The city’s state asset regulator, SASAC, urged deeper research into digital currencies, marking a rare public engagement on the topic. […]
The post China Warms to Stablecoins as Pressure Mounts for Yuan-Backed Alternative appeared first on Coindoo.
The city’s state asset regulator, SASAC, urged deeper research into digital currencies, marking a rare public engagement on the topic.
This renewed attention coincides with calls from Chinese tech firms and economists to develop a stablecoin tied to the yuan. While mainland China remains firm in its crypto restrictions, central bank officials are increasingly acknowledging the strategic importance of blockchain-based assets. In June, PBOC Governor Pan Gongsheng noted stablecoins could reshape international payments, a stance echoed in state media urging quicker action on yuan-backed tokens.
Hong Kong may serve as the testing ground for such an initiative. According to a PBOC adviser, the offshore yuan market makes the city a logical launchpad, given Beijing’s capital controls. State-backed companies like JD.com and Ant Group have already begun exploring digital yuan integration to rival U.S. dollar dominance.
-----Cryptonews AD----->>>
READ MORE:
Here is Why Bitcoin Could be Headed to $250,000, According to Cardano’s Charles Hoskinson
Meanwhile, unconfirmed reports continue to swirl about China’s alleged accumulation of Bitcoin, potentially ranking it as the world’s second-largest state holder. These claims have resurfaced amid controversy over the FTX bankruptcy proceedings, where Chinese creditors are fighting to reclaim frozen assets. The FTX estate flagged China as a “restricted” jurisdiction, prompting objections from hundreds of affected users.
The post China Warms to Stablecoins as Pressure Mounts for Yuan-Backed Alternative appeared first on Coindoo.
Source: https://coindoo.com/china-warms-to-stablecoins-as-pressure-mounts-for-yuan-backed-alternative/
[ajax_load_more]
