China plans to launch a stablecoin to compete with the dollar.

China is preparing to launch its first stablecoin to promote the yuan in global markets and challenge the dominance of the US dollar. However, officials are concerned that this move could lead to capital outflow, as China's financial system is not yet ready for fast money transfers via blockchain. The plan is being tested in Hong Kong, where cryptocurrency is not banned. The Hong Kong Monetary Authority (HKMA) has announced that it will only grant a limited number of licenses in the initial phase. State-owned enterprises in China are showing interest, but only one major bank is expected to receive initial approval. While Hong Kong is striving to develop a stablecoin, competing with the dollar system remains a significant challenge.

LA-1.04%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)