On May 19, 2025, the U.S. Senate passed the GENIUS Act, officially incorporating the U.S. dollar stablecoin into the "U.S. dollar digital hegemony" system. The bill stipulates that only federal or state-approved institutions can issue stablecoins, and they must be 1:1 anchored with assets such as the U.S. dollar and short-term U.S. bonds. GENIUS is the abbreviation of "Guiding and Establishing National Innovation for U.S. Stablecoins". The full name of the relevant bill is "Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025", that is, "2025 U.S. Stablecoin Innovation Guidance and Establishment Act". Only two days later, Hong Kong, China also quickly introduced a stablecoin law, namely the Stablecoin Bill, which was formally passed by the Legislative Council of Hong Kong, China on May 21, 2025, and officially published in the Gazette on May 30, marking the completion of the legislative process for this long-awaited regulatory framework. The Stablecoin Bill aims to establish a licensing system for issuers of fiat stablecoins in Hong Kong, China, and improve the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability and promote financial innovation. After the implementation of the Stablecoin Ordinance, anyone who issues a fiat stablecoin in Hong Kong during the course of business, or issues a fiat stablecoin in Hong Kong or abroad that claims to be anchored to the value of the Hong Kong dollar, must apply for a license from the Monetary Authority.
In fact, before this, many countries in the world have already introduced relevant laws on stablecoins.
In June 2022, Japan prepared for the revision of the Payment Services Act (PSA) to establish a regulatory framework for the issuance and brokerage of stablecoins. In the new PSA, stablecoins are classified as "Electronic Payment Instruments" (EPI), which means that they can be used to pay for goods or services to multiple unspecified payees. These revisions will take effect in June 2023. Financial institutions such as GMO and Mitsubishi UFJ have issued yen stablecoins to promote digital financial innovation in Japan.
On August 15, 2023, the Monetary Authority of Singapore (MAS) issued a single-currency stablecoin regulatory framework. The framework applies to single-currency stablecoins issued in Singapore that are pegged to the Singapore dollar or any G10 currency.
On December 30, 2024, the EU Crypto-Asset Market Regulation Act (MiCA) officially came into effect. The Act applies to 27 EU member states as well as Norway, Iceland and Liechtenstein. The Act puts forward unified regulatory requirements for various digital crypto assets, including stablecoins. MiCA, in accordance with the idea of classified supervision, makes detailed provisions on the definition and use of various crypto assets, including stablecoins, the access license, operation management, reserve and redemption management of crypto asset issuers and service providers, and anti-money laundering supervision of trading activities.
On January 8, 2025, the UK Treasury announced the proposed cryptocurrency regulation bill. The new bill further clarifies the definition of "qualified stablecoins". The overall regulatory framework will cover stablecoins, pledge services and the wider cryptocurrency sector, adopting a unified regulatory approach, aiming to provide a comprehensive, unified and direct regulatory environment to adapt to the rapid development of the cryptocurrency industry. According to the plan announced by the UK Treasury, it will communicate with relevant companies on the draft legal terms in 2025. The Financial Conduct Authority (FCA) has also released a "Crypto Roadmap", planning to conduct a series of consultations on different aspects of the future regulatory system from 2025 to the first quarter of 2026, and publish the final rules in 2026.
In addition, many countries such as Thailand and South Korea are also promoting plans or research on crypto assets including stablecoins.
The passage of the GENIUS Act by the US Senate and the passage of the Stablecoin Bill by Hong Kong, China at almost the same time made the topic of stablecoins quickly become a hot word in the media. In particular, the purpose of the stablecoin in the United States is not pure. The stablecoins launched by other countries or regions are mainly linked to the legal tender of sovereign currencies, but the stablecoin in the United States is not only linked to the legal tender dollar, but more importantly, it is linked to US debt. This inevitably reminds people of the solution to the 6.5 trillion US debt that will expire in June 2025, thus raising the question of "Is the stablecoin stable?"
