Former Vice President of Bank of China: China's resolute suspension of stablecoins is based on multiple strategic considerations, and there is little room and opportunity to develop non-dollar stablecoins

Former Bank of China Vice President Wang Yongli published an analysis on the official account of the reasons why China firmly stopped stablecoins.
Wang Yongli pointed out that China's policy orientation of accelerating the development of digital RMB and resolutely curbing virtual currencies including stablecoins has been completely clear. This is due to the comprehensive consideration of various factors such as China's mobile payment and digital RMB global leadership, RMB sovereign security, and monetary and financial system stability.
Wang Yongli believes that there is little room and opportunity for the development of non-US dollar stablecoins. US dollar stablecoins have occupied more than 99% of the market value and trading volume of global legal currency stablecoins. He stressed that with US dollar stablecoins having a high share of the crypto asset trading market, China's development of RMB stablecoins following the path of US dollar stablecoins will not only be difficult to challenge the international status of US dollar stablecoins, but may even make RMB stablecoins a vassal of US dollar stablecoins, posing a serious threat to the sovereignty and security
Wang Yongli said that China has a global lead in mobile payment and digital RMB, and should firmly promote the development of digital RMB and walk out of the road of digital currency development in China.