China Central Bank Official Urges Closer Watch on Stablecoins in Global Payments

Highlights:

• China central bank official urged regulators to monitor stablecoins’ impact on payments and monetary systems.
• Wang Xin said safer, more connected payment systems are needed as cross-border finance grows.
• He also called for deeper study of CBDCs and stronger international regulatory cooperation going forward.

A senior official at China’s central bank has said regulators should closely watch the impact of stablecoins on the global monetary system and cross-border payments. The comments came as digital payment tools continue to gain attention in global finance. 

The Paper reported on Wednesday that Wang Xin, Director-General of the Research Bureau of the People’s Bank of China, made the remarks during the Lujiazui Forum. He spoke at a session focused on global financial governance reform and cooperation.

Wang said the next step should focus on making the international payment system safer, more neutral, and more efficient. He also said central bank payment systems and retail payment systems should strengthen their links with each other.

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According to Wang, regulators should explore the potential of new payment tools in a careful and steady way. At the same time, they should pay close attention to how stablecoins may affect the international monetary system and cross-border payments.

Wang said that sustainable development requires substantial cross-border investment and financing. For that reason, he said the world needs efficient and diverse payment systems as important financial infrastructure. He also warned that the current international payment system faces rising uncertainty. In some cases, payment systems could even become “weaponized,” which may affect normal cross-border transactions.

Stablecoins and Digital Currencies Become Key Focus in Global Payments

Wang also pointed to the growing role of digital assets and central bank digital currencies in global payments. In a translated quote from the source, he said, “We also need to pay attention to some new aspects, such as whether stablecoins will play a more important role in cross-border payments.”

He added that regulators also need to consider how supervision, international coordination, and cooperation should move forward. Wang said the cross-border use of central bank digital currencies also deserves deeper observation, along with stronger policy cooperation and coordination.

Wang Says Stronger Financial Institutions Can Support Global Growth

Wang said better rules are needed to make international payments more inclusive, efficient, and resilient. He linked these improvements to sustainable development and global economic growth.

His remarks come as stablecoins are becoming a larger part of global crypto markets. Many companies use them for trading, settlement, and international transfers. However, governments and central banks continue to study how these tokens may affect traditional finance and national currencies.

Wang also discussed international financial organizations and multilateral development banks. He said they should strengthen their financial capacity, improve representation, speed up quota reforms, and optimize governance structures and operating processes. He added that these institutions should play a bigger role in supporting developing countries, both through funding and capacity building.

The remarks come as China is also moving toward clearer rules for virtual currency-related legal disputes.

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