Stablecoins seem to have suddenly appeared in people's vision, and most people may be confused when they first hear about it. If you want to simply explain what a stablecoin is, you can use blockchain-based cryptocurrencies to explain it. Cryptocurrencies like Bitcoin are completely based on algorithms such as blockchain. Its issuance is completely controlled by algorithms (blockchain) and designs (a maximum of 21 million bitcoins, mining rules, etc.). One problem with this cryptocurrency is that its value fluctuates too much. Bitcoins initially cost more than 20 coins to buy a cup of coffee, but now the value of one coin is about $110,000. The fluctuation is tens of millions of times. Therefore, companies such as Tether (USDT, currently accounting for about 63% of the market) and USD Coin (USDC, currently accounting for about 27% of the market) have launched cryptocurrencies with certain value anchor objects. The underlying technology still uses blockchain or improved blockchain.
It should be noted that the anchor object of the stablecoin is also artificially designed. Although the value of both USDT and USDC stablecoins is approximately equal to 1USD (1 US dollar), the anchored assets are a combination of short-term US Treasury bonds and bank cash deposits. Even USDT anchor objects include a small amount of gold, Bitcoin, and commercial bills and secured loans that have been withdrawn.
If you judge it based solely on the current stablecoin situation, it is likely to be inaccurate. Because stablecoins themselves are in a state of rapid development and change, the basis for stablecoins that people use to analyze and judge them is also in a state of development and change. To understand stablecoins more deeply and in the long term, we need to find answers from the most general theory of currency. Currency does not exist naturally, but is created by humans, which means that how people create it will have different characteristics. Just like a car, you can't say that as long as you drive a car, it will follow a certain law. Cars from different manufacturers, or using different technologies such as gasoline, diesel, hybrid, and pure electric, have different laws.
In my book Principles of Scientific Economics, I have systematically analyzed the most general theory of money. Only by understanding the nature of money and the monetary anchor can we truly understand stablecoins and the possible technological developments and changes that may occur in the future. Because of the lack of support for this general monetary law, people are likely to be confused by some opinions when reading some articles about money. For example, whether Bitcoin is a currency or not, some say it is, and some say it is not.
This article will mark some key points in black font.
Understanding these key points will enable ordinary people, even professional economists and financiers, to have a thorough and clear understanding of money.
From a purely theoretical point of view, everything can be a currency.
The reason why some currencies eventually become generally accepted in the real society, while others do not, or have been used as currencies and then abandoned, is just the result of selection in competition due to some technical and economic requirements as currencies. Therefore:
To understand why the generally accepted form of currency at a certain historical stage is like that, the best way is not to study the currency itself, but to study why other forms have not become generally accepted currencies?
Four basic characteristics of currency:
Universality: a special commodity or value symbol of general equivalent
Credit: value determination
Value measurement unit: quantitative benchmark
Value carrier: monetary expression
Technical and economic indicators for evaluating currency:
Ease of carrying and storage
Value storage time, storage stability
Ease of payment and transfer
Cost
Price uniformity
Unification of monetary measurement units
Unification of monetary forms
Credit
Price resolution
Money levels
The history of the development of monetary forms:
Primitive commodity currency
Metal currency
Precious metal currency
Gold coin
Paper money (accounting currency)
Electronic currency
The first three stages are commodity money, which is what Marx called "special commodities that serve as general equivalents".
The last three stages are information money, which is "value symbol + seigniorage + credit (currency anchor, or X standard)".
1. Primitive commodity money
The most primitive transaction is barter trade, and the first stage of primitive commodity money appeared due to its many problems (matching problems, value discrimination problems, etc.). As mentioned earlier, from a purely theoretical point of view, all commodities can become primitive commodity money, but due to some technical and economic reasons, most commodities are difficult to become money in actual transactions, or they have been used as money, but have been abandoned due to technical and economic reasons.
Storage time and stability. If seafood, fresh meat, vegetables, etc. are to be used as currency, there are technical problems of long-term storage. From this, it can be understood that after being pickled into bacon, it is easier to use as currency. Confucius accepted bacon as tuition. Beer, oats, etc. have been used as currency, but later they were abandoned, and the reason is also the problem of storage time.
Value discrimination. If live cattle are to be used as currency, there is a problem of value discrimination. If you want to trade the value of one-third of a cow, you have to kill it. But if a live cow is killed, its value for ploughing the land disappears. This is the problem of insufficient value discrimination when live cattle are used as currency.
Easy to carry. Cotton is not easy to carry if used as currency. Real estate has this problem even more.
From the above technical analysis, it is easy to understand why solid, non-perishable, portable and movable shells have been used as currency for a long time.
