China examines its policies with regard to stablecoins and digital currencies, which is important new, since the country has Prohibited cryptographic trading For several years.
A regulator of the Chinese financial capital Shanghai said that he had met local officials on Thursday to examine strategic responses to stablescoins and digital currencies.
The meeting was organized by the Supervision and Administration Commission of assets belonging to Shanghai and follows the calls of experts and large companies in China to develop stablecoin at the stable.
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He Qing, director of the city’s regulator, told Reunion that they must have “greater sensitivity to emerging technologies and improved research on digital currencies”, according to an article on the organization’s official WeChat account.
Photos of the meeting showed some 60 to 70 participants.
Shanghai is the main international financial center of China and often directs pilot programs for regulatory change.
Stablecoins – which are generally fixed to a fiduciary currency and offer faster and cheaper transactions – have taken a lot of weather vane in the world.
In the United States, where the legal framework is more developed, more and more companies such as Amazon and Walmart plan to launch stablecoins.
Jd.com, alibaba pushing for yuan stablecoin
In China, the JD.com electronic commerce company and the Ant Giant Fintech Group exhorts the Central Bank to authorize Stablecoins based on the Yuan to counter the growing grip of cryptocurrencies linked to an American dollar, sources said.
Companies plan to request stable licenses in Hong Kong, where Stablecoin legislation should take effect on August 1.
An expert in Guotai Haitong Securities policy has spoke during the Shanghai meeting in history, types and characteristics of cryptocurrencies and stablecoins, and analyzed global regulatory frameworks and strategic approaches, said the regulator post.
The expert explained the opportunities and challenges faced by Stablecoins and have proposed policy suggestions for the development of digital money, added the post.
Bitcoin soar, but Pboc Cool
In addition to stablecoins, other digital currencies have also gained popularity, Bitcoin BTC climbing at a summit of $ 118,661 on Friday.
“The last rally comes despite the global economic and geopolitical uncertainty, leading to speculation that investors are more and more Consider the most precious cryptocurrency in the world as an asset forfeit Like Gold, “said an independent report on Thursday in Britain.
Any change in China may not come easily. The Governor of the Central Bank, Pan Gongsheng, said last month that the boom of digital currencies and stabbed posed enormous challenges to financial regulation.
Continental China prohibited trade and mining of cryptocurrencies in 2021 due to concerns about the stability of the financial system.
- Reuters with an additional modification by Jim Pollard
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