Insider Suggestion: Propose that a national public blockchain be built under the leadership of a central state-owned enterprise

BlockBeats News, August 2nd. According to Caixin, an insider stated in an interview regarding stablecoins that currently, China does not have a globally influential public chain. Another insider suggested that a national-level core public chain should be led by central enterprises, while industry-level public chain development can be open to market competition.

An insider stated, "The public chain is the infrastructure for stablecoin issuance. It is of great significance and indispensable for us to build a self-controllable, safe, and efficient financial infrastructure system for the digital financial era."

A person familiar with the policy remarked, "Stablecoins must be issued on a public chain, and the current issue is that, whether it is Hong Kong or the mainland, China does not have a globally influential public chain. If we use a U.S. public chain, we may face future political risks such as China-U.S. confrontation, and may potentially be 'blocked'."

"Next, we need to strengthen our investment in public blockchain (i.e., public chain), autonomously controllable, and develop in a layered manner. For example, a national-level core public chain should be led by central enterprises, industry-level public chain development can be open to market competition, and scenario-level public chain development should be fully market competitive,” suggested another insider.