Movable solids are not naturally primitive commodity currencies, but primitive commodity currencies are naturally movable solids.
2. Metal currency
Shells still have the problem of value discrimination. If you want a smaller value, you may have to split and destroy the shells. Therefore, metals that can be divided relatively easily without causing changes in value naturally become the further evolution of commodity money.
Metals are not naturally commodity money, but commodity money is naturally metal.
3. Precious metal currency
If the currency has too much practical value, it is not conducive to its use as currency. For example, copper and iron are very conducive to making various copper and iron utensils used in life, production, sacrifice and military. If they are used as currency, it will cause competition between currency application and other practical uses. Gold and silver do not have many practical uses, and it is difficult to extract them. The resources are limited, which makes their value per unit mass higher. Chemical properties are not easy to oxidize and corrode. These technical characteristics led to their eventual development into an accepted form of currency in the commodity currency era.
Gold and silver are not naturally metal currencies, but metal currencies are naturally gold and silver.
4. Gold coins (gold ingots)
In the process of using gold as currency, gold must always have a certain form, such as gold coins, gold ingots, gold bricks, gold nuggets, gold bars, etc. The value of gold currency is determined by its quality. But when gold is to be used in a certain form of currency, there is the problem of artificially manufacturing it into the corresponding form. This kind of manufacturing cannot be free, and their labor costs and even the profits of the manufacturer must be added. In this way, the value represented by the specific form of gold currency is not completely equal to its corresponding quality, but will be higher than the value corresponding to its quality. When this difference occurs, people will gradually find that this is not a problem. People only care about the value it represents during the transaction process, and don't care much about how much the gold coin itself is worth. In this way, gradually some savvy businessmen and governments discovered the benefits: if the use of gold is reduced, the difference between the value represented by the gold coin and the gold corresponding to the corresponding value will be greater, which means that the price difference in the middle will be greater, and "coinage tax" will appear. The emergence of coinage tax makes people discover that:
The essence of money does not have to be measured by any commodity of corresponding value, it only needs to be a value symbol.
The problem is that once people find that money only needs a value symbol, the pursuit of coinage tax becomes a very powerful driving force.
Seigniorage is the difference between the cost of making and using currency and the value of the currency represented by its value symbol.
Currency is essentially just a value symbol.
Therefore, from a purely theoretical point of view, all information technology means that can realize the expression of value symbols can essentially become currency.
Whether it is bamboo slips, cloth pieces, copper plates, iron sheets, paper pieces, etc., as long as the corresponding value symbols are written or engraved on them, they can be used as currency in principle. 5. Paper money (accounting money) Once you understand the information symbol nature of money, you will find out: why does money have to use expensive gold and silver, or even copper and iron, which are relatively cheap? Why not just use the cheapest piece of paper to express the corresponding value information? This way, the seigniorage can be maximized. As a result, silver bills, Jiaozi, etc., which use the cheapest paper as money, have gradually been used. Paper is not naturally information money, but in the era when paper is the lowest-cost information carrier technology, information money is naturally paper.
The form of paper money is not only silver bills and legal tender, it can also be the value of paper and other accounting. When people deposit paper money in the bank with passbooks or bank cards, they can use POS machines to pay. At this time, there is no paper money in hand, but only a bank transfer. The same is true for commercial bills, checks, etc. Therefore, when we talk about paper money, we should not just think of the money that can be held in our hands, but all technical means that can represent symbols of value information. Including VIP cards, meal tickets, shopping cards, etc. that deposit a certain amount of money, they are all issuing currency in a certain sense, from which we can understand why merchants are so keen on doing these things. Accounting currency is an intermediate form of the evolution from paper money to electronic money.
6. Electronic Currency
Electronic symbols are not naturally information currency, but in the era of popularization of electronic computing and communication, because the cost of electronic symbols is close to zero, information currency is naturally electronic symbols.
To summarize:
In the era of information currency, the lowest-cost form of information technology will naturally be adopted.
