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由路透社披露的“中国或将审议发行基于人民币的稳定币”的消息，在全球金融与加密货币市场激起千层浪。这一长期被视为政策“禁区”的话题能浮上水面，本身就足以被解读为一个重要的风向转变信号。

这场突如其来的讨论并非空穴来风。从中国石油天然气集团（CNPC）研究将稳定币用于跨境石油结算，到香港积极推进的稳定币监管沙盒，再到民间自发的离岸人民币稳定币探索，无不预示着人民币稳定币的叙事正在进入一个崭新且更为复杂的阶段。然而，面对这一可能重塑全球金融格局的潜在举措，中国内部的声音并非铁板一块，而是呈现出官方审慎、市场热望与民间疑虑交织的复杂图景。

乐观与期待

在支持者眼中，人民币稳定币承载着巨大的战略机遇。最直接的驱动力，源于对当前美元稳定币独霸格局的挑战。正如市场分析师所言，当前全球稳定币市场超过99%的份额由美元稳定币占据，“中国此举显然是试图打破这一垄断格局”。从2021年严厉打击加密货币，到如今重新审视稳定币，这种转变被视为中国意识到“数字货币这块蛋糕太大，不能让美国独吞”的战略觉醒。

这种期待在社交媒体上得到了呼应。一些华语用户将其形容为“好事”，认为这不仅对加密市场整体有利，也可能为普通民众“多一道干净钱的渠道”。金融分析师“qinbafrank”则从更宏观的视角指出，人民币稳定币的突破口极可能在于“离岸人民币（CNH）”。他强调，香港拥有近万亿的离岸人民币市场规模，加上上海自贸区、海南自贸港等潜在试点，为人民币稳定币的发展提供了天然的土壤。

这种战略构想的具体应用场景也逐渐清晰。中国石油天然气集团（CNPC）披露其正在研究使用稳定币进行跨境石油支付的可行性，便是一个强有力的信号。传统上，石油结算一直是全球主导货币的领域。若人民币能借助稳定币切入这一关键渠道，无疑将极大提升其在全球支付体系中的份额（目前在SWIFT中仅占约2.88%）。这条服务于“一带一路”贸易，独立于SWIFT体系的“数字丝绸之路”，正从一个宏大叙事，走向具体实践的边缘。

审慎与警惕

然而，在热切的市场期待之外，来自中国前央行行长周小川的警告，则代表了官方决策层的审慎与冷静。他在一场闭门研讨会上，从六个维度全面剖析了稳定币潜在的风险，为这股热潮注入了一剂清醒剂。

央行视角：防范货币超发与高杠杆。周小川指出，最核心的风险在于发行方可能在没有足额准备金的情况下“滥发货币”，并在后续流通中，通过存贷、抵押等环节产生“高杠杆放大”的乘数效应，一旦发生挤兑，其风险远超储备金的承受能力。他强调，准备金的托管应由央行或其认可的机构负责，否则难以令人放心。

金融服务模式视角：对“去中心化”与“代币化”的冷静判断。他提醒，并非所有金融资产和服务环节都适合代币化与去中心化。以零售支付为例，中国的移动支付和数字人民币系统已实现极高效率，目前“以全面代币化来取代以账户为基础的支付系统，立论依据不足”。

支付系统视角：合规挑战严峻。稳定币必须满足身份验证（KYC）、反洗钱（AML）和反恐融资（CFT）等严格的合规要求，而目前市场上的稳定币支付业务在这一方面存在明显不足。

市场交易视角：警惕市场操纵与投资者保护缺位。稳定币市场已出现价格操纵与诈欺案例，但现有的监管框架尚不足以有效应对，若再吸引不合格的投资者入场，风险将进一步放大。

微观行为视角：商业利益与公共服务的边界。支付系统兼具基础设施的公共属性，不宜完全交由追逐利益的商业机构主导。必须警惕稳定币被过度用于资产炒作，从而引发金融不稳定。

