Continuing to talk about the stablecoin bill, last week there was a sudden rumor in China about the ban on cryptocurrency, but it was quickly refuted by CCTV with a ban punishment for listing a self media blogger. By combing through the timeline, it can be inferred that this rumor was probably caused by the approval of the Hong Kong stablecoin bill on May 21st. The public opinion triggered by the Hong Kong stablecoin bill within the wall is much greater than expected, and generally speaking, domestic platforms have stricter control over speech related to the cryptocurrency industry. But this time, several informative bloggers went off to chat and the platform was not banned. In their own words, for people in the cryptocurrency industry, even they should leave after starting to chat. But traditional finance and cryptocurrency finance rarely intersect. From it, one can still discern many meanings and stimulate thinking. Can you refer to this article https://(x.com)/trader_s18/status/1919671571008127294 for thoughts on Hong Kong's economic status and the Hong Kong dollar? s=46&t=vjFweNfhbgAj7zG0stZKKg。 In short, Hong Kong has gradually resumed its role as a financial experimental zone, with the forefront of mainland policies and the influence of RMB and USD intermediaries. Therefore, implementing stablecoins in Hong Kong can be considered a relatively open-minded policy, which can to some extent ensure that China does not fall behind in the era of digital currencies. At present, the stablecoin bill in the United States has not been fully passed. The reason why we will continue to introduce targeted friendly policies towards the cryptocurrency industry this time is to solve the US debt crisis. In the context of the global industry being relatively sluggish and the real economy not making money, the cryptocurrency industry is relatively wealthy. The stablecoin bill is actually a global version of "illegal private deposit taking". Central banks around the world are not very interested in continuing to subscribe to US bonds, so it provides a channel for global private capital. At the same time, stablecoins are indeed very convenient for international trade, and their overall share will steadily increase, so there is no need to worry about a lack of customers. But the mutual anchoring of US bonds and digital currencies is indeed equivalent to having no anchor, and the true anchor of currency should be the confidence and actual purchasing power of its holders, after all, people cannot rely on digital living. The Chinese government should support and encourage the official compliance of central bank digital currencies and multilateral central bank digital bridges, which means continuing to promote the electronicization of paper fiat currencies along the original route, while gradually promoting the internationalization of the renminbi in conjunction with gold, the old king of currencies.