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Former Deputy Governor of the Central Bank Li Bo: Need to Clarify Whether Stablecoins Belong to Currency or Financial Assets
Summary: During the summer Davos, the International Monetary Fund (IMF) Vice President and former Deputy Governor of the Central Bank Li Bo stated that there are currently numerous regulatory experiments and explorations of digital currencies or stablecoins globally. Many countries, whether in the US, Europe, or Asia, are working to establish appropriate legal and regulatory frameworks ...
During the summer Davos, the International Monetary Fund (IMF) Vice President and former Deputy Governor of the Central Bank Li Bo stated that there are currently numerous regulatory experiments and explorations of digital currencies or stablecoins globally. Many countries, whether in the US, Europe, or Asia, are working to establish appropriate legal and regulatory frameworks for stablecoins. However, there are still many issues to be resolved. Two key questions are particularly crucial in this process: Firstly, whether stablecoins belong to currency or financial assets, as the legal and regulatory requirements for each are vastly different; Secondly, if stablecoins are classified as currency, which level of currency do they belong to? Are they broad money M2 or narrow money M0? Different categories of currency require different regulatory systems, including anti-money laundering mechanisms.
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Link: Former Deputy Governor of the Central Bank Li Bo: Need to Clarify Whether Stablecoins Belong to Currency or Financial Assets [Copy]
