China weighs yuan-backed stablecoins in major policy shift: Reuters

China’s cabinet will review a roadmap that includes yuan-pegged stablecoins to bolster yuan internationalization, sources told Reuters.

China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly considering allowing Chinese yuan-backed stablecoins in what would be a major policy reversal.

Chinese authorities may authorize the usage of yuan-backed stablecoins for the first time to promote global use of its currency, Reuters reported on Wednesday, citing sources familiar with the matter.

According to the sources, China’s State Council will review and potentially approve a roadmap later in August to expand global use of the yuan. The plan reportedly includes steps to counter the US progress on stablecoins.

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