Because in this era, any form of currency with a higher cost is likely to collapse due to arbitrage behavior. For example, a few decades ago, coins made of metal were still common, and they often represented the smallest amount of currency. As inflation continues, the value of some coins will soon be lower than the value of their actual metal, thus tempting some criminals to collect coins, melt them, and sell them for arbitrage. For example, Dhirubhai Ambani, the first-generation founder of the Ambani family, the richest man in India, discovered this and made a profit by recycling coins, melting them into corresponding metals, and selling them. At the age of 17, Dhirubhai Ambani went to Yemen to make a living and worked as a waiter at a Shell gas station. While in Yemen, he found that a local silver coin had a higher silver content than its face value, so he exchanged a large amount of it for melting and purification, and cast it into silver bars and sold them to precious metal brokers in London, thus earning his "first pot of gold."
After understanding the nature and development process of the above currencies, you will understand that the biggest problem for information currencies is seigniorage. Seigniorage can be divided into many forms:
Original seigniorage. The difference between the manufacture and use of information currency and the currency value.This is the most primitive form of seigniorage, and it is also the form that is closest to the surface meaning of the word seigniorage.
Time value.Paper money is equivalent to a debt without interest. If you hold a banknote in your hand, you will lose the interest on the corresponding debt. This interest is used to obtain seigniorage through time value. Inflation is essentially a seigniorage obtained through time value. From this we can understand why the government has a deficit of about 3% every year, but it will not go bankrupt. This proportion of deficit can be balanced by the seigniorage brought by inflation.
The leveraged value of the wealth effect. This may be difficult for people who have not studied finance and banking to understand. How can money be magnified many times in the financial system like magic? Suppose you deposit 10,000 yuan in a bank, and the bank's annual deposit interest rate is 3%, and the annual loan interest rate is 6%. In this way, the bank can have a 3% deposit-loan difference. Multiplying by 10,000 is 300 yuan. Because of the problem of reserves, not all deposits can be loaned out. Assuming the reserve requirement is 10%, only 90% of a 10,000 yuan deposit = 9,000 yuan can be used for lending, so the difference between deposits and loans that the bank can earn is 9,000*3% = 270 yuan. But after the bank lends, the borrower deposits the money in the bank again, and then the bank can lend out 90% of it. In this way, the loan amount is finally magnified by 10 times, that is, the bank's interest rate difference of only 270 yuan for the initial 10,000 yuan bank deposit has become 2,700 yuan in the end. In this way, the interest rate difference is not 3%, but 27%. Not only that, there was only 10,000 yuan in society, but after so many times of tossing between banks and borrowers, the money in society has become 100,000 yuan! The original seigniorage was close to 10,000 yuan, and now it has become close to 100,000 yuan like magic. The original seigniorage does not exceed the value it represents at most, but the leveraged seigniorage is equivalent to issuing currency far exceeding the original value through self-circulation. From this, we can understand why the financial system has such a large profit every year.
The benefits of information currency are enormous, and it can obtain a huge amount of seigniorage. However, a huge risk that it also has is that due to the strong attraction of seigniorage, the issuance of currency may be out of control, thus bringing about a financial disaster of hyperinflation, and the value of currency will eventually collapse.
In order to restrict the unlimited issuance of information currency, it is necessary to regulate the value of information currency, which is the currency anchor.
Currency Anchor. An anchor object that gives information currency a certain value.
From a purely theoretical point of view, any object that can realize the value of information currency can become a currency anchor.
When currency develops to this stage, we look back at commodity currency. The special commodity that serves as currency is just a combination of currency anchor and currency form. The commodity that serves as currency itself provides value credit.
In the era of electronic currency, many people have tried to achieve currency anchor through certain algorithms, such as the algorithmic stable currency UST (which has failed). But it turns out that this approach is often difficult. Because the attraction of seigniorage is too strong, if there is no object that the information currency issuer cannot control as a currency anchor, it is easy to lead to the loss of control of information currency issuance. The failure of UST also verifies this point. We are not saying that this path is absolutely impossible, but it is rarely found that it can work. Bitcoin completely locks the maximum issuance volume, but it also brings the problem of extreme currency value fluctuations.
Introducing a currency anchor is essentially to establish corresponding currency value credit for information currency.
To give information currency a certain value credit, the simplest way is to use a more primitive currency form that has its own credit or simply use commodities directly. The issuance of paper money and electronic currency requires a currency anchor. Before the founding of New China, the liberated areas used salt, grain and other commodities as currency anchors. This case can help us understand the most general nature of currency anchors.
