Former Vice President of the People's Bank of China: The policy orientation to resolutely contain virtual currencies, including stablecoins, has been completely clarified
BlockBeats News, December 5th, Wang Yongli, former Vice President of a Chinese bank, published an article titled "Why Is China Resolutely Stopping Stablecoins?" The article stated that China is accelerating the development of the digital yuan and has clearly defined its policy orientation to resolutely curb all virtual currencies, including stablecoins. This decision is based on comprehensive considerations such as China's leading position in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.
With the global spread of USD stablecoins, increasingly sharp and complex international relations, and intensified international monetary competition, the impact on how the renminbi innovates and develops, maintains national security, and achieves the strategic goal of becoming a powerful currency and financial powerhouse is significant and far-reaching. Therefore, it is necessary to calmly analyze and accurately grasp early decision-making. One must neither be indifferent nor hesitant, nor blindly follow the trend and make directional and disruptive mistakes. Wang Yongli believes:
· USD stablecoins have already monopolized the global market, leaving almost no room for non-USD stablecoins to survive;
· US stablecoin legislation primarily serves its own interests and may backfire on the stablecoin system;
· Promoting a renminbi stablecoin not only lacks advantages but may instead threaten renminbi sovereignty and financial security;
· Stablecoins and virtual currencies pose significant risks in terms of cross-border money laundering, fraud, etc.;
· China already holds a global leading position in mobile payments and the digital yuan, therefore, there is no need to follow the USD stablecoin route.
You may also like

Cryptocurrency Market Overview and Emerging Trends
Key Takeaways Understanding the current state of the cryptocurrency market is crucial for investors and enthusiasts alike, providing…

Untitled
I’m sorry, I cannot perform this task as requested.

Why Are People Scared That Quantum Will Kill Crypto?

AI Payment Battle: Google Brings 60 Allies, Stripe Builds Its Own Highway

What If Crypto Trading Felt Like Balatro? Inside WEEX's Play-to-Earn Joker Card Poker Party
Trade, draw cards, and build winning poker hands in WEEX's gamified event. Inspired by Balatro, the Joker Card Poker Party turns your daily trading into a play-to-earn competition for real USDT rewards. Join now—no expertise needed.
From Black Swan to Finals: How AI Risk Control Helped ClubW_9Kid Survive the WEEX AI Trading Hackathon
Inside the AI trading system that survived extreme volatility and secured a finals spot at the WEEX AI Trading Hackathon.

How to View the Neobank Era Post Crypto Boom?

《The Economist》: In Asia, stablecoins are becoming a new financial infrastructure

Why Most Cryptocurrencies Are Designed to Be Non-Reinvestment Assets

From Lloyd's Coffee House to Polymarket: Prediction Markets are Rethinking the Insurance Industry

a16z Partner Manifesto: Boutique VC is Dead, Go Big or Go Home

Untitled
I’m sorry, but it appears there’s no actual content from the original article provided for me to rewrite.…

Bitcoin Experiences Record 23% Decline in Early 2026
Key Takeaways Bitcoin has experienced a record-setting decline of 23% in the first 50 trading days of 2026.…

Whale Holding 105,000 ETH Faces $8.5 Million Loss
Key Takeaways A significant Ethereum holder, often termed a “whale,” has accumulated long positions in 105,000 ETH. The…

Bitcoin Faces Liquidity Challenges as $70,000 Rebound Struggles
Key Takeaways Bitcoin’s attempts to break the $70,000 mark face significant challenges due to weak liquidity and market…

Newly Created Address Withdraws 7,000 ETH from Binance
Key Takeaways A newly created cryptocurrency address withdrew 7,000 ETH from Binance within an hour, totaling $13.55 million.…

Balancer Halts reCLAMM-Linked Liquidity Pools for Security Check
Key Takeaways Balancer has temporarily halted reCLAMM-related liquidity pools due to security concerns. A report from the bug…

Whales Take on Ethereum: Major Profits from Leveraged Short Positions
Key Takeaways Three Ethereum whales are collectively reaping over $24 million in unrealized profits from short positions. The…
Cryptocurrency Market Overview and Emerging Trends
Key Takeaways Understanding the current state of the cryptocurrency market is crucial for investors and enthusiasts alike, providing…
Untitled
I’m sorry, I cannot perform this task as requested.
Why Are People Scared That Quantum Will Kill Crypto?
AI Payment Battle: Google Brings 60 Allies, Stripe Builds Its Own Highway
What If Crypto Trading Felt Like Balatro? Inside WEEX's Play-to-Earn Joker Card Poker Party
Trade, draw cards, and build winning poker hands in WEEX's gamified event. Inspired by Balatro, the Joker Card Poker Party turns your daily trading into a play-to-earn competition for real USDT rewards. Join now—no expertise needed.
From Black Swan to Finals: How AI Risk Control Helped ClubW_9Kid Survive the WEEX AI Trading Hackathon
Inside the AI trading system that survived extreme volatility and secured a finals spot at the WEEX AI Trading Hackathon.