“They Propose Launcing Stablecoins in Hong Kong Backed by The Offshore Yuan, Aiming to Boost The Chinese Currency’s Global Role”, – WRITE: www.coindesk.com
They Propose Launching Stablecoins in Hong Kong Backed by The Offshore Yuan, Aiming to Boost The Chinese Currency’s Global Role.
BOTH FIRMS ALREADY PLAN TO ISUE HONG KONG Dollar-Backed Stablecoins Once Local Legislation Begins August 1.
However, jd.com is advocating for offshore yuan stablecoins as a strategic move to Support Yuan Internationalization. The Push Reflects China’s Broader Ambitions to Challenge US Dominance in Digital Finance and Expand The Reach of Its Currency Globally.
China havea a long-Standing Ban on Cryptocurrency Transactions, WHICH EXTENDS to MOST PRIVATE STABLECOins. This Ban, Particularly Intensified In 2021, Was Motivated by Concerns Over Financial Crime, Capital Flight, and Potential Threats to Financial Stability.
As a counter, China Pored Resources Into Developing and Piloting Its Own Digital Yuan (E-Cny). This Central Bank Digital Currency (CBDC) Is Seen As A Way to Modernize ITS Payment System and Exert Greter Control Over ITS Financial Landscape.
Read More: Jack Ma’s Ant International Seeks Stablecoin Licenses in Hong Kong, Singapore: Bloomberg
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