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Former Vice President of the People's Bank of China: The policy orientation to resolutely contain virtual currencies, including stablecoins, has been completely clarified
BlockBeats News, December 5th, Wang Yongli, former Vice President of a Chinese bank, published an article titled "Why Is China Resolutely Stopping Stablecoins?" The article stated that China is accelerating the development of the digital yuan and has clearly defined its policy orientation to resolutely curb all virtual currencies, including stablecoins. This decision is based on comprehensive considerations such as China's leading position in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.
With the global spread of USD stablecoins, increasingly sharp and complex international relations, and intensified international monetary competition, the impact on how the renminbi innovates and develops, maintains national security, and achieves the strategic goal of becoming a powerful currency and financial powerhouse is significant and far-reaching. Therefore, it is necessary to calmly analyze and accurately grasp early decision-making. One must neither be indifferent nor hesitant, nor blindly follow the trend and make directional and disruptive mistakes. Wang Yongli believes:
· USD stablecoins have already monopolized the global market, leaving almost no room for non-USD stablecoins to survive;
· US stablecoin legislation primarily serves its own interests and may backfire on the stablecoin system;
· Promoting a renminbi stablecoin not only lacks advantages but may instead threaten renminbi sovereignty and financial security;
· Stablecoins and virtual currencies pose significant risks in terms of cross-border money laundering, fraud, etc.;
· China already holds a global leading position in mobile payments and the digital yuan, therefore, there is no need to follow the USD stablecoin route.
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