China is examining stablecoin strategies with Hong Kong as a testing ground while focusing on aligning these with national policies. Financial regulators are increasingly discussing how to manage capital control as they evaluate stablecoin implementation.
The Central Bank of China has voiced caution regarding the potential risks of capital outflows associated with stablecoin projects, reflecting concerns over the dominance of the US dollar in global markets.
Conflux stands out as a leading candidate for blockchain infrastructure, being a regulated public platform with native CFX tokens. Meanwhile, Chainmaker is also considered due to its enterprise-level infrastructure and backing from major state enterprises.
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