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The People's Bank of China (PBC) believes that the stablecoin market poses a potential threat to financial systems.
While major payment systems such as Visa see stablecoins as a sole prospect of making money transfers more accessible and convenient for customers around the world, PBC representatives consider them to be one of the main threats to international financial systems.
This position was expressed by one of the representatives of the PBC, Fan Yifei. According to him, participants in the crypto industry like Tether (USDT) and others like it threaten the world's settlement and financial systems. He also noted that the bank is alarmed by the fact that “private payment systems” are developing too quickly. The PBC, in turn, seeks to reduce the potential monopoly in the industry to zero, fighting against "chaotic capital increases."
According to Fan Yifei, stablecoins pose a certain risk to the international monetary system, because the Chinese authorities have already taken measures to limit the spread of global tokens in the country. He argues that a tightening policy will be adopted, both concerning global companies offering stablecoins and local corporations. He mentioned Ant Group Alibaba as an example.
Recall that the IPO of Ant Group Alibaba for over 37 billion was suspended in November 2020, as a result of which an antitrust investigation was initiated.
In a statement on behalf of PBC, Fan Yifei criticized BTC and other digital currencies, calling them “speculative instruments” and assets that threaten not only financial security but also the social stability of citizens.
Meanwhile, the development of the Chinese CBDC is not standing still. One of the PBC executives, Mu Changchun, said that they intend to ensure the use of the digital yuan in the popular services WeChat Pay and AliPay. Currently, testing of the system is available to those who received a special invitation, and the system itself has already collected more than 10 million users.