Former Speaker of the U.S. House of Representatives Paul Ryan emphasizes the urgent need for legislation regulating stablecoins.
In his view, these digital assets backed by the US dollar could be a powerful tool to counter the expansion of the e-CNY (electronic yuan), a digital currency promoted by China.
Ryan is concerned that China’s use of e-CNY could weaken the dominance of the U.S. dollar on the world stage and boost international trade by bypassing the dollar systеm. He suggests creating a favorable legal environment for the development of stablecoins in the U.S. and encouraging the use of stablecoins in international settlements.
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