JD.com and ANT Group of China are pressing the Central Bank to allow Stablecoins, based in Yuan, to hire the increase in digital currencies linked to the US dollar, Reuters reported Friday.
They propose the launch of Stablecoins in Hong Kong backed by Yuan on the high seas, with the aim of increasing the global role of the Chinese currency.
Both companies are already planning to issue Stablecoins backed by Hong Kong dollar once local legislation begins on August 1.
However, JD.com advocates Yuan Stablecoins on the high seas as a strategic movement to support Yuan’s internationalization. The impulse reflects the broader ambitions of China to challenge the mastery of the United States in digital finances and expand the scope of its currency worldwide.
China has a long -standing prohibition of cryptocurrency transactions, which extends to most private stables. This prohibition, particularly intensified in 2021, was motivated by concerns about financial crime, capital flight and possible threats to financial stability.
As a counter, China poured resources to develop and pilot its own Yuan Digital (E-CNY). This Central Bank digital currency (CBDC) It looks like a way to modernize your payment system and exercise greater control over your financial landscape.
Read more: Ant International de Jack Ma Look for Stablecoin licenses in Hong Kong, Singapore: Bloomberg
