China Considers Legalizing Stablecoins, Reports Say

According to a report by the Financial Times on the 6th, the Chinese government is considering issuing its first stablecoin, aimed at internationalizing the yuan and countering dollar dominance. This comes in the backdrop of recent legislation in Hong Kong, a testing ground for cryptocurrencies, which allows the issuance of stablecoins backed by legal tender. Pan Gongsheng, the president of the People's Bank of China, stated in June that stablecoins 'have fundamentally transformed the traditional payment system.' The report indicates that over the past two months, the Chinese government has convened experts to discuss strategies regarding cryptocurrencies and stablecoins. According to participants, 'All stablecoin projects implemented in China must conform to national conditions...'