Wang Yongli, former deputy governor of Bank of China: Bitcoin is an asset, and the emergence of stablecoins is reasonable

Wang Yongli, former deputy governor of the Bank of China, wrote an article "Bitcoin, stablecoins and central bank digital currencies should not be compared", in which he pointed out:
1. Bitcoin can only be an asset rather than a true currency, but it does not mean that it has no value. However, due to the volatile and long-term uncertainty of bitcoin prices, it is very dangerous to use bitcoin as a currency reserve.
2. Stablecoins can only be tokens of pegged currencies, and the emergence of stablecoins is reasonable. The current relevant regulatory regulations and actual supervision are not sound and strict, and the transaction of stablecoins quickly extends to various derivatives.
3. The central bank's digital currency should be the digitization of sovereign currencies, which should be called "sovereign digital currencies". One alternative path may be to borrow the technical system of stablecoins to transform sovereign currencies, so that sovereign digital currencies can be launched and replaced as soon as possible (no longer requiring special tokens).