Of course, if the most commonly used commodity currencies such as gold and silver are used as currency anchors, it is the most natural choice. This is the gold standard and the silver standard. I have seen people argue that we cannot return to the gold standard or silver standard. These are nonsense views. Salt, wheat, etc. can be used as currency anchors, so why can't gold and silver be used as currency anchors? To put it bluntly, many people just don't want a currency anchor, so that financiers can mess around and obtain unlimited seigniorage.
Some people think that electricity can be used as a currency anchor. In principle, all commodities can be used as currency anchors, and electricity can certainly be used as a currency anchor in principle. But the currency anchor essentially needs to be treated as a currency. Is electricity suitable as a currency? You can understand it by systematically evaluating it using the technical evaluation indicators of currency. There are certain problems with its universality (tradability). You can transport gold to any place to exchange it, but if electricity is not in a place where the power grid (and it needs to be a unified power grid for the whole society or even the world) reaches, it is difficult to trade. On the other hand, electricity prices will have huge peak and valley price fluctuations within a day. If you are not stable yourself, how can you stabilize others?
Once you understand the nature of the currency anchor, you will understand that the development of electronic currency also needs a certain currency anchor. The simplest currency anchor for electronic currency is legal tender. The electronic currency of the RMB should be established with the legal tender of the RMB as the currency anchor.
The current digital RMB has not fully figured out this issue, which is equivalent to establishing another set of legal tender in parallel with the paper RMB legal tender.
But the problem is: what is the current currency anchor of the RMB is itself a very troublesome problem. Because of the existence of a large number of trade surpluses in the past and the forced settlement of foreign exchange, the RMB was anchored to the US dollar in disguise. These are the reasons why the digital RMB has not been fully thought through.
In fact, Alipay and WeChat Pay have become electronic currencies with RMB legal tender as the currency anchor, although this kind of electronic currency is incomplete. To a certain extent, they are actually stable currencies.
Through the above analysis, we can understand:
The so-called stable currency is actually an electronic currency with an object of determinable value as the currency anchor, generally "legal currency standard".
Although it is possible to establish a currency anchor based on algorithms in pure theory, no successful examples have been seen so far.
Understanding this essence can help us understand many current stablecoins and their possible future developments. We can also have a clearer understanding of whether they are stable.
First, after the collapse of the Bretton Woods system, the currency anchor of the fiat currency itself has become illusory. The credit of the fiat currency is mainly given by corresponding regulatory laws, or the demand for international oil and other commodities to lock in the US dollar currency. This has a large human factor and will change with the fundamental changes in the commodity pattern. If the fiat currency used as the currency anchor of the stable currency is unstable, the corresponding stable currency will certainly not be stable.
Secondly, in pure theory, stablecoins can use gold (gold standard), silver, copper, rare earth, salt, oil, stainless steel standard, aluminum alloy standard, J-20 (J-20 standard stablecoin), J-36 standard, 055 large destroyer standard, etc., any object with a certain value as a currency anchor, or a basket of currencies as a currency anchor.
Third, if the use of stablecoins increases and becomes more and more widespread in the future, it will also have problems such as leveraged seigniorage. This may cause this kind of electronic currency to be leveraged again on the basis that the legal currency has already been leveraged. In other words, stablecoins will occupy a large amount of leveraged seigniorage, and gradually eat away the leveraged seigniorage of legal currency in silence. In principle, seigniorage, especially leveraged seigniorage, should become a resource for public construction of the whole society, and should not be owned by any private individuals or enterprises.
Fourth, the name "stable currency" is formed in contrast to the extremely unstable "algorithm-based" electronic currencies such as Bitcoin. The "stable" prefix is largely a concept of market speculation.
Fifth, as for whether stable currency uses blockchain technology or is decentralized, it is not important at all. Using blockchain technology and emphasizing "decentralization" is nothing more than emphasizing that one does not want to accept supervision, so that there can be lawlessness and seigniorage can be maximized more easily. More importantly, the central bank is not allowed to issue currency, but private enterprises can issue currency, so that private capital can snatch the right to issue currency from the central bank. Although the number of Bitcoins is strictly controlled, the value of the currency has skyrocketed. Isn't this equivalent to issuing more currency? And a large number of private enterprises are issuing currency. Isn't this also issuing more currency? Don't be fooled by those mysterious technical terms.
