China wants to expand the digital yuan range in the midst of the potential monopoly of Pegged Stablecoins: Report
Chinese National Finance and Development Laboratory Deputy Director, the country’s president Trump embraces crypto currencies, said the scope of Digital Yuan should expand the scope.
In an opinion published in the official Chinese broadcast The Study Times, Zhang Ming he says The Stablecoins anchored to the US dollar dominates the field of digital currency and will further strengthen the global currency status of the currency.
“When the US Dollar Stablecoin connects the US dollar’s international loan more closely with the application scenario of the virtual world, it can greatly unite the hegemony of the US dollar.”
Last week, President Trump said that the dollar -backed stablecoins would help protect US dollar as the best Fiat currency in the world. He also called on the Congress to cross the legislation containing the Stablecoins and the market structure.
In order to resist Trump’s movements to strengthen the superiority of the US dollar, Zhang calls his nation to scope of digital Yuan’s scope in terms of beings and access.
Expand the substitution range of digital RMB (Renminbi) from M0 (Cash) to M1 (cash plus demand deposit) or even M2 (Cash plus all deposit). Expands and help.
Another planned attempt is to increase the development of China Stablecoins.
“Expand the use of digital coins on the internet platform and better combine the rumor’s dominant loan with the global application scenario of the Chinese platform. As long as design and risk prevention are suitable, the use of digital jets on these platforms can significantly expand the international money status of the US dollar target, because the US -Dollars can meet the US Dollar -stablein challenges.
According to Zhang Ming, China and other countries should publish their own supported crypos to prevent the US from dominating stablecoin and digital assets.
“The development of various digital currencies naturally monopolizes the way of development of US dollar digital currencies.”
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