Beijing draws the line on digital dollars

(Bo Ma, Chenxue Xiao – East Asia Forum) China’s latest virtual currency notice signals a sharper response to the rapid expansion of US stablecoin regulation, bringing offshore RMB stablecoins and tokens linked to real-world assets under tighter control. Washington is promoting privately issued, dollar-backed stablecoins through the GENIUS Act to reinforce the dollar’s global role. Beijing is pursuing a contrasting strategy of strict mainland restrictions, state-led payment systems and controlled experimentation through Hong Kong. – Beijing draws the line on digital dollars | East Asia Forum

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