a run. Moreover, in the absence of standardized supervision, it is difficult for the public to effectively identify the issuer's qualifications and credit level, and how to effectively remind the risks and protect the public's rights and interests has become a difficult problem. In addition, the concealment, rapidity and cross-border nature of Internet payment make electronic money inevitably become a money laundering tool for criminals.

(2) At the micro level, the issuers of electronic money have technical risks and credit risks. The issuers of electronic money in China include banks, non-bank financial institutions, Internet enterprises and other enterprises. Due to the weak financial professional foundation of some issuers, especially the lack of mandatory technical safety standards in China, electronic money issuers have serious management loopholes and security risks, and system software or hardware failures will affect the availability of electronic money. Secondly, the issuer's asset-liability structure is unreasonable and its investment is highly concentrated, which will lead to insufficient liquidity and prone to default risk. In addition, the payment and circulation of electronic money depends heavily on various networks, and there are various operational risks, such as intentional misappropriation of other people's accounts, internal crimes of issuers and malicious intrusion by hackers, which will harm the interests of electronic money holders. Bitcoin, Thai Dollar, etc. are applicable to all digital currency.