Former Vice President of Bank of China calls for accelerating the internationalization of RMB stablecoin

Wang Yongli, former vice president of the Bank of China, recently published an article entitled "The Accelerated Development of US Dollar Stablecoins Brings Profound Warnings", which warned the United States of its rapid layout in the field of crypto assets and stablecoins. He pointed out that the United States has passed legislation to protect the mining and trading of crypto assets, and included them in the national strategic reserves to support the legal operation of US dollar stablecoins. This series of measures aims to seize the commanding heights in the field of crypto assets and stablecoins, enhance the influence of the US dollar in the international market, and then promote the demand for US Treasury bonds, which has far-reaching strategic significance.

Wang Yongli emphasized that the rapid development of US dollar stablecoins not only has a profound impact on the US domestic financial system, but also brings potential challenges to the global economic structure. As a form of digital assets, US dollar stablecoins have shown strong competitiveness in payment, clearing and cross-border financial business. The United States' move is not only to increase its market share in the field of crypto finance, but also to safeguard the status of the US dollar as a global reserve currency through technological innovation and ensure the United States' dominance in the international financial system.

For China, Wang Yongli believes that it is necessary to pay full attention to the development of US dollar stablecoins and the challenges they bring. In particular, against the backdrop of the rapid development of global cryptocurrencies and blockchain technology, China should actively respond to the financial shocks that such strategic moves by the United States may bring. In addition, Wang Yongli pointed out that China should not only guard against external risks, but also strengthen internal and external cooperation, and promote the process of RMB stable currency worldwide through technological innovation and policy guidance.

One bright spot is Hong Kong's positive progress in this regard. As a global financial center, Hong Kong is accelerating the development of Web3.0 and crypto assets. Especially in the field of stable currency, Hong Kong has been at the forefront of the world and has put forward a series of regulatory laws and guidelines, which provides valuable experience for other parts of the world. Wang Yongli believes that Hong Kong's stable currency regulatory framework provides reference and reference for mainland China. The mainland financial community, academia, and judicial and regulatory departments should pay close attention to this issue and conduct in-depth research.

In addition, Wang Yongli suggested that considering launching an offshore RMB stable currency in Hong Kong, it can first be used for overseas crypto asset transaction payment and settlement, and gradually explore the internationalization path of RMB stable currency and digital RMB. This will not only help promote the application of RMB in the international payment system, but also may provide strong support for the cross-border use of digital currency in the future.

In summary, the accelerated development of the US dollar stable currency is not only a major change in the field of financial technology, but also a profound change in the global financial landscape. For China, it should increase its research and response efforts, and through cooperation with Hong Kong and other regions, promote the stable currency of the RMB in the international market and the comprehensive development of digital currency, and create conditions for enhancing China's financial status on the global stage.