Li Yang, Chairman of the National Institution for Finance & Development: How to Address Stablecoins and Other Digital Currencies—Chinese Regulators Already Have Plans

According to a report by Jinse Finance, Li Yang, a member of the Chinese Academy of Social Sciences and Chairman of the National Institution for Finance & Development, stated at the recent China Macroeconomic Forum (CMF) 2025 Mid-Year Forum held by Renmin University of China that although there are many types of existing virtual currencies, only stablecoins have entered the legislative process, which warrants significant attention. Stablecoins have a distinctly different theoretical foundation and operational characteristics compared to traditional currencies, and will pose new challenges to the conventional monetary and financial system. The current global trend is the widespread adoption of Bitcoin and stablecoins, so we must immediately address the question of "what should be done." Regarding how to respond to the issues brought by stablecoins and other digital currencies, Chinese regulatory authorities have already made arrangements. China will not fall behind; our policy toolkit will continue to expand to ensure the steady and long-term development of China's macroeconomy.