📆 In July and August of this year, Chinese financial regulators called on leading brokerage firms and think tanks to stop promoting stablecoins and cancel seminars on the sacred stablecoins, Bloomberg writes.
According to Bloomberg journalists, the regulators' activity increased after the Chairman of the People's Bank of China Pan Gongsheng said in June that stablecoins could change international finance, especially against the backdrop of geopolitical tensions and the vulnerability of traditional payment systems.
📊 According to the data received, the authorities are also concerned about the possible use of stablecoins for fraudulent schemes in mainland China.
🧑🏻🏫 Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp., noted that Chinese politicians are trying to contain excessive excitement around certain topics in order to prevent a massive influx of investors into risky assets.
❗Bloomberg added that although the country has a complete ban on crypto transactions, recent official statements have given rise to speculation that Beijing may partially soften the policy. In particular, the authorities support the development of Hong Kong as a digital asset hub, and in August, rules for stablecoin issuers came into force there, the statement said.
