According to online reports, Li Bo, vice president of the International Monetary Fund (IMF) and former deputy governor of the central bank, said during Davos in the summer today that a large number of digital currency or stablecoin regulatory experiments and explorations are currently being carried out around the world, whether it is the United States, Europe or Asia, many countries are working hard to build an appropriate stablecoin legal and regulatory framework, but there are still many issues to be solved. In this process, two core issues are particularly critical: First, is a stablecoin a currency or a financial asset? Because the corresponding legal and regulatory requirements are completely different; second, if a stablecoin is recognized as a currency, what level of currency does it belong to? Is it broad money M2 or cash M0? Different currency categories need different regulatory systems, including the construction of anti-money laundering and other mechanisms.