PBOC Director Wang Xin Closely Monitoring Stablecoins' Impact on International Payment Systems

According to Guru Club citing Yinghuang News, Wang Xin, director of the People's Bank of China (PBOC) Research Bureau, stated on June 17 at the Lujiazui Forum that the central bank will closely monitor stablecoins' impact on the international monetary system and cross-border payments.

Wang emphasized the need to further strengthen the safety, neutrality, and efficiency of the international payment system, enhance connectivity between central bank and retail payment systems, and prudently explore new payment tools while perfecting regulatory frameworks to support more inclusive, efficient, and resilient international payments.