Stablecoin Wave: Global Challenges and Opportunities
A recent report indicates that stablecoin is creating a strong wave and becoming an urgent issue that all countries must face. Allowing stablecoin to develop uncontrolled outside the legal framework will cause negative impacts on the national financial system. At the same time, refusing an effective payment tool means losing many new opportunities in the global monetary trend.
Impact on National Financial System
Stablecoin is not simply a trading tool in the cryptocurrency market but also potentially causes major fluctuations for central banks if there is a lack of strict supervision. The increase in non-transparent electronic payments can lead to liquidation disruption and threaten macroeconomic financial stability. Therefore, establishing a timely legal framework is very necessary to control system risks.
Solution for China: Active Management to Promote RMB Internationalization
In the context of China promoting the international position of the Renminbi (RMB), effectively regulating stablecoin is the most viable option. Instead of allowing stablecoins to develop spontaneously, China should apply strict management policies to protect national interests. Developing a stablecoin linked to RMB not only consolidates the domestic currency's position but also paves the way for expanding influence in the global monetary market.
Benefits and Risks in Promoting RMB Stablecoin
Stablecoin offers advantages of fast payment, low transaction fees, and high stability. However, risks related to security, legal issues, and potential pressure on monetary policy cannot be ignored. Experts affirm that developing a stablecoin linked to RMB needs to be carried out "sooner or later" to avoid falling behind in the global digital currency race.
Dual-Track Strategy for Digital Currency Competition
Simultaneously combining Digital RMB and cross-border RMB stablecoin could become a breakthrough strategy. This "dual track" model helps maximize cryptocurrency utility while maintaining control from regulatory agencies. This is seen as a new approach to consolidating RMB's international position in the context of a rapidly changing global monetary system.
Overall, stablecoin is not just a factor creating waves in the cryptocurrency industry but also a modern national financial management challenge. With the ability to establish a balance between innovation and control, stablecoin management is the key to success in creating a sustainable and competitive financial ecosystem.
