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25 May 2020

Chinese Government Advisers Propose Regional Stablecoin for 4 Asian Countries - CoinDesk

Chinese Government Advisers Propose Regional Stablecoin for 4 Asian Countries - CoinDesk


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It would do so by improving cross-border settlement and clearing services with a new payment network and digital wallet for enterprises. .

The stablecoin could be launched ahead of China’s national digital currency and pave the way for its rollout by testing use cases to identify potential risks and technical problems

If launched, the stablecoin could be “seamlessly” connected with the digital yuan, the proposal said. 

The proposal stresses Hong Kong is one of the most important financial gateways that connect mainland China to the other Asian countries, with over 70% of cross-border renminbi payment processed in the city. 

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