PANews reported on September 13th that Wang Yongli, former Vice President of the Bank of China, stated in a statement that stablecoins are neither essential nor irreplaceable for the operation of the on-chain crypto world. Stablecoin legislation will inevitably drive legislation for the entire crypto asset class, profoundly impacting the crypto market landscape and potentially even severely undermining stablecoins. China should be more aware and proactive. China's focus should not be on developing RMB stablecoins (which already have limited room for development), but rather on overtaking others by accelerating overall crypto asset legislation, encouraging banks and other financial institutions to move to blockchains, actively promoting the development of RWAs, and attracting crypto exchanges to register or domicile in Hong Kong, thereby accelerating the RMB's on-chain operation.PANews reported on September 13th that Wang Yongli, former Vice President of the Bank of China, stated in a statement that stablecoins are neither essential nor irreplaceable for the operation of the on-chain crypto world. Stablecoin legislation will inevitably drive legislation for the entire crypto asset class, profoundly impacting the crypto market landscape and potentially even severely undermining stablecoins. China should be more aware and proactive. China's focus should not be on developing RMB stablecoins (which already have limited room for development), but rather on overtaking others by accelerating overall crypto asset legislation, encouraging banks and other financial institutions to move to blockchains, actively promoting the development of RWAs, and attracting crypto exchanges to register or domicile in Hong Kong, thereby accelerating the RMB's on-chain operation.