The possibility of allowing private firms to issue stablecoins based on the digital yuan remains a “very sensitive” question, Huang Yiping stated.
The idea of lifting the cryptocurrency ban has started floating in China as a former central bank official has called the country to review its stringent crypto restrictions.
Huang voiced his concerns about the future of fintech in China in a speech in December, according to a transcriptThe former official argued that a permanent ban on crypto could result in many missed opportunities for the formal financial system, including those related to blockchain and tokenization. Crypto-related technologies are “very valuable” to regulated financial systems, he stated, adding:
“There is no particularly good way to ensure stability and function as to how cryptocurrencies should be regulated, especially for a developing country, but ultimately an effective approach may still need to be found.”
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