Turning point: Shanghai changes its tone regarding crypto assets
On July 11, Shanghai SASAC (State-owned Assets Supervision and Administration Commission) held a meeting with 60-70 officials, discussing possible strategic responses to stablecoins and digital currencies. This is a rare - but significant - signal of a gradual softening of the tough line established in 2021.
Tech giants are putting pressure on the Central Bank and the government
JD.com and Ant Group are actively lobbying for permission to issue a yuan-pegged stablecoin, first in Hong Kong (laws come into effect on August 1), and then possibly on the mainland. Their goal is to counter the dominance of dollar stablecoins.
PBOC: bet on digital yuan and a multipolar currency system
Governor of the People's Bank of China Pan Gongsheng announced plans at the Lujiazui Forum:
Develop the international use of digital yuan (e-CNY);
Establish an international e-CNY operations center in Shanghai;
Facilitate international payments through CIPS (Cross-Border Interbank Payment System).
The idea is to reduce dependence on the dollar by creating a multipolar financial system.
Combating illegal crypto-assets
At the same time, the authorities are punishing illegal schemes: asset seizures worth $300 million, creating transparent mechanisms for the circulation of seized cryptocurrencies CryptoRank. This is a signal: legal activities may find a path - but the risks remain.
State control and Web3 innovations
The digital yuan still lags behind Alipay and WeChat Pay in popularity due to population habits.
China is actively integrating blockchain into government infrastructure and FTZ (free trade zones) - pilots are underway in Shanghai, Suzhou, and other cities.
At the same time, 2025 marks the completion of AML legislation reforms, including transactions with digital assets.
🧭 What does this mean for the crypto market?
🎙 Conclusion for the Binance Square audience
China is carefully transitioning from a complete ban to a strictly managed and strategic implementation of digital assets.
Plus - stablecoins pegged to the yuan and digital yuan are entering the international space.
Minus - regulation remains strict, prioritizing control rather than decentralization.
In the context of crypto investments, this is a signal: China is ready to use crypto technologies on its own terms while ensuring full state oversight.
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