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China Considers Yuan-Backed Stablecoin to Boost Currency Internationalization
China Considers Yuan-Backed Stablecoin to Boost Currency Internationalization
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BTCCSquare news:
China's State Council is reviewing a proposal to introduce yuan-backed stablecoins, signaling a potential shift in its digital asset policy. The plan aims to expand the global use of the yuan, with regulatory oversight likely falling to the People’s Bank of China. Hong Kong and Shanghai are poised to serve as pilot zones for the initiative.
The MOVE could redefine cross-border payments, leveraging Hong Kong’s new stablecoin ordinance and Shanghai’s digital yuan hub. A study session later this month will focus on the strategic rollout and risk management framework.
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