Chairman of the National Finance and Development Laboratory: Fully leverage Hong Kong's advantages to develop offshore Renminbi stablecoins

BlockBeats news, on June 21, Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, stated that the United States' push for stablecoin legislation aims to strengthen the position of the US dollar, promote payment modernization, and create new demand for US Treasuries. Stablecoins are essentially an extension of the US dollar on the blockchain. In the face of this trend, China should firmly promote the internationalization of the Renminbi and adapt to the trend of integrating stablecoins with traditional finance, promoting the complementary development of Renminbi stablecoins and central bank digital currencies. Li Yang suggested fully leveraging Hong Kong's advantages to develop offshore Renminbi stablecoins and build controllable international payment channels.