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Former Vice President of Bank of China: The rapid development of US dollar stablecoins brings profound warnings, and consideration can be given to launching an offshore RMB stablecoin in Hong Kong

ChainCatcher news, former Vice President of the Bank of China Wang Yongli published an article titled "The Accelerated Development of Dollar Stablecoins Brings Profound Warnings," in which he pointed out that the United States is legislating to protect and support the mining and trading of crypto assets, even making it a national strategic reserve. It supports the legal operation of dollar stablecoins and actively seizes the high ground in the fields of crypto assets and stablecoins, enhancing the demand for U.S. Treasury bonds and the international influence of the dollar, which has significant and far-reaching strategic implications. China needs to fully recognize and actively respond to this.Fortunately, Hong Kong is actively promoting the development of Web 3.0 along with crypto assets and Hong Kong dollar stablecoins. Companies from the mainland are also actively participating. The regulatory framework for stablecoins in Hong Kong is leading the world and can provide valuable references for the mainland. It requires high attention and in-depth research from the financial sector, academia, as well as judicial and regulatory departments in the mainland. Consideration could be given to launching an offshore RMB stablecoin in Hong Kong, initially used for overseas crypto asset trading payment and settlement, exploring the development of RMB stablecoins and even digital RMB.

MARA: Controlling key resources such as Bitcoin block space and hash rate could have profound implications for the financial sovereignty of the United States

ChainCatcher news, Bitcoin-listed mining company MARA stated that controlling key resources such as Bitcoin's block space and hash rate (the pillars of the network) could have profound implications for America's financial sovereignty and its ability to maintain global influence in the digital age. It called on the U.S. government to take decisive action to address the challenges posed by Bitcoin and seize opportunities, while implementing the following strategic measures:Create a U.S. Bitcoin Strategic Reserve. The U.S. should acquire Bitcoin as a strategic reserve asset. By holding Bitcoin, similar to the U.S. being a major holder of gold, America will ensure its transactional capability when confidence in the dollar weakens globally;Invest in domestic Bitcoin mining. The U.S. should prioritize expanding its domestic Bitcoin mining operations to increase its share of global hash power. By controlling a larger portion of global hash power, the U.S. can ensure secure access to block space and protect its economic sovereignty;Develop mining technology to promote self-sufficiency. Encourage domestic production of mining hardware (ASIC chips) to reduce reliance on foreign suppliers. This will ensure that the U.S. does not depend on critical infrastructure from hostile nations, thereby enhancing technological self-sufficiency and strengthening national security;Implement supportive policy regulations. Establish clear and comprehensive regulations to provide legal clarity for Bitcoin miners and investors. Offering incentives, such as tax breaks for incorporating renewable energy into mining operations, will further stimulate industry growth, technological advancement, and job creation;Lead global Bitcoin standards. The U.S. should take a leadership role in establishing global standards for decentralized networks. By collaborating with allies and ensuring that Bitcoin remains a neutral, open, and secure platform, the U.S. can promote stability in global financial transactions and prevent the centralization of hash power by hostile nations;Protect national security through hash power control. As competition in Bitcoin mining intensifies, controlling a significant amount of domestic hash power will protect the U.S. from foreign interference. Ensuring a strong share of global hash power can prevent hostile nations from censoring or delaying U.S. transactions, which could have serious economic repercussions.
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