Former President of Bank of China: Stablecoins have the role of innovative financial convenience, but also have systemic financial risks.
Powered by ChatGPTOn July 27, Li Liuhui, former president of the Bank of China, stated at the "2025 International Monetary Forum" that stablecoins have the role of innovative financial facilitation, but also have systemic financial risks.
He stated that the United States hopes to bind stablecoins to the US dollar in order to maintain its global monetary and financial hegemony. If the United States cannot improve its twin deficits, it may affect the stability of its currency value. In addition, he pointed out that Hong Kong stablecoins can relax domestic access when conditions are met, helping the internationalization of the RMB.
He also emphasized that it is necessary to track the dynamics of the decentralized financial market represented by the United States and enhance China's position in the global monetary and financial system. [BlockBeats]