王永利 |中国为何坚决叫停稳定币？

Core Viewpoint - China is accelerating the development of the digital yuan while firmly curbing virtual currencies, including stablecoins, due to its leading position in mobile payments and digital currency, as well as concerns over national currency security and financial system stability [1][4][18] Group 1: Policy Direction - The People's Bank of China (PBOC) has announced plans to optimize the positioning of the digital yuan, moving away from its initial M0 classification, and is establishing operational centers in Shanghai and Beijing to enhance its management and international cooperation [3][4] - A recent meeting emphasized the need to continue enforcing prohibitive policies against virtual currencies, including stablecoins, which are classified as a form of virtual currency subject to the same restrictions [4][5] Group 2: Global Context and Competition - The rise of stablecoins, particularly those pegged to the US dollar, has created a competitive landscape where non-dollar stablecoins face significant challenges in gaining traction internationally [5][6] - The US has been promoting stablecoin legislation, which is seen as a strategy to enhance the dollar's dominance and reduce financing costs, while other countries struggle to compete with the established dollar stablecoin ecosystem [6][7] Group 3: Risks and Challenges - The rapid expansion of dollar stablecoins has raised concerns about their impact on global financial stability and the potential for illicit activities, necessitating a robust regulatory framework [10][16] - The introduction of stringent regulations for stablecoins in the US may inadvertently undermine their value and operational viability, posing challenges for compliance and market stability [9][11] Group 4: Strategic Recommendations for China - China should not follow the US path in promoting stablecoins, as it lacks competitive advantages in this area and risks compromising its currency sovereignty and financial stability [15][16] - The focus should be on accelerating the innovation and application of the digital yuan to establish a leading position in the international digital currency landscape while ensuring robust regulatory measures against virtual currency speculation [17][18]