🚨 JUST IN: 🇨🇳 China set to approve its first crypto stablecoin, Financial Times reports
According to a recent report by the Financial Times, China is preparing to allow the launch of its first regulated crypto stablecoin, marking what could be a significant shift in its previously hardline stance against decentralized cryptocurrencies.
Historically, China has enforced strict bans on major cryptocurrencies like Bitcoin and Ethereum, citing concerns over financial stability, fraud, and capital flight. However, this new move suggests that the Chinese government may now be open to embracing blockchain technology—but on its own terms, through tightly controlled, state-approved digital assets.
The upcoming stablecoin is expected to be pegged to the Chinese yuan (CNY) and could play a key role in China's broader ambitions to:
Boost the global influence of the yuan,
Reduce dependency on the U.S. dollar in international trade,
And tighten control over cross-border financial transactions.