Mainland China, one of the most restrictive global jurisdictions for cryptocurrencies, has been reported showing signs of a tone transition about stablecoins amid new development in Shanghai.
Shanghai State owned by Assets Supervision and Administration Commission (SASAC) held a meeting to discuss strategic responses to Stablecoins and digital currencies, reuters reported on Friday.
Following the Thursday meeting, the Director of Sasac that he called for “greater sensitivity to emerging technologies and improved research on digital currencies,” in a post on the official authority account.
The initiative has been reported to come in response to growing calls from experts and major companies in China to produce a stablecoin that has been lying in Chinese Yuan.
China’s central bank weighing on stablecoins
China’s central bank, the People’s Bank of China (PBOC), addressed the issue of global adoption of stablecoin, especially in the light of US policy to strengthen the power of the dollar by stablecoins such as the USDC of the Circle (USDC).
In June, PBOC governor Pan Gongsheng reported identified The transformation of the potential of emerging technologies such as Stablecoins to global payment systems, which intensifies calls for the approval of regulation of stablecoins backed back-ups.
Related: JD.com, Ant Group Push Yuan Stablecoins to challenge US dollar dominance
On June 23, China’s state media, Securities Times, Na -Published An article that states that the development of stablecoins “should be earlier than the latter.”
Subsequently, PBOC advisers Huang Yiping suggested to explore Hong Kong as a test place for Yuan -supported Yuan, emphasizing that the tight controls of China’s capital are not unlikely to do such an experiment.
“Hong Kong has a far offshore market for Renminbi, and if the market is offshore, it is possible to create a stablecoin that is far offshore RMB in Hong Kong in the future,” Huang reported.
This is a story development, and further information will be added as it is available.
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