Director of Shanghai Finance and Development Laboratory: Stablecoins should be used to promote financial service upgrades

Odaily News Zeng Gang, chief expert and director of the Shanghai Finance and Development Laboratory, pointed out in an article that we should make full use of the payment convenience of emerging stablecoins and digital currencies, promote the upgrading of financial services within a controllable range, and meet the actual needs of social members for efficient, safe, and low-cost payment tools. However, we need to be highly vigilant about the possibility of non-bank institutions monopolizing payment channels, user data, and business opportunities, and effectively prevent the accumulation of systemic financial risks, the formation of information islands, and regulatory arbitrage. Zeng Gang said that new monetary tools such as stablecoins and encrypted assets will continue to penetrate into real economic activities, bringing greater convenience and choice space to market participants. (Caixin)