Former Vice President of Bank of China: The entire crypto asset legislation should be accelerated and banks and other financial institutions should be encouraged to speed up the linkage

According to ChainCatcher, Wang Yongli, former vice president of Bank of China, issued a statement saying that stablecoins are not necessary and irreplaceable factors for the operation of the on-chain crypto world. Stablecoin legislation will inevitably promote the legislation of the entire crypto assets, which will have a profound impact on the crypto market structure and may even seriously backfire on the stablecoin. The article analyzed that after legislation clarifies the legitimacy of stablecoins and crypto assets, banks and other payment institutions can connect with public chain or on-chain trading platforms to realize deposit chain and support customers to directly convert off-chain fiat currency deposits into on-chain cryptocurrencies, thereby replacing fiat currency stablecoins and becoming a channel connecting the crypto world and the real world. This will reduce the additional links and costs of non-financial institution entities engaged in fiat currency and stablecoin conversion. Wang Yongli suggested that China's focus should not be on the development of RMB stablecoins (the space is already quite limited), but rather on the goal of overtaking in the new lane, accelerating the legislation of the entire crypto asset, encouraging banks and other financial institutions to speed up the entry of the chain, actively promote the development of RWA, attract crypto exchanges to register or register in Hong Kong, and accelerate the entry of the RMB.