China Crypto Regulation Sees Growing Push for Yuan-Based Stablecoin
2025-07-11 07:05:10
Main Idea
Despite China's ban on crypto, interest persists with Shanghai officials exploring stablecoin strategies and tech giants advocating for Yuan-based stablecoins, though regulatory challenges and warnings about scams remain.
Key Points
1. Shanghai officials held a meeting to discuss digital asset growth strategies, involving around 60–70 participants, including a policy expert from Guotai Haitong Securities.
2. Tech giants like JD.com and Ant Group are pushing for Yuan-based stablecoins to compete with US-dollar-backed cryptocurrencies, with new regulations taking effect on August 1.
3. China's regulatory environment remains challenging, with recent warnings from industry groups about stablecoin-linked scams and past crackdowns on crypto mining.
4. Interest in digital assets is rising in China, with related stocks surging 88% over three months and Hong Kong's index more than doubling.
5. Global crypto momentum continues, with Bitcoin hitting record highs and predictions of further price increases by year-end.
Description
The post China Crypto Regulation Sees Growing Push for Yuan-Based Stablecoin appeared first on Coinpedia Fintech News China is showing fresh signs of interest in digital currencies. Although crypto is banned, the interest hasn’t faded. From regulators to tech giants, enthusiasm for digital currencies, especially stablecoins, is heating up fast. A recent report from Reuters shows that Chinese regulators are renewing their focus on the sector. Shanghai Officials Explore Stablecoin Strategy This we...
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