China’s Central Bank Focuses on Stablecoins in Cross-Border Payments

The People’s Bank of China emphasized the potential impact of stablecoins on cross-border payments and called for enhanced monitoring to safeguard the international monetary system and global payment networks. Wang Xin, director-general of the Research Bureau of the People’s Bank of China, highlighted the significance of stablecoins during the Lujiazui Forum, stressing the need for regulatory coordination as these digital assets gain prominence in global payments. Wang underscored the importance of efficient and diverse payment infrastructure to drive sustainable development through increased cross-border investment and financing activities. He also warned about the risks of geopolitical influences on payment channels disrupting…