Abstract : Regulations on stablecoins should be more strict than that of Bitcoin.
At the Boao Forum held on April 18, Li Bo, deputy governor of the People's Bank of China (PBOC), said that they were studying the regulation rules for Bitcoin and stablecoins.
According to him, stablecoins issued by private companies would have to be regulated as tightly as banks or quasi-banking financial institutions if they may became a payment instrument in the future. That is to say, regulations on stablecoins should be more strict than that of Bitcoin.
In addition, when talking about the regulation issues on cryptocurrency, Li responded that it was necessary to ensure that speculation in such assets would not cause serious financial risks. According to Libo, crypto assets are an investment option, not a currency per se, but an alternative investment.
He said, "We think crypto assets should play a role in the future, either as an investment vehicle or as an alternative investment. Many countries, including China, are also studying what kind of regulatory environment should be established for it if seen as an investment vehicle. In any case, regulation needs to be established."
He also mentioned that China's digital currency pilot projects had been very successful so far and were being pushed forward. At present, there was no specific timetable for the official launch of the digital RMB. He added that during the upcoming Beijing Winter Olympics, the digital RMB would be made available not only to domestic users, but also to international users and guests.