Opinion: China should re-examine the balance between innovation and regulation in the cryptocurrency sector, improve its internal systems, and strengthen international regulatory cooperation.

PANews reported on January 17th that Caixin published an article by Zhang Ming, Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, titled "What Measures Can China Take to Address the Challenges of Cryptocurrencies?" The article points out that as the world's second-largest economy and an emerging digital finance powerhouse, China needs to play a more active role in global digital currency governance. It suggests starting internally by improving its own response system, including accelerating the development and application of the digital yuan, promoting intelligent and precise cryptocurrency regulation and expediting the formulation and implementation of unified international regulatory standards (such as anti-cryptocurrency money laundering rules), re-examining the balance between innovation and regulation in the cryptocurrency field, promoting the integration of stablecoins with the traditional financial system within a controllable scope, and strengthening international R&D and cooperation in the CBDC field and international regulatory cooperation in the cryptocurrency field.