👀 Former Bank of China Official Calls for Faster Crypto Legislation
Wang Yongli, the former vice president of the Bank of China, has urged Beijing to speed up the creation of a complete regulatory framework for digital assets. He believes that stablecoins are not crucial to the future of blockchain and should not dominate the policy agenda.
Instead, Wang emphasized three main priorities:
• allowing banks and financial institutions to interact with crypto under clear rules,
• building infrastructure for tokenized real-world assets, and
• ensuring exchanges operate in regulated environments, including Hong Kong.
He warned that targeting stablecoins alone could distort the market. In contrast, broad legislation would create stability and support sustainable growth.
These comments, made in late August 2025, do not represent official policy. However, they contribute to ongoing discussions in China about how to manage digital asset oversight. For global markets, clearer rules in the world’s second-largest economy could affect liquidity flows, institutional adoption, and the direction of international crypto regulation.