In the rapidly changing landscape of digital finance, China needs to determine its strategy towards stablecoins and blockchain technologies.
Role of Stablecoins in the Crypto Market
According to the expert, stablecoins currently play a significant role in crypto markets, but they are not essential for the functioning of blockchain ecosystems. They should be seen as tools rather than irreplaceable elements.
Regulatory and Integration Proposals
The expert highlights that regulating stablecoins will inherently link to broader aspects of the crypto sector, potentially triggering serious consequences for the industry. He advocates for the registration of crypto exchanges in Hong Kong to effectively integrate the RMB into global blockchain activity.
Debate on Digital Finance in China
His comments underline the growing discussion within China on how to appropriately position the country in the rapidly evolving world of digital finance, finding a balance between innovation and stronger controls.
Thus, China faces an important task — to develop blockchain technologies and the tokenization of assets, focusing on creating a comprehensive legal framework for cryptoassets.
