China Considers Yuan Stablecoins in Landmark Crypto Policy Shift

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In a potential reversal of its strict crypto ban, China is exploring the creation of a yuan-backed stablecoin. According to a Reuters report, the aim is to boost the Chinese currency’s global reach.

This move would mark a significant change in policy since China outlawed crypto trading and mining in 2021.

The plan, which could be approved by the State Council as early as this month, focuses on using these digital tokens for cross-border trade and payments, countering recent US advancements in the stablecoin sector.