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Former Bank of China Vice President Reaffirms Policy to Curb Virtual Currencies Including Stablecoins

Wang Yongli, former Vice President of Bank of China, said on Dec. 5 that China's policy to curb virtual currencies including stablecoins has been fully clarified, BlockBeats reports. The policy reflects considerations including China's leading position in mobile payments and digital yuan, yuan sovereignty security, and financial system stability. Wang argued that yuan-denominated stablecoins offer no advantage and may threaten yuan sovereignty, while stablecoins pose risks for cross-border money laundering and fraud.
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