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Crypto in China – Chinese Giants Push for Stablecoin Approval
Crypto in China – In a move that could signal a seismic shift in China’s crypto policy, a recent meeting held by the State-owned Assets Supervision and Administration Commission (SASAC) in Shanghai has sparked global attention. According to a Friday report by Reuters, dozens of high-level government officials gathered to discuss “strategic responses” to digital assets, including stablecoins.
This development is particularly significant considering that both crypto trading and mining are officially banned in China. The meeting reportedly marked a more open and tech-sensitive tone, suggesting that the Chinese government may be reassessing its rigid anti-crypto stance.
Shanghai: China’s Financial Testbed?
Shanghai, often referred to as China’s financial epicenter, has a GDP of over $729 billion and enjoys greater autonomy in piloting financial reforms. This makes it a potential sandbox for crypto-friendly policies, should the central government decide to ease restrictions.
Reports indicate that Chinese tech giants like JD.com and Ant Group are actively seeking approval for yuan-backed stablecoins from the People’s Bank of China (PBoC). Their involvement could be a catalyst for regulatory change, especially as corporate pressure builds.
Global Crypto Race Heats Up
The U.S.’s increasing embrace of digital assets has added geopolitical pressure on China. Senator Cynthia Lummis, a well-known Bitcoin advocate, has previously warned of a brewing crypto arms race between the two superpowers. With the U.S. accelerating blockchain innovation, China may feel compelled to respond more strategically.
What’s Next?
While no official policy change has been announced, this rare discussion around crypto in China’s regulatory circles has sparked speculation. If Shanghai becomes a crypto policy pioneer, it could reshape the future of digital finance in the region.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
