Express
Chairman of National Institute of Finance and Development: China Needs Dual-track Approach to Stablecoin Wave
Summary: In response to recent developments, Li Yang, a member of the Chinese Academy of Social Sciences and Chairman of the National Institute of Finance and Development, stated that the U.S. is pushing for stablecoin legislation to strengthen the dollar's position, promote modernization of payments, and create new demand for U.S. bonds. Stablecoins are essentially an ...
In response to recent developments, Li Yang, a member of the Chinese Academy of Social Sciences and Chairman of the National Institute of Finance and Development, stated that the U.S. is pushing for stablecoin legislation to strengthen the dollar's position, promote modernization of payments, and create new demand for U.S. bonds. Stablecoins are essentially an extension of the dollar on the blockchain. Faced with this wave, China should firmly promote the internationalization of the renminbi, align with the trend of stablecoin and traditional finance integration, and promote the complementary development of renminbi stablecoins and central bank digital currencies. Li Yang suggested fully utilizing the advantages of Hong Kong to develop offshore renminbi stablecoins and establish a controllable international payment channel. (National Institute of Finance and Development)
Tags:
Link: Chairman of National Institute of Finance and Development: China Needs Dual-track Approach to Stablecoin Wave [Copy]
