PANews
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Wang Yongli, former deputy governor of Bank of China: Why does China firmly call for a stop to stablecoins?
Written by: Wang Yongli, former deputy governor of Bank of China
China is accelerating the development of the digital renminbi, and its policy orientation to firmly curb virtual currencies, including stablecoins, has become completely clear. This is due to a comprehensive consideration of various factors, including China's leading advantages in mobile payments and digital renminbi, the sovereignty security of the renminbi, and the stability of the monetary and financial system.
Since May 2025, the United States and Hong Kong have been competing to promote stablecoin legislation, leading to a surge in global legislation on stablecoins and crypto assets (also known as 'cryptocurrencies' or 'virtual currencies'). A large number of institutions and capital are flocking to issue stablecoins and invest in crypto assets, which has sparked heated discussions on whether China should fully promote stablecoin legislation and the development of the renminbi stablecoin (including offshore). Additionally, after U.S. legislation prohibited the Federal Reserve from issuing a digital dollar, the question of whether China should continue to advance the digital renminbi has also become a hot topic of debate.
China is accelerating the development of the digital renminbi, and its policy orientation to firmly curb virtual currencies, including stablecoins, has become completely clear. This is due to a comprehensive consideration of various factors, including China's leading advantages in mobile payments and digital renminbi, the sovereignty security of the renminbi, and the stability of the monetary and financial system.
Since May 2025, the United States and Hong Kong have been competing to promote stablecoin legislation, leading to a surge in global legislation on stablecoins and crypto assets (also known as 'cryptocurrencies' or 'virtual currencies'). A large number of institutions and capital are flocking to issue stablecoins and invest in crypto assets, which has sparked heated discussions on whether China should fully promote stablecoin legislation and the development of the renminbi stablecoin (including offshore). Additionally, after U.S. legislation prohibited the Federal Reserve from issuing a digital dollar, the question of whether China should continue to advance the digital renminbi has also become a hot topic of debate.
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