Wang Yongli, former vice president of Bank of China: Stablecoin legislation may seriously backfire on stablecoins

PANews reported on September 13 that 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 surely 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. China should have a clearer understanding and more advanced measures. 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 on the chain.