- Zhang Ping said that the Chinese central bank should issue RMB stablecoin.
- He is an influential academic at the Chinese Academy of Engineering.
- Zhang Ping made the above remarks at the 2022 Word Artificial Intelligence Conference held in Shanghai.
Renowned academic Zhang Ping at the 2022 Word Artificial Intelligence Conference remarked that Chinese central banks should issue RMB stablecoins for the metaverse. According to him, China should issue yuan-collateral backed stablecoin for on-chain payment systems on the Chinese metaverse.
Zhang Ping is a well-known academic at the Chinese Academy of Engineering. It is the institution responsible for providing consultation to the Chinese State Council.
At the 2022 Word Artificial Intelligence Conference held in Shanghai, he remarked that China should work towards establishing its own metaverse infrastructure. A web 3.0 ecosystem powered by a blockchain-based payment system will strengthen the Chinese metaverse.
He said that China must avoid “becoming the largest data producer while other countries master the core technologies and standards.”
He further added that the Chinese central bank should issue a yuan-backed stablecoin RMB for a metaverse payment system, as it can “tighten the alliance between the government and the market.”
Considering the risks of software-based protocol, he said,
in my perspective, the current Web 3.0 may not be suitable for the existing system in China.
To everyone’s surprise, Zhang Ping’s remarks are in contrast with the Chinese anti-cryptocurrency policies and ban.