China is contemplating a yuan-backed stablecoin to bolster global currency utilization, driven by tech firms’ proposals to the People’s Bank of China (PBOC). This move coincides with the upcoming implementation of the Stablecoin Ordinance in Hong Kong.
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, urges caution regarding stablecoins’ disruptive potential, emphasizing the need for a balanced approach as the regulatory sandbox continues to develop new financial products.
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