China’s Tech Giants Want a Yuan-Backed Stablecoin; Now, Its Regulators Are Listening

• Shanghai’s financial regulator held a high-level meeting to explore policy responses to stablecoins and digital currencies.
• Major Chinese firms like JD.com and Ant Group push for yuan-backed stablecoins.
• While interest grows, China’s central bank remains cautious, warning of the regulatory risks of Bitcoin.

A key financial regulator in Shanghai convened a meeting this week to discuss policy responses to stablecoins and cryptocurrencies. The development marks a potential transition in China’s strict stance on crypto assets. 

The gathering was organized by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC). It brought together 60 to 70 local officials and experts to explore strategic approaches to emerging digital currencies.

Calls for Yuan-Pegged Stablecoins Gain Momentum

In parallel with the global adoption of stablecoins, major Chinese companies, including e-commerce giant JD.com and fintech leader Ant Group, have urged the People’s Bank of China (PBOC) to authorize yuan-pegged stablecoins. 

These firms view yuan-backed digital currencies as a means to challenge the growing dominance of US dollar-linked stablec…

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