JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters

The Chinese group JD.com and Ant are pushing the central bank to allow stablecoins based on Yuan to face the rise of digital currencies associated with dollars, US dollar currencies, Reuters reported on Friday.

They propose the start of Stablecoins in Hong Kong supported by Juan’s offshore to strengthen the global role of the Chinese currency.

Both companies are already planning to release Stablecoins supported by a dollar in Hong Kong Once local legislation starts on 1 August.

JD.com, however, defends offshore Yuan Stablecoins as a strategic step to support Yuan’s internationalization. Pressure reflects the wider ambitions of China to question American dominance in digital financing and expand the range of its currency around the world.

China has Long -term prohibition of cryptocurrency transactionsWhich applies to most private stablecoins. This ban, especially intensified in 2021, was motivated by concern for financial crime, departure from capital and potential threat to financial stability.

As a counter China poured resources into the development and piloting of your own digital juan (E-corn). This Digital Currency of the Central Bank (CBDC) It is considered a way to modernize its payment system and apply more control over its financial environment.

Read more: Jack Ma’s Ant International is looking for a Stablecoin license in Hong Kong in Singapore: Bloomberg