TechFlow, August 20 — According to Reuters, China is considering allowing the use of renminbi-backed stablecoins for the first time to promote the internationalization of the yuan. Multiple sources revealed that Chinese tech giants have proposed to regulators issuing stablecoins pegged to offshore renminbi in Hong Kong. Shanghai regulators are actively studying policy responses to stablecoins, despite mainland China's ban on cryptocurrency trading since 2021. This move aligns with recent statements from the central bank, whose governor has publicly pledged to expand international use of the digital yuan and called for the development of a multipolar monetary system.
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