🔥 China is considering issuing a Stablecoin backed by the yuan to promote the use of the currency globally.

This plan will be discussed by the State Council of China and may be approved this month.

The content includes:

- The goal of expanding the use of CNY in the international market

- Assigning responsibilities to domestic regulatory agencies

- Providing guidelines on risk control.

This is different from the national digital currency CBDC that China has been testing for many years.

Could this be seen as a move, or is it a story to boost the Crypto market, huh?