Chinese Bank Former Vice President: China's firm policy to curb cryptocurrency and promote the development of the digital renminbi is now completely clear

BlockBeats News, December 14th. Wang Yongli, former Vice President of a Chinese bank, stated in an article on WeChat Official Account that since May 2025, the United States and Hong Kong, China have been actively promoting stablecoin and cryptocurrency (digital asset) legislation. The United States has also been pushing legislation to ban the issuance of a digital dollar, triggering a global surge in stablecoin and cryptocurrency legislation and development. This has sparked a debate in China on whether it should vigorously promote RMB stablecoin legislation and development, as well as whether to further advance the development of the digital RMB. Subsequently, the People's Bank of China announced that it would optimize the positioning of the digital RMB in the currency hierarchy, further improve the digital RMB management system, and actively promote the development of the digital RMB. On November 28th, the People's Bank of China and 13 other departments jointly held a "Coordination Mechanism Meeting to Combat Virtual Currency Trading Speculation," clarifying that stablecoins are a form of virtual currency, emphasizing the continued adherence to the prohibitive policy on virtual currency, and the ongoing crackdown on virtual currency-related illegal financial activities. Therefore, China is resolutely promoting the development of the digital RMB, and the policy orientation of decisively curbing virtual currency has been fully determined.

Wang Yongli also pointed out that it is necessary to accelerate the innovative development of the digital RMB and promote its widespread domestic and international use, to quickly establish its unique advantage in international payments, and to follow the path of Chinese success in digital currency development.