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Former Deputy Governor of People's Bank of China: Policy Direction to Develop Digital RMB and Curb Virtual Currencies, Including Stablecoins, is Clear
Summary: According to reports, former Deputy Governor of the People's Bank of China, Wang Yongli, stated in an article on WeChat titled 'Why China Firmly Stops Stablecoins?' that China's policy direction to accelerate the development of digital RMB and firmly curb virtual currencies, including stablecoins, is now completely clear. This decision is based on various factors ...
According to reports, former Deputy Governor of the People's Bank of China, Wang Yongli, stated in an article on WeChat titled 'Why China Firmly Stops Stablecoins?' that China's policy direction to accelerate the development of digital RMB and firmly curb virtual currencies, including stablecoins, is now completely clear. This decision is based on various factors such as China's leading advantage in mobile payments and digital RMB, the sovereignty and security of the RMB, and the stability of the monetary and financial system. The space and opportunities for developing non-dollar stablecoins are limited, as dollar stablecoins already account for over 99% of the global fiat stablecoin market value and trading volume. He emphasized that with dollar stablecoins dominating the cryptocurrency trading market, China's development of RMB stablecoins following the path of dollar stablecoins not only faces challenges in competing with the international status of dollar stablecoins but may also risk turning RMB stablecoins into satellites of dollar stablecoins, posing a serious threat to the sovereignty and stability of the RMB and the monetary and financial system.
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Link: Former Deputy Governor of People's Bank of China: Policy Direction to Develop Digital RMB and Curb Virtual Currencies, Including Stablecoins, is Clear [Copy]
