Former Vice President of the Bank of China: Legislation on the entire encryption asset should be accelerated, and banks and other Financial Institutions should be encouraged to speed up on-chain.

CoinVoice has recently learned that Wang Yongli, former vice president of the Bank of China, stated that stablecoins are not an essential and irreplaceable factor for the operation of the on-chain encryption world. The legislation on stablecoins will undoubtedly promote the legislation of the entire crypto assets, thereby having a profound impact on the landscape of the crypto market, and it could even severely backlash against stablecoins. The article analyzes that once the legislation clarifies the legality of stablecoins and crypto assets, banks and other payment institutions can connect with public chains or on-chain trading platforms to realize on-chain deposits, supporting customers to directly convert off-chain fiat deposits into on-chain crypto fiat, thereby replacing fiat stablecoins as the bridge connecting the crypto world with the real world. This will reduce the additional steps and costs for non-financial institutions engaged in the conversion between fiat and stablecoins. Wang Yongli suggested that China's focus should not be on developing the RMB stablecoin (as the space is quite limited), but rather on achieving a leapfrog development, accelerating the legislation of the entire crypto assets, encouraging banks and other Financial Institutions to speed up on-chaining, actively promoting RWA development, attracting crypto exchanges to sign up or register in Hong Kong, and accelerating the on-chain operation of the RMB.