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Stablecoin Race Heats Up in Asia — China’s Move Could Be a Game-Changer for Best Wallet
The post Stablecoin Race Heats Up in Asia — China’s Move Could Be a Game-Changer for Best Wallet appeared on BitcoinEthereumNews.com. China’s stablecoin talk signals a shift in the country’s attitude toward crypto, which could benefit early stage crypto projects like Best Wallet Token. Hong Kong’s top financial regulators held a meeting recently to discuss the opportunities and risks associated with stablecoins. The meeting, hosted by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) included more than 60 government officials and digital asset leaders, all there to discuss stablecoin policies that could finally push the country into the crypto sphere. The meeting comes two months after Hong Kong’s Stablecoins Bill passing into law, which establishes a legal framework for stablecoin issuers under the Hong Kong Monetary Authority (HKMA). The Stablecoins Bill is set to take effect on August 1, 2025. China Is Slowly Slipping Into the Cryptoverse China is slowly transitioning from a full-on fiat financial system to a mixed one, with stablecoins being all the talk right now. A full embrace of stablecoins would open new opportunities for China. Despite being the currency of the world’s second-largest economy, the yuan failed to achieve any power in the global trade game, with less than a 3% presence in international transactions. A yuan-backed stablecoin could change that, as Pan Gongsheng, Governor of People’s Bank of China, observed in a June Keynote, where he stated: Emerging technologies such as blockchain and distributed ledgers have promoted the vigorous development of central bank digital currencies and stablecoins, realizing “payment as settlement”, reshaping the traditional payment system from the bottom, significantly shortening the cross-border payment chain, and also posing challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to drive the evolution and development of cross-border payment systems. —Pan Gongsheng, Keynote speech The Stablecoin Bill would streamline global remittances and payments, allowing individuals and businesses to send money internationally…
The post Stablecoin Race Heats Up in Asia — China’s Move Could Be a Game-Changer for Best Wallet appeared on BitcoinEthereumNews.com.
China’s stablecoin talk signals a shift in the country’s attitude toward crypto, which could benefit early stage crypto projects like Best Wallet Token. Hong Kong’s top financial regulators held a meeting recently to discuss the opportunities and risks associated with stablecoins. The meeting, hosted by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) included more than 60 government officials and digital asset leaders, all there to discuss stablecoin policies that could finally push the country into the crypto sphere. The meeting comes two months after Hong Kong’s Stablecoins Bill passing into law, which establishes a legal framework for stablecoin issuers under the Hong Kong Monetary Authority (HKMA). The Stablecoins Bill is set to take effect on August 1, 2025. China Is Slowly Slipping Into the Cryptoverse China is slowly transitioning from a full-on fiat financial system to a mixed one, with stablecoins being all the talk right now. A full embrace of stablecoins would open new opportunities for China. Despite being the currency of the world’s second-largest economy, the yuan failed to achieve any power in the global trade game, with less than a 3% presence in international transactions. A yuan-backed stablecoin could change that, as Pan Gongsheng, Governor of People’s Bank of China, observed in a June Keynote, where he stated: Emerging technologies such as blockchain and distributed ledgers have promoted the vigorous development of central bank digital currencies and stablecoins, realizing “payment as settlement”, reshaping the traditional payment system from the bottom, significantly shortening the cross-border payment chain, and also posing challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to drive the evolution and development of cross-border payment systems. —Pan Gongsheng, Keynote speech The Stablecoin Bill would streamline global remittances and payments, allowing individuals and businesses to send money internationally…
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