China is considering allowing the use of stablecoins pegged to the yuan to stimulate the wider adoption of its currency in the world Rumors about this appeared last month. This means a fundamental change in the country’s position on digital assets. It is expected that the Chinese Cabinet of Ministers may approve a roadmap to deepen the use of the yuan for international payments as early as this month.
China’s top leadership is also expected to hold a study session later this month, focusing on the internationalization of the RMB and stablecoins, which are becoming popular all over the world.
The country banned cryptocurrency trading and mining in 2021 due to concerns about the stability of the financial system. China has long sought to make the yuan a global currency to compete with the dollar and euro.
The yuan’s share as a global payment currency fell to 2.88% in June, the lowest level in two years, according to the SWIFT payment platform. Instead, the US dollar held 47.19% of the market.
Source: Reuters
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