Express
Reuters: China Considering Allowing Renminbi to Support Stablecoins for Internationalization Process
Summary: According to Reuters, China is considering allowing the use of stablecoins supported by the Renminbi for the purpose of promoting the internationalization of the Renminbi. Multiple sources revealed that Chinese tech giants have proposed issuing stablecoins pegged to offshore Renminbi in Hong Kong to regulatory authorities. Shanghai regulators are actively studying policy responses to stablecoins, ...
According to Reuters, China is considering allowing the use of stablecoins supported by the Renminbi for the purpose of promoting the internationalization of the Renminbi. Multiple sources revealed that Chinese tech giants have proposed issuing stablecoins pegged to offshore Renminbi in Hong Kong to regulatory authorities. Shanghai regulators are actively studying policy responses to stablecoins, despite mainland China banning cryptocurrency trading since 2021. This move aligns with recent statements from the People's Bank of China, as the PBOC Governor has publicly pledged to expand the international use of digital Renminbi and called for the development of a multipolar currency system.
Tags:
Link: Reuters: China Considering Allowing Renminbi to Support Stablecoins for Internationalization Process [Copy]
