🇨🇳 China may soon greenlight yuan-backed stablecoins as part of its push to expand the global use of its currency, Reuters reports.



A roadmap could be approved by the State Council in late August, setting targets for yuan adoption worldwide and defining the role of regulators, including the PBOC. Senior officials are expected to outline the limits and business applications of stablecoins.

The first testbeds will be Hong Kong and Shanghai, with cross-border use also on the agenda at the upcoming SCO summit in Tianjin (Aug 31–Sep 1).

If approved, this could mark a major step in China’s digital currency strategy.
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