【About China's Stablecoin, the Latest Report from Reuters】
China may approve a renminbi-denominated stablecoin later this month. Sources say the plan is expected to include goals for the use of renminbi in global markets and clarify the responsibilities of domestic regulators. Additionally, the roadmap will incorporate guidelines for risk prevention.
One source indicated that high-level Chinese leaders are also expected to hold a special study meeting as early as the end of this month, focusing on the internationalization of the renminbi and the rapidly developing stablecoins globally.
The open economy of the United States has absolutely taken the lead in the cryptocurrency race.
In countries with foreign exchange controls, allowing individual users to “decentralized use of stablecoins” is a challenging goal. It is highly likely that, similar to Hong Kong, anyone holding and trading stablecoins must first undergo identity verification, and only after verifying their identity will they be given a whitelist to open a personal on-chain wallet address. This chain also cannot be overseas public chains like Ethereum or Solana.
Otherwise, anyone could exchange renminbi online or offline and hold renminbi stablecoins on-chain without identity verification, and the renminbi stablecoins could then be freely exchanged on-chain for USDT/USDC and other dollar stablecoins, which could then be freely spent abroad or redeemed for dollars, thus removing the wall of foreign exchange controls altogether.