Foreign media: Countries are competing to launch digital currencies
In recent years, digital stablecoins have experienced rapid development worldwide.
Currently, digital stablecoins backed by the US dollar account for 99% of the global stablecoin market. Therefore, many countries are trying to enter this field and issue digital currencies tied to their own currencies.
South Korea and Japan are also seeking to launch stablecoins backed by their own currencies, aiming to capture a share in this $247 billion market, which is expected to grow to $2 trillion by 2028.
Naturally, the Eastern power will not be absent from this. According to Reuters, China is studying the first global use of digital currencies tied to the Chinese yuan.
China's new position is part of its roadmap aimed at increasing the usage of the yuan in the global market. This roadmap also includes the responsibilities of local regulatory authorities and guidelines for mitigating potential risks of such a roadmap.
China's Roadmap and Pilot Programs
China plans to first apply this digital currency in major commercial centers within the country, meaning that Hong Kong and Shanghai will be the first cities to implement this plan.
Source: Reuters
Original: www.toutiao.com/article/1841106925102080/
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