PBoC pushes yuan pegged stablecoins

The crypto jurisdictional arms race continues. Seeing the rise of USD backed stablecoins, PBoC op-ed urges Yuan backed stablecoins.

The authors go on to argue that the development of USD-pegged cryptocurrencies will strengthen the dominant role of the dollar in the global monetary system, but could have a negative effect on other major fiat currencies, and that,The evolution of this monetary system will likely be eventually achieved by a central bank-issued fiat digital currency.