The Chinese government is considering allowing the use of yuan-backed "stablecoins". This was reported by Reuters, citing sources.
According to journalists, the State Council of the PRC will review and possibly approve a roadmap for the broader use of the national currency worldwide, including the development of stablecoins, at the end of August.
It is reported that the plan includes measures to counter the progress of the U.S. in the field of digital assets and recommendations to mitigate risks. Hong Kong and Shanghai have been chosen as priority centers for the implementation of the new policy.
Local regulatory authorities, including the People's Bank of China, will be tasked with the responsibilities of implementing the initiative. The issue will be discussed at the Shanghai Cooperation Organization summit, to be held from August 31 to September 1 in Tianjin.
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