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China Tests Renminbi-Backed Stablecoins to Challenge Dollar Dominance
China Tests Renminbi-Backed Stablecoins to Challenge Dollar Dominance
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BTCCSquare news:
China has quietly begun trialing stablecoins pegged to its national currency, according to Financial Times sources. The MOVE signals Beijing's latest attempt to weaken the U.S. dollar's grip on global finance through blockchain innovation.
Regulators have convened cryptocurrency experts in recent weeks to design a yuan-denominated digital asset that could circumvent Western payment systems. The initiative faces internal resistance due to China's strict capital controls and ongoing crypto transaction bans.
Unlike private stablecoins like Tether's USDT, China's version WOULD operate within state-mandated parameters. 'Any implementation must align with our unique national requirements,' disclosed one development participant.
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