The most basic principle of currency cannot be fundamentally changed by technology. The only reason for anyone to claim to have innovated currency with some mysterious technology is to create an excuse for pursuing the right to issue currency and seigniorage in the information currency era. Don't talk about anything else.
I am a technical person. In the process of investment, in the early days of Ethereum's development in the United States, I had a meeting with their CTO and had in-depth exchanges. I have also studied a lot of currency circle technologies in depth. There is nothing mysterious about it. The final conclusion is: these things are purely technical mazes created to compete for the right to issue currency and seigniorage, and they have no meaning from the perspective of currency technology. Nowadays, there are numerous encryption technologies, which are sufficient to meet the encryption needs of currency. Since the emergence of information currency, encryption, anti-counterfeiting and security have always been a major issue. However, while solving this issue, we must also take into account the requirements of cost and efficiency. If blockchain technology is 100% like Bitcoin, the efficiency will be unimaginably low and it will not be able to support the monetary payment needs of the whole society. And digital currencies with certain simplifications such as Ethereum will greatly reduce security, and the payment efficiency still cannot meet the needs of real electronic currency. Alipay and WeChat Pay do not use blockchain, and current banks do not use blockchain. Is there any problem? This thing can fool others, but not me.
If you forget the essence of currency, you are likely to be fooled and deceived. The essence of currency is not any technology, but its fundamental purpose and interests. Technology may keep changing, but the purpose and interests are eternal. All currency technologies should be judged by the purpose and interests they truly achieve, not how magical the technology is.
To see through any currency, there is a key: to see who is issuing the currency and who is taking the seigniorage. Everything else is secondary.
In fact, China has been at the forefront of the world in the development of electronic currency, but we have been confused by some technical concepts such as blockchain and encrypted assets, and have lost the ability to make correct judgments.
We can review how paper money developed. Initially, each ticket number deposited the customer's gold and silver, and replaced them with silver bills or Jiaozi, which was the original form of paper money. But doing so is equivalent to each ticket number issuing its own paper money. The final legal tender form of paper money was unified by the sovereign state's unified recovery of the right to issue paper money, and then the formal paper money was unified. The form of paper money does not lie in its currency anchor, nor in its accounting form, but the key lies in its payment form.
Today, with the electronicization of banks, in fact, various commercial banks have already entered the era of electronic currency. Each bank uses its own savings card to swipe and pay on the POS machine, which is equivalent to the electronic silver bills of each bank.
But in the Internet age, online payment methods are needed. In this process, banks fell behind, and Alipay and WeChat Pay played the role of electronic Jiaozi (WeChat Jiaozi, Alipay Jiaozi) or electronic silver bills (WeChat silver bills, Alipay silver bills) in the Internet age. Alipay and WeChat Pay are essentially issuing electronic currencies. Other electronic currencies include foreign "VISA coins" and "MasterCard coins". The white bills of various Internet companies are also electronic silver bills of their online ticket numbers (such as Jingdong silver bills - Jingdong white bills, Ctrip silver bills - take it and spend it, etc.).
Therefore, we have fallen into the Warring States Period of electronic currency today.
How to realize electronic currency in the sense of legal tender? The central bank should take back the issuance rights of all electronic payment interfaces in the name of sovereignty, and all offline or online payments must use the RMB payment interface uniformly issued by the central bank. This is the real electronic currency.
The so-called stable currency, blockchain, decentralization and other technical concepts are all nonsense. The result of their development is that a large number of private enterprises that dare to act recklessly will rob social wealth into their personal pockets through the seigniorage of electronic currency. They are all poisons to electronic currency, not the development direction of any electronic currency. The way out for electronic currency must be based on sovereignty and be completely centralized. What we need is the Qin Shi Huang of the electronic currency era, and definitely not Satoshi Nakamoto. But most people, even the economics, finance, finance, and central banks, are still in a completely confused state in the new technological era. The essence of electronic legal tender lies not in how it is stored, accounted, and anchored, but in its use of a unified payment interface. Just like the printing of unified paper money back then. Only by mastering the payment interface can we master the real right to issue electronic currency. This is the special place in the electronic currency era, and it is also the reason why scholars and practitioners in the financial industry are confused. Seigniorage is a special wealth that should belong to the whole society, and it should be completely for the people.
All electronic currency payment interfaces and payment methods should be returned to the central bank. I would like to emphasize that this process needs to be guaranteed by the armed forces of the army.
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