Continental China, one of the most restrictive world jurisdictions for cryptocurrencies, would show signs of changing tone concerning stablecoins in the midst of new developments in Shanghai.
The Shanghai Supervision and Administration Commission (SASAC) held a meeting to discuss strategic responses to stablecoins and digital currencies, Reuters reported on Friday.
After Thursday’s meeting, SASAC director He Qing called for a “greater sensitivity to emerging technologies and improved research in digital currencies”, in an article on the official authority.
The initiative would have come in response to the growing calls of experts and large companies in China to develop a stablecoin fixed to the Chinese Yuan.
The Central Bank of China weighing on the stablescoins
The Chinese Central Bank, Banque Populaire de China (PBOC), addressed the question of the global adoption of stablescoin, in particular in the light of American policy to strengthen the power of the dollar by stablescoins like the USDC of Circle (USDC).
In June, the Governor of the PBOC, Pan Gongsheng, would have recognized the potential transformer of emerging technologies such as stabbed in global payment systems, intensifying calls for regulatory approval of stablecoins supported by the Yuan.
In relation: JD.com, Ant Push Yuan Stablecoins group to challenge the domination of the US dollar
On June 23, Chinese state media, Securities Times, published an article saying that the development of stablescoins “should be as soon as possible”.
Subsequently, the PBOC advisor Huang Yiping suggested exploring Hong Kong as a test field for the stablecoins supported by the Yuan, stressing that the tight capital controls of continental China make such an experiment.
“Hong Kong has an offshore market for the Renminbi, and if the offshore market is developing, it is possible to create a stablecoin fixed to the RMB offshore in Hong Kong in the future,” said Huang.
This is a history in development, and more information will be added as it will be available.
Review: Blockchain TPS 100 km in China, Japan Minna Bank Eyes Solana: Asia Express
