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Opinion: Stablecoins possess quasi-monetary characteristics, positioned between payment tools and legal tender

Summary: In response to recent news, Zhang Jianhua, director of the Financial Development and Regulatory Technology Research Center at Tsinghua University PBC School of Finance, stated that stablecoins are not legal tender, but should not be simply viewed as payment tools either. Despite not being issued by central banks or holding legal status, stablecoins actually possess ...

In response to recent news, Zhang Jianhua, director of the Financial Development and Regulatory Technology Research Center at Tsinghua University PBC School of Finance, stated that stablecoins are not legal tender, but should not be simply viewed as payment tools either. Despite not being issued by central banks or holding legal status, stablecoins actually possess many monetary attributes. This quasi-monetary nature determines that the necessity and strictness of regulation should be much higher than for ordinary investment products.

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