Central Bank leaders reaffirm the necessity of stablecoin regulation and maintain an open attitude towards financial technology innovation

Recently, in a speech at the Chicago Economic Club, the Central Bank Chairman expressed views on the regulatory framework for stablecoins and commented on the interaction between financial institutions and the digital asset industry.

The chairman pointed out that, given the increasing importance of digital tools such as stablecoins, it is essential to establish an appropriate regulatory framework. He mentioned that the legislative body is working hard to create a legal framework for stablecoins, which reflects the renewed interest of decision-makers in formally establishing regulatory provisions.

Regarding the content of the regulatory framework, the chairman emphasized that it should include consumer protection measures and transparency guarantees. He stated: "Stablecoin, as a digital product, may have a considerable broad appeal."

Speaking of financial institutions participating in digital asset businesses, the chairman acknowledged that regulatory agencies had previously adopted a relatively conservative attitude. However, he also stated that as long as consumer rights and financial security can be ensured, some guidance may be moderately relaxed to accommodate responsible innovation.

"We will try to make adjustments in a way that maintains the safety and stability of the financial system," the chairman said. This further clarifies the Central Bank's position of not intending to prevent financial institutions from providing services to compliant digital asset clients.

The chairman also cited the custody business as an example, pointing out that if financial institutions and regulatory bodies understand the scope of the business, they can safely carry out such services. He acknowledged that incorporating digital assets into the traditional financial regulatory framework is a complex task and called for the establishment of a more comprehensive regulatory structure.

It is worth noting that the application of stablecoins in the payment and digital settlement sectors continues to grow. Last year, the transfer amount of stablecoins approached $14 trillion, surpassing the transaction volume of a well-known payment company.

Currently, there is no specific federal regulatory framework for stablecoins, but legislative bodies have proposed several related measures. The latest stance of the Central Bank indicates that as stablecoins increasingly integrate into the global financial market, regulators are becoming more willing to participate in the formulation of digital asset policies.

Overall, the Central Bank has shown an open attitude towards financial technology innovation while maintaining a prudent stance, hoping to seek a balance between risk control and promoting innovation. This may provide clearer regulatory guidance for the development of the digital asset industry.