Guan Tao emphasizes the strategic importance of digital currency and RMB internationalization while cautioning against the rush to adopt USD stablecoins.
At the China Macroeconomic Forum, Guan Tao, Chief Economist at BOC Securities, warned about USD stablecoins lacking sovereign backing and suggested a cautious approach. He noted that China already has 'quasi-stablecoins' like the Hong Kong dollar, which is pegged to the USD. Guan Tao stressed the importance of focusing on digital currency development and the internationalization of the RMB, warning that stablecoins could lose their advantages if treated as true currencies, leading to market oligopoly.