Falling behind the US… Chinese official newspaper: “We must actively promote Yuan stablecoin”

As various countries, including the United States, are gradually introducing stablecoin regulations, Chinese state media urged on the 23rd to actively promote a yuan-based stablecoin, reflecting a sense of crisis within China, as reported by Yonhap News. The Securities Times, under the People's Daily, the Chinese Communist Party's official newspaper, stated in its article, "The wave of stablecoins is sweeping the world and has emerged as an urgent issue that countries must address. For China, which is strengthening the international status of the yuan, actively managing and supervising stablecoins and accelerating yuan internationalization could be a better solution. Leaving stablecoins to develop unregulated in blind spots will negatively impact the national financial system. Abandoning an efficient payment method (stablecoins) would mean missing a new opportunity for monetary globalization."