China is rethinking its rules on stablecoins and digital currencies, which is notable since the country has prohibited crypto trading for years. A regulator in Shanghai mentioned that he met with local officials to discuss plans for stablecoins and digital currencies.
This meeting was set up by the Shanghai State-owned Assets Supervision and Administration Commission and comes after experts and major firms in China have urged the creation of a stablecoin linked to the yuan.
He Qing, the head of the city regulator, reportedly emphasised at the meeting the need for more awareness of new technologies and deeper research into digital currencies, as noted in a post on the regulator’s official WeChat account.
Images from the meeting indicated that around 60 to 70 people were present, surprising many, including some players of the recommended online casino ranking featured by Poker Choice. Shanghai serves as China’s key international finance centre and often takes the lead in testing new regulatory changes.
Stablecoins, which are usually tied to a fiat currency and provide quicker and cheaper transactions, have been gaining traction globally. In the US, where the legal framework is more advanced, an increasing number of companies like Amazon and Walmart are exploring the launch of stablecoins.
In China, e-commerce giant JD.com and fintech leader Ant Group are reportedly pushing the central bank to approve yuan-based stablecoins to address the rising influence of U.S. dollar-linked cryptocurrencies. The firms intend to apply for stablecoin licenses in Hong Kong, where new stablecoin laws are set to take effect on August 1, 2025.
At the Shanghai meeting, a policy expert from Guotai Haitong Securities discussed the background, types, and features of cryptocurrencies and stablecoins. He also reviewed global regulatory systems and strategies, according to the regulator’s post.
The expert pointed out the chances and challenges that stablecoins face and provided suggestions for advancing digital currency, as mentioned in the post. Besides stablecoins, other digital currencies are also gaining traction, with bitcoin reaching a record high of $118,661.
A report noted that this latest rise occurs amid global economic and political uncertainty, leading to views that investors see bitcoin as a safe-haven asset similar to gold. Changes in China may be difficult. The central bank’s governor, Pan Gongsheng, mentioned that the surge in digital currencies and stablecoins presents significant challenges for financial regulation.
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