China, one of the most restrictive global jurisdictions for cryptocurrencies, has been reported considering allowing Chinese stables to be supported by what will be a major return to the policy.
Chinese authorities may allow the use of stablecoins supported by Yuan for the first time to promote its global currency use, Reuters reported On Wednesday, the resources that were familiar to this matter were mentioned.
According to resources, the China State Council will review and potentially approve a roadmap later in August to expand the global use of Yuan. The plan has been reported with steps to counter the US development in stablecoins.
If approved, China’s reported plan for stablecoin use will mark a major move to its crypto approach after the The country banned crypto and mining trading in September 2021.
The news follows many reports suggesting that Mainland China warms up to stablecoins In the middle of the US Stablecoin Push in 2025.
In June, an officer at China’s Central Bank, the People’s Bank of China (PBOC), recognized the transformation of the potential of emerging technologies such as Stablecoins into global payment systems, which intensifies calls for the regulation of Yuan-backed stablecoins.
This is a story development, and further information will be added as it is available.
