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China's Digital Currency Dilemma: The Race Against USD Stablecoins!
Austin Hodge
June 04, 2025
The battle for digital currency dominance is heating up, and China finds itself at a critical juncture. Wang Yongli, an influential figure in Chinese financial circles, is sounding the alarm over the unchecked rise of U.S. dollar stablecoins, warning that they could overshadow China's efforts to make the renminbi a key player in the global digital payment arena. His solution? Accelerate the e-CNY rollout and consider a yuan stablecoin for Hong Kong’s financial hub. With new regulatory landscapes emerging in the U.S. and Hong Kong, the stakes have never been higher. Let's dive in!
Former Bank of China executive, Wang Yongli, urges accelerated e-CNY development amid USD stablecoin growth, proposes offshore yuan stablecoin with digitial ID integrations in Hong Kong. — Read More
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