流通路径视角：真实需求场景是关键。若缺乏足够的应用场景，稳定币可能“发行不出去”。如果支付这条主路不通畅，其流通就可能过度依赖虚拟资产炒作，带来健康性担忧。

周小川的这番话，清晰地勾勒出监管层的核心关切：在拥抱金融创新的同时，如何确保国家金融体系的安全与稳定，始终是不可动摇的底线。

怀疑与忧虑

在乐观的战略家和审慎的监管者之外，还存在着第三种声音——来自民间的怀疑与忧虑。这些声音主要出现在海外社交媒体上，但它们真实地反映了一部分民众的深层担忧。

用户“Zhijiangjinyu”的评论极具代表性，他尖锐地指出：“人民币稳定币就像中国的内循环一样——只会收割中国人。”他担忧，一旦稳定币项目失败，普通用户将投诉无门。更深层的忧虑在于，稳定币的储备资产可能会被用来解决地方政府的债务问题，例如纳入地方政府融资平台（LGFV）的债券，“最终买单的还是跟风的韭菜”。

这种不信任感也体现在对实施路径的质疑上。有评论认为，在严格的资本管制下，人民币稳定币若想真正流通，必然需要严格的身份验证，这与加密世界追求的匿名性背道而驰。还有人认为，所谓的“人民币稳定币”可能只是官方数字人民币（e-CNY）国际化用途的另一种说法，不太可能发行一个完全在公链上自由流通的、独立的稳定币系统。

结论

综合各方观点，一幅关于人民币稳定币未来的路线图轮廓逐渐浮现。它不再是简单的“禁止”或“放开”，而是一套更为精妙的组合拳。

首先，“离岸先行，在岸严控”将是不可逾越的红线。所有有效的探索都集中在离岸人民币（CNH）领域。这确保了风险与中国内地的金融体系有效隔离，避免其成为资本外流的“特洛伊木马”。

其次，“明修栈道，暗渡陈仓”的策略或已悄然展开。香港将是那条吸引全球目光的“栈道”，作为官方认可的试点，进行有限的沙盒测试。而政策真正的棋眼，则可能落在“一带一路”沿线的“陈仓”——鼓励合规团队（如已在哈萨克斯坦取得牌照的AnchorX）在友好国家申领牌照，服务于特定的地缘经济目标。

最终，这场关于人民币稳定币的讨论，已从幕后走向台前。它不再是一个单纯的技术或金融问题，而是交织了地缘政治的雄心、金融稳定的考量、市场创新的渴望以及普通民众的复杂情绪。无论最终政策如何落地，中国显然正在这场全球数字金融变革中，谨慎地探寻一条既能实现“远征”目标，又能守住安全“红线”的独特道路。而全世界，都在屏息观察。

Recently, discussions around the digitalization of the renminbi have presented a highly tense picture: on one side, the mainland of China maintains strict bans on cryptocurrencies and stablecoins, while on the other side, Hong Kong is ambitiously rolling out the red carpet, aiming to build a globally leading regulated virtual asset center. The stablecoin regulation that will take effect on August 1, 2025, by the Hong Kong Monetary Authority, further escalates this 'ice and fire' comparison.

The market cannot help but ask: under the strict financial control walls of the mainland, will stablecoins ever have a chance to land? Where will the digitalization process of the renminbi ultimately lead? The answer is not simply 'yes' or 'no,' but reveals a carefully designed, complex, and multi-layered 'dual-track parallel' and 'trio' strategy.

Amidst the turbulent global cryptocurrency market, particularly with the US accelerating its embrace of this emerging field under the Trump administration, China, the "Eastern Dragon," has chosen a completely different path. An invisible "high wall" is being continuously reinforced and raised.

Recently, the People's Bank of China (PBOC) convened a high-level closed-door meeting, led by the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Stability and Development Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the State Administration for Market Regulation, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. The meeting sent a clear and strong signal: China will not only continue its stringent cryptocurrency ban implemented since 2021, but will also launch a new round of crackdowns and blockades on virtual currency trading and speculation with unprecedented力度 (intensity/effort).

