According to Golden Finance, Wang Yongli, former vice president of Bank of China, wrote an article titled "Bitcoin, stablecoins and central bank digital currencies should not be compared", which pointed out: 1. Bitcoin can only be an asset rather than a real currency, but it does not mean that it has no value. However, due to the severe volatility and long-term uncertainty of the price of Bitcoin, it is very dangerous to use Bitcoin as a currency reserve; 2. Stable coins can only be tokens linked to currencies. The emergence of stable coins is reasonable. The current relevant regulatory regulations and actual supervision are not sound and strict. The rapid extension of stable coins to various derivatives is very risky; 3. The central bank's digital currency should be the digitization of sovereign currency, which should be called "sovereign digital currency". A path that can be chosen may be to borrow the technical system of stablecoins to transform sovereign currency so that sovereign digital currency can be launched and replaced by stablecoins as soon as possible (special tokens are no longer needed).