Shanghai officials warm to stablecoins despite China crypto ban: Report
2025-07-11 11:23:35
Main Idea
Despite China's crypto ban, Shanghai officials and state-owned publications are showing interest in stablecoins, with the PBOC exploring their potential and considering Hong Kong as a testing ground for yuan-backed stablecoins.
Key Points
1. Local authorities and state-owned publications in mainland China are showing interest in stablecoins amid new developments in Shanghai.
2. China’s central bank, the People’s Bank of China (PBOC), has been considering the potential of stablecoins.
3. PBOC Governor Pan Gongsheng reportedly acknowledged the role of stablecoins in payment systems, intensifying calls for regulatory approval of yuan-backed stablecoins.
4. China’s state media, Securities Times, published an article urging the development of stablecoins “should be sooner rather than later”.
5. PBOC adviser Huang Yiping suggested exploring Hong Kong as a testing ground for yuan-backed stablecoins, noting mainland China’s regulatory restrictions.
Description
Local authorities and state-owned publications in mainland China are increasingly calling on the government not to dismiss the rising global adoption of stablecoins.
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