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

News: Shanghai Financial and Development Laboratory's chief expert and director Zeng Gang wrote that we should fully utilize the payment convenience of emerging stablecoins and digital currencies, promote financial service upgrades within controllable ranges, and meet the practical needs of social members for efficient, safe, and low-cost payment tools. However, he emphasized the need to be highly vigilant about potential monopolies by non-bank institutions in payment channels, user data, and business opportunities, and effectively prevent the accumulation of systemic financial risks, the formation of information silos, and regulatory arbitrage. Zeng Gang stated that new monetary tools such as stablecoins and crypto assets will continue to penetrate real economic activities, bringing greater convenience and choice space for market participants. (Caixin)