Wang Yongli, former vice president of the Bank of China: Promoting a stablecoin for the RMB has no advantage both domestically and internationally.

Wang Yongli, former vice president of the Bank of China, published an article titled "Why Did China Resolutely Halt Stablecoins?" The article points out that China already has a leading global advantage in mobile payments and digital yuan. Promoting RMB stablecoins has no advantage domestically, and it is unlikely to have much room for development or influence internationally. Furthermore, China should not follow the path of US dollar stablecoins and should fully promote the development of RMB stablecoins, including both domestic and offshore ones.