Insider: my country does not yet have a globally influential public chain. It is recommended that central state-owned enterprises take the lead in building a national public chain.

PANews reported on August 3rd that according to Caixin, an insider stated in an interview regarding stablecoins that my country currently lacks a globally influential public blockchain. Another insider suggested that the construction of national-level backbone public chains should be led by central state-owned enterprises, while the development of industry-level public chains should be open to market competition. One insider stated, "Public chains are the infrastructure for the issuance of stablecoins and are of vital importance and indispensable for building an autonomous, controllable, secure, and efficient financial infrastructure system for the digital financial era."

A person familiar with policy stated: "Stablecoins must be issued on a public blockchain. The current problem is that my country lacks a globally influential public blockchain, whether in Hong Kong or mainland China." Using a US public blockchain could lead to future political risks such as Sino-US confrontation, potentially resulting in a "choke point." Another insider suggested that we should strengthen investment in public blockchains, ensuring independent and controllable development, and implementing a tiered approach. For example, national-level backbone public chains should be led by central state-owned enterprises, while industry-level public chains should be open to market competition, and scenario-specific public chains should be fully market-based.