China Greenlights Launch Of Its First Crypto Stablecoin—Report — TradingView News
As part of an initiative to internationalize the renminbi (Chinese Yuan) and enhance its competitiveness against the US dollar, China is poised to launch its first stablecoin. Meanwhile, the US is making significant progress toward its mission of becoming the crypto capital of the world.
Despite this ambitious plan, concerns about potential capital flight are reportedly hindering the rapid advancement of stablecoin technology within the country.
China Explores Stablecoin Initiatives
According to a report from the Financial Times, Hong Kong has emerged as a testing ground for cryptocurrency, particularly given the strict bans on the mainland.
Recently, the territory passed legislation allowing licensed businesses to issue tokens backed…
