Li Yang, Chairman of the National Financial and Development Laboratory: How to respond to stablecoins and other Digital Money. The Chinese regulatory authorities have already made arrangements.

[Chairman of the National Financial and Development Laboratory Li Yang: How to Respond to Stablecoins and Other Digital Currencies, Chinese Regulatory Authorities Have Arrangements] Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Financial and Development Laboratory, stated at the recent China Macroeconomic Forum (CMF) 2025 Mid-Term Forum held at Renmin University of China that although there are various types of virtual money currently in existence, only stablecoins have entered the legislative process, which requires high attention. Stablecoins have a significantly different theoretical basis and operational characteristics compared to traditional currencies, posing new challenges to the traditional monetary financial system. The current global trend is the dominance of Bitcoin and stablecoins, and we must immediately answer the question of "what to do". Regarding how to respond to the issues brought by stablecoins and other digital currencies, China's regulatory authorities have already made arrangements; China will not fall behind. Our policy toolbox will continue to be enriched to ensure the stability and long-term prosperity of China's macroeconomy.