Shanghai officials warm to stablecoins despite China crypto ban: Report

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.