China weighs yuan-backed stablecoins in major policy shift: Reuters
China’s cabinet will review a roadmap that includes yuan-pegged stablecoins to bolster yuan internationalization, sources told Reuters.
China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly considering allowing Chinese yuan-backed stablecoins in what would be a major policy reversal.
Chinese authorities may authorize yuan-backed stablecoins for the first time to promote global use of its currency, Reuters reported on Wednesday, citing sources familiar with the matter.
If approved, China’s plan for stablecoin use would mark a major shift in its approach to crypto after the country banned crypto trading and mining in September 2021.