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Sources indicate that this month, the State Council of the People's Republic of China may review and potentially approve a strategy to enhance the global circulation of the yuan, which may include stablecoins.
The proposal is anticipated to outline objectives for the utilization of the Chinese currency in international markets, responsibilities for Chinese authorities, and advice for risk mitigation, with specifics to be revealed in the upcoming weeks.
According to sources, the plan will be executed by the People's Bank of China (PBOC, the central bank), with Hong Kong and Shanghai identified as the primary cities for its expedited rollout.
In August, Hong Kong emerged as one of the initial worldwide markets to oversee the operations of stablecoin issuers supported by fiat currencies. Shanghai, on the other hand, is establishing a global operations hub for the digital yuan.
A high-ranking Chinese official is scheduled to conduct a meeting this month regarding internationalization and stablecoins, as per one source who communicated with Reuters. The government is anticipated to announce regulations regarding the extent of stablecoins' application in commerce.
source: reuters.com
The proposal is anticipated to outline objectives for the utilization of the Chinese currency in international markets, responsibilities for Chinese authorities, and advice for risk mitigation, with specifics to be revealed in the upcoming weeks.
According to sources, the plan will be executed by the People's Bank of China (PBOC, the central bank), with Hong Kong and Shanghai identified as the primary cities for its expedited rollout.
In August, Hong Kong emerged as one of the initial worldwide markets to oversee the operations of stablecoin issuers supported by fiat currencies. Shanghai, on the other hand, is establishing a global operations hub for the digital yuan.
A high-ranking Chinese official is scheduled to conduct a meeting this month regarding internationalization and stablecoins, as per one source who communicated with Reuters. The government is anticipated to announce regulations regarding the extent of stablecoins' application in commerce.
source: reuters.com
