Financial technology (fintech) and digital currency are irreversibly reshaping the global financial system. Through the analysis of the development of fintech and digital currency, and the resulting major influences on the global financial system, this paper discusses the impact of issuing legal digital currency on a monetary base and money multiplier, and the possible influences on central banks’ monetary policies. It shows that the integration of artificial intelligence, big data, cloud computing, the Internet of Things and other information technologies with traditional finance will greatly enhance the efficiency of financial service, and help to identify, quantify and minimize financial risks, and reinforce the financial agglomeration effect of traditional financial centers. At the same time, the development of digital currency entirely based on blockchain technology may weaken the financial agglomeration functions of traditional financial centers. The development of private digital currency based on blockchain is unstoppable, thus the legal digital currency of the People’s Bank of China will play an important role in restructuring the global currency framework. Taking advantage of the internet financial market, China should strengthen its infrastructure in fintech, promote integrated innovation, increase research spending on core technology, and tighten top-level design and regulation, so as to advance a faster development of fintech and digital currency.