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How does the Chinese Government think about Stablecoins?

Not long ago, two articles published by China Finance (one of the most influential professional journals in the Chinese financial community) did an in-depth and thorough analysis of stablecoins.

Wang Huaqing, former secretary of the Central Commission for Discipline Inspection, co-authored the first article that is titled “A Brief Analysis of Stablecoins.” Yao Qian, director of the Digital Currency Research Institute at People’s Bank of China, co-authored the second article that is titled “Stablecoins Experiments and Lesson Learned.” Stablecoin is one of the most popular cryptocurrency products released in 2018. Yet, how should the Chinese government respond to this stablecoin mania? The following content aims to illustrate the most important ideas conveyed in these two aforementioned articles.

Let’s start by talking about the first article, “A Brief Analysis of Stablecoins.”

According to the author, except for the legal cryptocurrency issued by the People’s Bank of China, no ...

 


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