TechFlow, August 2 — According to a report by Caixin, an insider interviewed on stablecoin-related matters stated that China currently does not have a public blockchain with global influence. Another insider suggested that national backbone public blockchains should be led by central state-owned enterprises, while industry-level public blockchain development could be opened to market competition. "Public blockchains are the infrastructure for stablecoin issuance and are of great significance and indispensable for building an independent, controllable, secure, and efficient financial infrastructure system in the digital finance era," said one insider. A policy-savvy source noted: "Stablecoins must be issued on public blockchains, but the current problem is that neither Hong Kong nor mainland China has a globally influential public blockchain. If we rely on U.S. public blockchains, we may face political risks such as U.S.-China confrontation and could be 'strangled' in the future. Moving forward, we need to strengthen investment in public blockchains, ensure independence and control, and build them in a tiered manner—for example, national backbone public blockchains should be led by central SOEs, industry-level ones could allow market competition, and scenario-specific public blockchains should be fully market-driven," another insider suggested.
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