Director of Shanghai Finance and Development Laboratory: Stablecoins should be used to promote the upgrading of financial services

Odaily Planet Daily News: Zeng Gang, Chief Expert and Director of Shanghai Finance and Development Laboratory, pointed out in an article that the payment convenience of emerging stablecoins and digital currencies should be fully utilized to promote the upgrading of financial services within a controllable range, meet the practical needs of social members for efficient, secure, and low-cost payment tools. However, it is necessary 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 silos, and regulatory arbitrage phenomena. Zeng Gang stated that new currency 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)