StableCions

1. China is testing stablecoins with concerns about capital outflows.
China is seeking to introduce stablecoins as part of its efforts to internationalize its national currency (the renminbi) and challenge the dominance of the US dollar (Financial Times).
Legislation has been enacted in Hong Kong allowing licensed companies to issue digital tokens backed by traditional currency, but authorities are taking a cautious approach by limiting and gradually granting licenses, tightening controls to reduce risks of money laundering and capital flight (Financial Times).