BlockBeats message, on December 5, former Vice President of the Bank of China, Wang Yongli, published an article (Why has China resolutely called for a halt to stablecoins?). The article states that China is accelerating the development of the digital renminbi and has clearly defined its policy orientation to firmly curb virtual currencies, including stablecoins. This is a comprehensive consideration of various factors, including China's leading advantages in mobile payments and digital renminbi, the sovereignty security of the renminbi, and the stability of the monetary and financial system.
In the context of the global spread of USD stablecoins, increasingly sharp and complex international relations, and more intense international currency competition, the impact on how to innovate and develop the renminbi while maintaining national security and achieving the strategic goals of becoming a strong monetary and financial power is immense and far-reaching. It is essential to calmly analyze and accurately grasp the situation to make early decisions; one must neither be indifferent or hesitant nor blindly follow trends and commit fundamental directional errors. Wang Yongli believes:
· The US dollar stablecoin has monopolized the global market, leaving almost no space for non-US dollar stablecoins; · US stablecoin legislation mainly serves its own interests and may backfire on the stablecoin system; · Promoting the renminbi stablecoin not only has no advantages but may threaten the sovereignty and financial security of the renminbi; · Stablecoins and virtual currencies are prominently used for cross-border money laundering, fraud, and other risks; · China has already established a global leading position in mobile payments and digital renminbi, and does not need to follow the US dollar stablecoin route.