China to Permit Launch of Its First Crypto Stablecoin
China plans to allow the launch of its first stablecoins in a bid to internationalise the renminbi and compete against the US dollar, per a Financial Times report. Hong Kong regulators recently passed a law allowing licensed businesses to issue tokens backed by any fiat currency. After years of excluding the crypto industry from traditional finance, this regulatory framework enables China’s crypto reentry through controlled channels while mainland restrictions are still being maintained.
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China to allow launch of its first crypto stablecoin, FT reports.
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China to allow launch of its first crypto stablecoin, FT reports.Chen Lin, director of the Centre for Financial Innovation and Development at the University of Hong Kong, says that…
