Li Bo, Vice President of the International Monetary Fund (IMF) and former Deputy Governor of the Central Bank, stated today during the summer Davos that there are currently a large number of experiments and explorations in digital currency or stablecoin regulation worldwide. Whether in the United States, Europe, or Asia, many countries are working to establish appropriate legal and regulatory frameworks for stablecoins, but there are still many issues to be resolved. In this process, two core issues are particularly crucial: first, whether stablecoins belong to currency or financial assets? Because the legal and regulatory requirements for the two are completely different; second, if stablecoins are classified as currency, what level of currency do they belong to? Is it broad money M2, or cash-like M0? Different categories of currency require different regulatory systems, including the construction of mechanisms such as anti-money laundering.