#MyStrategyEvolution China Warms Up to Crypto? Shanghai’s Rare Policy Summit Sparks Market Buzz

According to Reuters, Shanghai State-owned Assets Supervision and Administration Commission (SASAC) met with local government officials on Thursday to discuss stablecoin and digital currency regulation.

China has prohibited bitcoin since 2021, thus the 60-70-person summit may indicate a shift. Report: The regulator's director advised the gathering to have “greater sensitivity to emerging technologies and enhanced research into digital currencies.”

SASAC scheduled this meeting after internet titans JD.com and Ant Group pushed China's central bank to legalize yuan-based stablecoins and Hong Kong plans to launch stablecoin legislation on August 1.