Wang Yongli, former vice governor of the Bank of China, has urged policymakers to fast-track the rollout of clear and comprehensive rules for digital assets.
He argued that while stablecoins play a visible role in crypto markets today, they are not essential to the functioning of blockchain ecosystems and should not be treated as irreplaceable.
In his view, regulating stablecoins would naturally extend to the wider crypto sector, setting off a chain reaction with far-reaching consequences.
While this could bring oversight and stability, he cautioned that it might also undermine the role of stablecoins themselves.
Rather than focusing on launching a renminbi-backed stablecoin, Yongli believes China’s priority should be to build a complete legal framework for cryptoassets.
He suggested that banks and financial institutions should accelerate their move onto blockchain rails, while also supporting the tokenization of real-world assets. Another key step, he said, would be registering crypto exchanges in Hong Kong, helping integrate the RMB into global on-chain activity more effectively.
His comments add to a growing debate within China on how to position the country in the rapidly evolving digital finance landscape, balancing innovation with stronger controls.
