央行定调稳定币违法，相比欧美中国为何走“禁止”这条路？| 马上评

Core Viewpoint - The People's Bank of China has officially classified stablecoins as a form of virtual currency that poses risks related to money laundering and illegal financial activities, reinforcing its strict prohibition policy on virtual currencies [1][6][8]. Summary by Sections Regulatory Approach - China adopts a prohibition model to cut off the circulation of stablecoins, contrasting sharply with the regulatory frameworks being developed in Europe and the U.S. that aim to incorporate stablecoins into existing financial regulations [1][9][14]. - The Chinese government emphasizes the need to protect monetary sovereignty and prevent any form of private digital currency from undermining the central bank's authority [7][14]. Stablecoin Characteristics - Stablecoins are cryptocurrencies pegged to fiat currencies or other assets, designed to maintain price stability, and are often used for cross-border payments and asset preservation [3][4]. - The inherent anonymity of blockchain technology poses challenges for anti-money laundering efforts, making it difficult to trace transactions back to individuals [4][6]. Risks and Challenges - The use of stablecoins for illegal activities, such as money laundering and capital flight, has been highlighted by recent cases, including a significant illegal currency exchange operation involving stablecoins [5][6]. - The potential for stablecoins to create systemic risks, particularly in economies with strict capital controls, raises concerns about their impact on monetary policy and financial stability [4][6][14]. International Regulatory Landscape - The U.S. and EU are developing regulatory frameworks that balance innovation with consumer protection, while China maintains a strict ban on stablecoins [9][10][12]. - The U.S. has introduced the GENIUS Act, which provides a legal framework for stablecoin issuance and trading, while the EU's MiCA regulation establishes clear operational standards for stablecoin issuers [9][10]. Implications for Financial Innovation - China's prohibition model may hinder financial technology innovation and limit opportunities in cross-border payments and digital finance [14][16]. - The lack of a regulatory framework for stablecoins in China could push demand into unregulated areas, creating new risks [16][17]. Need for International Coordination - The cross-border nature of stablecoins necessitates international cooperation to effectively manage risks and prevent regulatory arbitrage [17]. - Establishing early warning and emergency response mechanisms at the international level is crucial to address potential systemic risks posed by stablecoins [17].