Director of Shanghai Finance and Development Lab: Stablecoins Should Be Used to Promote the Upgrading of Financial Services

Zeng Gang, chief expert and director of the Shanghai Finance and Development Laboratory, published an article pointing out that the payment convenience of emerging stablecoins and digital currencies should be fully utilized to promote the upgrading of financial services within a controllable range, and to meet the realistic needs of social members for efficient, safe, and low-cost payment tools. However, it is necessary to be highly vigilant against the potential monopoly of non-bank institutions on payment channels, user data, and business opportunities, and to effectively prevent the accumulation of systemic financial risks, the formation of information silos, and regulatory arbitrage. Zeng Gang said that new monetary instruments such as stablecoins and crypto assets will continue to penetrate into real economic activities, bringing greater convenience and choice to market participants. (Caixin) [Odaily Planet Daily]