In the torrent of history, some chapters seem to have long been predetermined, yet they always reappear in unexpected ways. In 2021, the Chinese government, with a thunderous momentum and out of dual considerations for financial stability and energy security, comprehensively banned cryptocurrency mining activities. A ban caused the once dominant Chinese mining industry, which accounted for half of the global Bitcoin hash rate, to suddenly fall silent, with millions of mining machines extinguishing their lights overnight, staging an epic 'hash rate migration'. However, four years later, a surprising reality is quietly emerging: China's Bitcoin mining activities have not only not disappeared, but have instead revived in a secretive and tenacious manner, with its hash rate share climbing to third in the world.

The founder of Binance, Zhao Changpeng (CZ), has once again found himself and his cryptocurrency empire at the center of a legal storm. Just as he was enjoying a moment of peace following a presidential pardon and gradually stepping out of the public eye, new shocking allegations have surfaced, directly linking Binance to international terrorism, with claims for damages reaching the billion-dollar level.

This latest class action lawsuit was officially filed on Monday in the federal court of North Dakota, USA, featuring a large and unique group of plaintiffs—over 300 American families of those who were killed or injured in the Hamas attack on October 7, 2023. They are bringing a civil lawsuit against Binance, founder Zhao Changpeng, and another executive, 'Chief Financial Officer' Chen Guangying, under the Justice Against Sponsors of Terrorism Act, accusing them of knowingly providing financial channels for Hamas and other organizations recognized as terrorist groups by the United States over the past several years.

Wall Street's embrace of digital assets is entering a whole new chapter. Asset management giant Grayscale has reached a historic moment, as its highly anticipated Dogecoin (DOGE) and Ripple (XRP) spot exchange-traded funds (ETFs) have officially been approved by the New York Stock Exchange (NYSE), expected to begin trading on November 25 at 11:00 AM Eastern Time. This milestone event not only signifies a significant increase in the acceptance of alternative crypto assets by mainstream financial markets but also opens up more convenient and compliant investment avenues for a wide range of investors.

In the wave of the global digital economy, Bitcoin mining has evolved into a massive industry that influences geopolitics, energy consumption, and national security. Recently, a federal investigation codenamed 'Operation Red Sunset' has put the world's largest Bitcoin mining hardware manufacturer—Bitmain Technologies Ltd. from Beijing, China—under the spotlight. The U.S. government is conducting an in-depth review of its mining equipment (ASIC miners) under the pretext of national security, worried that these devices, which are widespread across the U.S., could potentially become tools for espionage and even pose a threat to the nation's critical infrastructure.

In November, the cryptocurrency market saw a sudden chill. The price of Bitcoin sharply declined from the historical high of about $126,000 set at the beginning of October, performing a breathtaking dive that briefly dipped below the $81,000 mark, evaporating more than 36% of its value in just a few weeks. This sudden crash has intensified discussions of 'the end of the bull market' and 'the arrival of the bear market,' casting a thick veil of fear over the market. However, amidst the panic selling by retail investors, another contrasting scene is unfolding: institutional capital, with its keen sense, seems unfazed and is quietly making strategic moves, taking advantage of the market's panic.

Recently, the cryptocurrency market has been gloomy, with Bitcoin (BTC), which once soared, now experiencing a downward trend after reaching a historical high of $126,000, even briefly falling below the important psychological level of $86,000, with a monthly drop of over 20%. Altcoins are in an even worse state, as the market's fear and greed index has plunged to an 'extreme fear' low. Faced with this seemingly endless 'decline', investors are filled with immense doubts: is this a severe but healthy correction during a bull market, or does it signal a fundamental reversal of the long-term trend, or even the beginning of a new bear market?

In today's rapidly changing world of cryptocurrency, Ethereum co-founder Vitalik Buterin (affectionately known as 'V God' by the community) has once again made a significant impact with his forward-thinking ideas, dropping a bombshell for the entire industry. He not only expressed confidence in the security of decentralized finance (DeFi) in public forums, believing it can rival traditional banking systems in certain aspects, but also took concrete action by co-releasing the Trustless Manifesto with the Ethereum Foundation. This manifesto aims to recalibrate the future development of Ethereum, ensuring that its essence of 'decentralization' and 'censorship resistance' remains intact. This series of actions not only affirms the current state of DeFi development but also serves as a profound prediction for the future of the financial paradigm.

