#中国加密新规

Due to the difficulty of expanding the digital yuan internationally, China is now turning to stablecoins pegged to the yuan to promote the currency and compete with the dollar, which dominates globally.

After years of state-led pilots, the adoption rate of the digital yuan internationally has been limited and has not met the expectations of the Chinese government. In response, Chinese businesses and regulators are increasingly inclined to consider offshore yuan-pegged stablecoins as a more flexible and market-oriented alternative.

One of the most noteworthy developments occurred in July when Conflux Network, financial technology company AnchorX, and Dongxin He Ping Technology jointly launched a new stablecoin, AxCNH, pegged to the offshore yuan. This stablecoin is aimed at partner countries of the Belt and Road Initiative, promising a secure and audited issuance mechanism designed to simplify cross-border payments.

Meanwhile, tech giants like JD.com and Ant Group are lobbying the People's Bank of China to allow the issuance of offshore yuan stablecoins through Hong Kong. With new stablecoin regulations in Hong Kong set to take effect on August 1, these companies believe that tokens pegged to the yuan will more effectively support China's global economic ambitions compared to versions pegged to the Hong Kong dollar.