China Considers Yuan-Backed Stablecoins

Source: Block-Chain.com, Oct 2018

he op-ed piece is titled “A Brief Analysis of Stablecoins” and gives information on the recent spread of stablecoins around the world and states that so far most of them have been pegged to the US dollar.

The authors insist that this kind of development of the cryptos anchored to the USD gives the American national currency an opportunity to dominate in the global monetary system. Moreover, it has a negative overwhelming effect on other fiats. They say:

“If the U.S. dollar-pegged stablecoins can eventually be widely recognized by the market and can prove their use in the real economy, we should double down on our research efforts [on the issue] and learn from relevant experience to support domestic institutions to issue yuan-pegged crypto stablecoins.”

“The evolution of this monetary system will likely be eventually achieved by a central bank-issued fiat digital currency.”

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