Unlike high -volatile cryptocurrencies, stablecoins, the cost of which is tied to fiat currencies or other basic assets, can combine the effectiveness of digital currencies with the reliability of traditional money, officials explained.
The government entrusted the Commission on the Management of State Assets of the PRC (SASAC) to head the project and appointed state companies Guotai Haitong Securities and Shanghai Data Group responsible for the development and launch of the test version of the stablecoins.
Officials want to reduce the dependence of foreign trade operations on dollar stabilcoins like USDT, which now dominate the world market.
“In the future, stablecoins will most likely become one of the main subjects of financial competition between China and the USA. In the short term, stablecoons in the yuan will be used for cross -border payments, ”assured the analyst of the Shanghai company Xiangcai Securities Tsu Hua (Qiu Hua).
Earlier, one of the leaders of the Chinese e -commerce, the JD.com service, announced plans to launch its own stablecoin, which will abandon the SWIFT system.
Source: Bits
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