Wang Yongli: The accelerated development of US dollar stablecoins brings profound warnings, and China needs to pay full attention

Odaily News Wang Yongli, former vice president of the Bank of China, published an article entitled "The Accelerated Development of US Dollar Stablecoins Brings Profound Warnings", in which he pointed out that the United States has passed legislation to protect and support the mining and trading of crypto assets and even become a national strategic reserve, support the legal operation of US dollar stablecoins, actively seize the commanding heights in the field of crypto assets and stablecoins, and enhance the demand for U.S. Treasury bonds and the international influence of the US dollar. This has important and far-reaching strategic significance, and China needs to pay full attention and actively respond.
Fortunately, Hong Kong is actively promoting the development of Web3.0, crypto assets and Hong Kong dollar stablecoins, and mainland companies are also actively participating. Hong Kong's stablecoin regulatory regulations are at the forefront of the world, which can provide valuable reference for the mainland. It requires the mainland's financial, academic, judicial and regulatory sectors to pay close attention and conduct in-depth research. It is possible to consider launching an offshore RMB stablecoin in Hong Kong and take the lead in using it for overseas crypto asset transaction payment and settlement, and explore the development of RMB stablecoins and even digital RMB.