Experts urge for active regulation of stablecoins in China to support the Renminbi's internationalization and leverage new monetary opportunities.
Experts emphasize the urgent need for China to regulate stablecoins to enhance the internationalization of the Renminbi (RMB). The global rise of stablecoins presents risks to financial systems, and neglecting regulation could hinder opportunities for currency globalization. A proactive approach towards developing a RMB stablecoin, alongside a dual-track strategy incorporating both digital and offshore RMB stablecoins, is recommended to compete effectively in the international monetary system.