Former Vice Governor of Bank of China: Entire Crypto Asset Legislation Should Be Speeded Up, Encouraging Banks and Other Financial Institutions Groups to Speed Up the Chain

Wang Yongli suggested that China's focus should not be the development of RMB stablecoins (space is already quite limited), but to achieve lane overtaking, speed up the entire crypto asset legislation, encourage banks and other Financial Institutions Group to speed up the chain, actively promote the development of RWA, attract crypto exchanges to register or register in Hong Kong, speed up the RMB chain operation.
According to the analysis of the article, after the legislation clarifies the legitimacy of stablecoins and crypto assets, banks and other payment institutions can integrate with the public chain or on-chain trading platform to realize the deposit chain, and support customers to directly convert off-chain fiat deposits into on-chain crypto fiat currencies, so as to replace fiat stablecoins and become a channel connecting the crypto world and the real world. This will reduce the additional links and costs of non-Financial Institution Group entities engaged in the conversion of fiat currencies and stablecoins.
Wang Yongli suggested that China's focus should not be the development of RMB stablecoins (space is already quite limited), but to achieve lane overtaking, speed up the entire crypto asset legislation, encourage banks and other Financial Institutions Group to speed up the chain, actively promote the development of RWA, attract crypto exchanges to register or register in Hong Kong, speed up the RMB chain operation.