BREAKING NEWS FROM CHINA🚨🔥🚨
China is considering the launch of its first stablecoins to promote the internationalization of the yuan and compete with the US dollar. These stable-value cryptocurrencies will be backed by assets like the renminbi, and Hong Kong is playing a key role as a testing ground, having passed a law to allow certain companies to issue them. The Chinese government and major tech companies, such as JD.com and Ant Group, are pushing for regulations that facilitate this development, seeing it as strategic for the financial system and global digital payments. Shanghai is studying policies to respond to stablecoins, marking a regulatory shift. This move represents a challenge to the digital dominance of the dollar.