NEW NEWS FOR YOU GUYS !!
China studies issuing CNY-pegged stablecoins
In the context of global competition for digital currencies, China is actively researching the issuance of CNY-pegged stablecoins as a step to promote the internationalization of the Renminbi. According to sources, the State Council has tasked state agencies and enterprises to evaluate the feasibility of developing stablecoins linked to the national currency. This is seen as a strategy that combines blockchain technological innovation with the goal of enhancing China's global financial influence.
Notably, large technology corporations like JD.com and Ant Group are lobbying the People's Bank of China (PBOC) to allow them to issue stablecoins through Hong Kong, where the regulatory framework for this type of digital asset will officially take effect from August 2025. At the same time, the Conflux Network project has also partnered with various partners to develop a CNY stablecoin for the offshore market, aiming for application in countries under the Belt and Road Initiative.
However, Beijing remains cautious. The mainland authorities have previously requested to restrict research and promotion of stablecoins domestically due to concerns about financial risks and fraud. Choosing Hong Kong as a 'testing ground' shows that China wants to explore potential while ensuring control before expanding implementation.
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