The post Stablecoins Can Boost US Dominance: China CPI’s Ming Zhang appeared on BitcoinEthereumNews.com.

Stablecoins Dilemma – The tactical warfare between China and the US has found two new emerging battlegrounds in Artificial Intelligence and Cryptocurrencies. While China is following a more centralized approach to the adoption of cryptocurrencies, the US, with the coming up of the Trump administration, is making significant strides in the pro-crypto regulatory jurisdictions. Since 2021, China has enforced a blanket ban on cryptocurrency mining and trading, implying no stablecoin or crypto transactions, with the Chinese government focusing solely on promoting its central bank digital currency (CBDC), the digital yuan. The creation of US Crypto Strategic Reserve and the perceived fear of “US dominance in global finance with dollar-pegged stabelcoins”, as Ming Zhang reflects, have left China’s CPI sweating bullets. But that is evident as the emergence of Chinese startup, DeepSeek-V3, is the only recent instance we have of any signficant stride by the United States’ long-considered foe, the China. And now in a recent Study Times article that CoinGape got access to, Ming Zhang, the deputy director of the Chinese Academy of Social Sciences clearly reflects on the Communist Party’s thoughts on digital currencies led by Bitcoin, Central Bank Digital Currencies (CBDCs) and Stablecoins. Notably, CASS is a state-backed research institute and a ministry-level institution under the State Council of China, meaning its reports often align with the government’s broader economic and financial policies. Here’s all Zhang Ming and China’s CPI have to say after making first such public mulling on cryptocurrencies. The value of cryptocurrency is determined neither by the sovereign credit of a country nor by other currencies or financial assets linked to the currency, but by a set of rigorous computer algorithms. But the biggest problem with Bitcoin is that its price fluctuates greatly. The price peak of a Bitcoin once reached more than $100,000, and…

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Filed under: News - @ March 22, 2025 7:15 pm