Chinese lawmakers have met with local officials to discuss strategies for stablecoins and cryptocurrencies, considering the introduction of yuan-pegged assets.
Discussion on Stablecoins and Cryptocurrency
According to a recent report, Chinese regulators held a meeting with local officials on July 10 to discuss approaches to stablecoins and other cryptocurrencies. The meeting was organized by the Shanghai State-owned Assets Supervision and Administration Commission.
China's Position on Digital Currencies
During the meeting, the Director of the Shanghai Commission, He Qing, emphasized the need for greater sensitivity to emerging technologies and enhanced research into digital currencies. Currently, China has not issued a yuan-pegged stablecoin but is working on the digital yuan.
Global Trends in Stablecoins
Experts and companies are urging Chinese regulators to issue yuan-pegged stablecoins to keep pace with other Asian regions such as Hong Kong and South Korea. Hong Kong has passed the Stablecoin Ordinance, while a stablecoin regulation bill is under consideration in the U.S.
Thus, China is in the process of reevaluating its stance on stablecoins and digital assets in light of global changes. The advent of new technologies underscores the importance for Chinese regulators to remain active and innovative in this area.
