According to Techub News and reports from Reuters, informed sources say that China is considering allowing the use of renminbi-backed stablecoins for the first time to promote broader adoption of the renminbi globally, marking a significant shift in its stance on digital assets. A roadmap to promote the global use of the renminbi, covering usage targets, domestic regulatory responsibilities, and risk prevention guidelines, is expected to be reviewed and possibly approved later this month.
Reports indicate that a study meeting is expected to be held as early as the end of this month, focusing on the internationalization of the renminbi and stablecoin issues, and may address the application and development boundaries of stablecoins. If the stablecoin usage plan is approved, it will break the ban on cryptocurrency trading and mining imposed by China in 2021. Despite China's long-standing ambition for the renminbi to become a major global currency, strict foreign exchange controls and trade surpluses have limited the development of stablecoins. Details of the plan are expected to be announced within weeks, to be implemented by regulatory agencies such as the People's Bank of China.
Due to unauthorized speaking to the media, the source refused to disclose their name. The State Council Information Office (SCIO) has not yet responded to a request for comment from Reuters. At the same time, because it is currently outside of office hours, reporters are unable to contact the People's Bank of China for comments immediately.