A batch of 127,000 Bitcoins, a mysterious tycoon based in Cambodia, and the increasingly tense standoff between the two superpowers of China and the United States—these elements intertwine to create a cryptocurrency mystery that can be described as a 'Rashomon' scenario. Recently, China's official cybersecurity agency publicly accused the U.S. government of orchestrating and stealing this asset, while the U.S. insists that it is a legitimate seizure action against transnational crime. Who truly owns these hundreds of billions of dollars worth of Bitcoins? What geopolitical struggles and digital sovereignty disputes are hidden behind it?

Amid the global fintech wave, the application of blockchain technology is quietly shifting from the controversial cryptocurrency to areas with more practical application value. Recently, a series of actions by Chinese tech giant Alibaba and its affiliate Ant Group are drawing the market's attention to an emerging and key concept—'Deposit Token' or 'Tokenized Deposit'. This not only heralds a disruptive change in the cross-border payment field but also reflects how large tech companies are cleverly seeking compliant innovation paths under strict regulatory environments.

When Hesperides University announced the launch of the world's first fully online 'Master's in Bitcoin' in November 2025, it was not just a small step for academia, but a significant leap for Bitcoin moving from the margins to the mainstream. This milestone event resonates with the growing trend of cryptocurrency education worldwide, prompting the question: has a cryptocurrency education boom led by higher education institutions truly arrived?


The answer may be more complex and diverse than imagined. This 'boom' is not merely reflected in a master's diploma; it encompasses top university curricula, real investments from institutional investors, strategic transformations of grassroots educational programs, and the societal demand to bridge the significant knowledge gap.

After experiencing sharp declines and consolidation, the cryptocurrency market seems to be shrouded in fog. Bitcoin's price hovers below a key psychological price level, and market sentiment is like a startled bird, filled with the greatest doubt: against the backdrop of continuously inflowing funds into Exchange-Traded Funds (ETFs), who exactly is selling Bitcoin? Behind this intense bull-bear debate lies the question of whether the bull market will continue or if it is the beginning of a deep bear market.


To unravel this mystery, we must delve into the intricacies of the market, piecing together a complete picture from on-chain data, macroeconomics, and institutional perspectives.

Recently, a heated inquiry in Taiwan's legislative body has brought a highly forward-looking and controversial topic into the public spotlight: Should Taiwan investigate its holdings of Bitcoin and consider incorporating this emerging digital asset into its strategic reserves?


This series of discussions is not just about the valuation of a cryptocurrency; more profoundly, it touches on Taiwan's financial strategy, geopolitical risk hedging, and how to position itself amid the global digital economy wave.


Hold steady



On November 11, 2025, during a financial inquiry meeting in Taiwan's Legislative Yuan, KMT legislator Ge Rujun posed a series of sharp questions to Premier Su Tseng-chang, Central Bank Governor Yang Chin-long, and Financial Supervisory Commission Chairman Peng Chin-lung. This was not the first time Ge Rujun raised this issue; as early as May of the same year, he had called for Taiwan to evaluate the inclusion of Bitcoin in its strategic reserves to address global economic uncertainties.

The Czech National Bank (Česká národní banka, CNB) has officially announced that it has historically and for the first time directly purchased Bitcoin and other digital assets, initiating an experimental digital asset investment portfolio valued at $1 million. This move not only marks the Czech central bank's prudent exploration of the cryptocurrency field but also makes it the first central bank globally to publicly acknowledge the direct inclusion of Bitcoin in its balance sheet (albeit as unofficial reserves), with symbolic significance far exceeding the actual scale of one million dollars.


Prudent Experiment



First, it is important to clarify that the Czech central bank's action is not a reckless speculation or a sudden policy shift. The total amount of the portfolio is only $1 million, which accounts for a negligible proportion of its vast total assets, approximately 0.0006%. According to a blog post officially released by the Czech central bank, this decision was approved by the bank's board of directors on October 30, 2025, and its nature is strictly defined as an 'experiment.'