Wang Yongli, former deputy governor of the People's Bank of China (PBoC), emphasized China's dual strategy in the digital asset sector, focusing on stringent cryptocurrency regulations while promoting the digital yuan. This approach comes amid increasing global regulatory scrutiny, particularly from the US and Hong Kong, which has sparked discussions on RMB stablecoins. The PBoC, in collaboration with 13 partners, continues to impose restrictions on virtual currencies while enhancing the role of the digital yuan (e-CNY). Despite mixed market sentiment, as indicated by the fear and greed index, China is actively pushing for the adoption of the digital yuan both domestically and internationally.