📍 China’s Crypto Pivot? Shanghai Explores CNY-Pegged Stablecoin! 🇨🇳
(Sources: Reuters, Financial Times)
Shanghai’s State-Owned Assets Commission recently convened 60–70 officials to explore a CNY-pegged stablecoin, hinting at a major shift in China’s crypto stance post-2021 ban.
🔍 What’s Unfolding:
- A pivot from China’s crypto ban to regulated digital asset trials in financial hubs like Shanghai.
- Tech giants JD.com and Ant Group are lobbying for stablecoin licenses, eyeing Hong Kong’s regulatory rollout on August 1.
- A Guotai Haitong Securities expert presented global stablecoin frameworks, weighing benefits and risks.
✅ Key Takeaways:
- Regulatory Shift: From outright bans to cautious, sandboxed engagement.
- Strategic Goal: CNY-pegged stablecoins could boost cross-border trade and digital finance.
- Hong Kong as Testing Ground: Mainland pilots may follow soon.
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👉 The race has begun! Can China’s stablecoin challenge USD-based tokens like $USDT? Share your thoughts below! 👇
